Multi round tournaments are theme-stylized and played for chips; there are most commonly three rounds.
You can pay the fee and join any of the rounds from the tournament lobby.

If a player wins one of the rounds, she gets the opportunity to play the next one right away—or later, if the tournament has not yet ended. It is important to remember that you can only leave the table before the cards are dealt. If you get up from the table after all the players have gathered, you will lose your place in the tournament.

Apart from the prize pool, the winner of the tournament (that is, of the final round) is awarded one of the four unique gifts; the player who collects all the four different gifts receives a unique trophy cup and a champion’s title, too.