The many types of tournaments and the forward marketing approach in which they are advertised have blurred the most crucial consideration, what is my expected value? Expected value is the amount you can expect to gain or lose when you join the game, no matter the short term result. This can be roughly calculated by dividing the total prize pool by the number of runners and factor in your chances of winning. If this number is greater than your entry fee then you stand to make long term profit. For example at MidnightsPokerClub you play in a $10 + $1 freeze-out against 54 runners, you estimate to be 50% more likely to win than your average competition, ($540 x 150% / 54 = $15 - $11) your expected value is +$4 per tournament.  

Online poker rooms offer many types of tournaments which increase your expected value. Freerolls have 0% risk, but the prize pool is quickly dwarfed by the thousands of runners, meaning the expected value is minimal. Promotional freerolls such as the $1000 new player freeroll and regular poker point tournaments restrict the field size to give you a higher expected value. For example at MidnightsPokerClub you play in the $1000 weekly freeroll with 125 runners and estimate to be twice as likely to win as your average competition, ($1000 x 200% / 125 = $16) your expected value is +$16 per tournament. 

The biggest expected value for a tournament player is in identifying guaranteed tournaments that frequently overlay. An overlay is when the house puts up a prize pool and the players’ entrance fees do not make that amount. This increases your expected value without limiting your chances of winning. For example at MidnightsPokerClub you play in the daily $5000 guaranteed tournament for a $25 + $2.50 with 80 runners and estimate to be equal with your competition, ($5000 x 100% / 80 = $62.50 - $27.50) your expected value is +$35 per tournament. 

All figures stated are from real tournaments at MidnightsPokerClub, with 19 daily guaranteed tournaments, most of which overlay. It is the only choice for wise tournament players.