Definition of winner-takes-all
A winner-takes-all tournament is a tournament that has a single place payout structure, regardless of the number of entries. Normally in tournaments, about 10% of the players who enter a tournament will have a paid seat. But in a willer-takes-all structure, all the money accumulated from buy-ins will go to pay the player who finishes in first place. This is a formula that has a very high variance, as you might expect.
How to play a winner-takes-all tournament?
In a structure where there will be only one paid seat, players will need to have a very aggressive strategy. Risks that might be considered "unnecessary" in a regular tournament will now be wise risks. Unlike a regular tournament where at times we will have a chip-saving logic, in a winner-takes-all tournament structure, we will always want to have a chip-accumulating logic in mind. At no time will we want to preserve our chips as we would in a regular tournament. To win a winner-takes-all tournament, you'll want to play aggressively, bluff a lot, take risks, and take every possible flip. If you're playing one soon, we wish you good luck!