A tournament played over a network consisting of rounds (hands) of a poker-like game based on the action in one or more live sporting events. The number of hands played, and the timing of those hands, are the same for every player in the tournament, and are independent of the number of players in the tournament. The number of players in the tournament can be arbitrarily large or small. The prize structure can also be independent of the number of players, and announced in advance. The tournament is preferably based on a collection of closely associated betting events, like the drives in a single football game; or a collection of closely associated sporting events. The poker-like games played in each round of the tournament utilize chips where the winners of the tournament are the players with the largest chip counts at the end of the tournament.