A poker satellite is a special poker tournament which could be considered close to winning the lottery. When you enter a poker satellite tournament you are not entering to win cash – you are entering to win entry to another tournament, one that you may not have enough money to buy in with. The majority of players at the World Series of Poker don’t have enough to cover the $10,000 buy-in for example, so they will satellite in instead.
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How that works is as follows – lets say the buy-in is $10,000. They will sit down at a table with 9 other people, and play a tournament. The entry fee is $1,000 meaning the total first prize is $10,000. The winner of the tournament will not get that $10,000 but will gain entry into the World Series Poker main event. So he only paid $1,000 to get into the $10,000 event.
You may be familiar with the term poker satellite due to Chris Moneymaker. Chris Moneymaker started off with a $40 buy-in to a poker satelliite tournament, and won entry to another poker satelitte tournament where he managed to progress through to the World Series of Poker main event, where he won the $2.5 million first prize. All that for $40.
In terms of skill, Bodog is one of the best poker rooms to play a poker satellite.
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