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Once you sign up for a slot machine tournament, the casino will assign you a slot machine number, a credit amount, and the time when you'll play. Note that you'll compete against other players, and whoever has the most wins by the end of the allotted time will reap the rewards.
The chance to win big for a small investment: since slot tournaments can attract a large number of players, this also means that many buy-ins contribute to the prize pool. Considering that everyone has an equal chance of winning, there's a good chance you'll make a tidy profit on your investment.