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Overlay is extra money added to a tournament prizepool so that the room meets its guarantee on that tournament. If, for example, a poker room advertises a $5,000 guarantee tournament, it’s making a promise that there will be at least $5,000 in the prize pool. If only 400 players pay a buyin of $100, it means total buyins only amount to $4,000 (ignoring any fees) and there would be an overlay of $1,000 which the poker room must add to the prizepool. Tournaments with overlay are more profitable because we battle through less players for a big prize.

Find the meaning of the term "overbet" in poker along with a brief rundown of when overbets should be used in game.

Omaha is a poker variant similar to Hold’em. The key difference is that we get dealt 4 cards on the first betting round (preflop) instead of 2. We must then use exactly 2 of our hole cards in conjunction with community cards to make the best 5 card hand. Similar to Hold’em, Omaha has 4 betting rounds (preflop, flop, turn and river) followed by showdown. Omaha is typically played with a pot limit betting structure.

Monotone means that a selection of cards are all of the same suit. It is most commonly used in Hold’em to describe flop textures. For example, if the flop comes down 789 all of diamonds, we might refer to the texture as ‘789 monotone’. Monotone can also be used to describe other scenarios such as four preflop cards of the same suit in Omaha, or fourupcards of the same suit in Stud.

Lowball is the name given to the range of poker variants that make use of a low hand ranking system. Examples include Razz (the lowball version of Stud) and Deuce to Seven Triple Draw (a drawing game which uses a low hand ranking system). Some games such as Omaha Hi/Lo and Stud Hi/Lo make use of both a high and low hand ranking system and award half of the pot to the winning hand from each category.

Leverage refers to an effect that chips can have on the action despite not being directly in play. Generally, our opponent needs to fold more of his mid-strength hands against our bets we have lots of chips behind. This is because he has to worry about us continuing with large bets on the following streets making it harder for him to reach showdown. Assuming our stack is shallow, villain would be able to call much wider since he has guaranteed equity realization.