I just signed up for the Dec. 2nd tournament. I still don't have a clue what the competition will entail, but I'm in and I love it.
a typical tourney in DT is limited to number of plays, amount of btc spent (overall or per play), or sometimes they are limited to certain games.
I'm not running the tournament, but I love participating in them.
This one looks to be 100 btm entry fee and is running for 24 hours (Longer than most usually do. The usual is an hour or two).
Once the tournament has begun, if you log in, you will see a new panel on the lower left of the screen showing your stats and the rankings.
This tourney is 100 "spin limit", 100 btm "spend limit", and wagers up to 5btm for all non-PVP games (almost all games are non-PVP).
This means that you have 24 hours to spend up to 100 btms from your in-game wallet, up to 5 btm at a time, on any game you think you will win the most at. You could play games for 1 btm a hundred times or for 5 btms twenty times or anything in between until you've spent 100 btms in bets or played 100 times (whichever comes first). Whoever wins the most from those bets wins the tourney.
After the 24 hours is up, the system will automatically pay out the winners. This one looks like it was set to pay 2 btc split proportionally amongst the top 30 winners (though there will likely be fewer than 30 entrants).
Good luck!