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No, you are not mistaken. Slots tournaments are really held at many land-based casinos as well as online and in fact they are very fun to play. Like a common slot game the slots tournaments are very easy to play and the players love this kind of entertainment due to the fact that they know their potential losses and winnings beforehand.
To participate in the slots tournaments all the players must first sign up to the specific tournament and pay the set entrance fee. Then every player gets a set amount of credits and is assigned a definite slot machine and the time when to start. When it is time the player seat at the slot machine determined for him and starts playing. The player is given a certain amount of time to play for his credits.
Traditionally every player gets 1,000 credits and 20 (30, 40 or more) minutes of time to play at his slot machine. When the time is over the slot machine locks up and it is forbidden to continue the play. As a result the player loses all the credits that haven’t been played. Moreover, the gambler is allowed to stop playing at any moment he wishes.
At the end of the tournaments the results of every player are recorded by the official and compared. Usually the number of players who wish to take part in the slots tournaments is greater than the number of slot machines at the casino involved in the event and in such case the tournament has several sessions. So, the leader of every session is indicated and at last the results of all the leading players are compared and the winner is chosen and awarded the main prize in the final.