A PKO (progressive knockout) is a tournament where part of every buy-in becomes a bounty on that player's head. When you eliminate someone, you collect half of their bounty in cash and the other half is added to your own bounty, so it grows as you knock players out. Because the bounty is already live from the first hand, GTO Wizard's analysis at https://blog.gtowizard.com/the_hidden_cost_of_late_reg_in_pkos/ finds that a late starting stack loses about 14% of its value in a PKO. That makes PKOs the main exception to the usual rule that late registration is good. For comparison, Profitmaxxer's scanning of 12 poker networks has logged more than $66 million in overlay over 229 days, and PKOs are one of the formats where timing your entry matters most.
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Every entry is divided into two parts. One part goes into the prize pool, which pays out by finishing position as in any tournament. The other part becomes your bounty, which is paid in cash to whoever knocks you out. The exact split varies by site and event, and 50/50 is common.
Here is a worked example with a $50 buy-in split 50/50:
| Step | Prize pool share | Your bounty | Cash in hand |
|---|---|---|---|
| You register | $25 | $25 | $0 |
| You knock out a starting-bounty player | $25 | $25 + $12.50 = $37.50 | $12.50 |
| You knock out a second player with the same bounty | $25 | $37.50 + $12.50 = $50 | $25 |
The bounty cash arrives immediately and does not depend on where you finish. The prize pool share is paid out by the regular payout structure. That is why a short-stacked player can still cash well in a PKO without making the money in the traditional sense.
Several bounty formats exist, and the names are easy to mix up.
Each format changes strategy and late registration math differently. If you want a format-by-format breakdown, see our late reg guide by format.
Bounties change the value of a pot. When a hand can eliminate a player, you are also playing for their bounty, so the real pot is larger than the chips in the middle. The practical effects are:
For play in the early levels, our deep stack strategy guide covers how stack depth interacts with these decisions.
GTO Wizard's ICM analysis of late registration (https://blog.gtowizard.com/the-icm-benefits-of-late-registration-in-poker-tournaments/) shows that, in a standard MTT, a late entrant's seat is worth about 10.9% more than the buy-in in ICM seat equity. In a flat-paying satellite that figure is about 29.76%. These are seat equity gains, not ROI.
PKOs reverse the pattern. Because the bounty on your head is fully live from the start, but you arrive with a starting stack that has missed early chances to win bounties, a late starting stack loses about 14% of its value according to GTO Wizard's PKO study (https://blog.gtowizard.com/the_hidden_cost_of_late_reg_in_pkos/). The sensible approach is to register on time, or even early, instead of waiting for the late-reg window. For the standard MTT side of the picture, see the best time to late register.
Profitmaxxer handles PKOs differently from other formats for this reason. Max Late Reg alerts target the formats where late entry adds value, while PKO pre-registration alerts fire before the tournament starts, with filters for how many minutes ahead you want the alert, the minimum guarantee and your buy-in range.
An overlay exists when a tournament's guaranteed prize pool exceeds the money collected from buy-ins. In a PKO, only the prize pool portion of each buy-in counts toward the guarantee in most cases, so a guaranteed PKO that is not filling can add free money to every entry. The difference between the guarantee and what players paid in is the overlay, and the size of that gap is the extra expected value for everyone in the field.
Profitmaxxer scans these networks every 30 seconds: GGPoker, Americas Cardroom, PokerStars, PokerStars.es, 888poker, WPT Global, iPoker Network, CoinPoker, TigerGaming, SwC Poker, QQPK and Stake Poker. Across 229 days of scanning, it has recorded 100,686 overlay instances worth $66,489,439 in total. The size of any single overlay varies widely, and our biggest overlays breakdown shows the real numbers.
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PKO stands for progressive knockout. It is called progressive because your bounty grows each time you eliminate a player, as you add half of the bounty you just won to your own.
In a standard PKO you receive half of the eliminated player's bounty as cash and the other half is added to your own bounty. Some sites and special events use different rules, so check the tournament lobby for the exact split.
Generally no. GTO Wizard's analysis found that a late starting stack in a PKO loses about 14% of its value, whereas late entry in a standard MTT gains about 10.9% in ICM seat equity. That is why many players register for PKOs at or before the start.
In a PKO the bounty amount on each player is visible and grows as players are eliminated. In a mystery bounty tournament the bounty values are hidden and randomized, and they usually become payable only after a certain point in the event.
Profitmaxxer scans 12 poker networks every 30 seconds and messages your Telegram the moment a prize pool beats the buy-ins collected (an overlay) or a plus-EV late registration window is about to close. Start free and watch the alerts land.
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