Understanding Guaranteed Tournament

I’m a little confused about how the guaranteed money tournaments work. It was my understanding that in a 4000$ guaranteed, that 4,000$ was the minimum amount of awards for the whole tournament, so if there was a $500.00 +$50.00 buyin that would mean the tournament would start only if 8 players joined it, because 8 × $500.00 = $4000.00. And then if 10 players joined, the total award would increase to be $5000.00.

Do I have this correct, so far?

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Yeah, you are exactly right. The Guaranteed pot would be the minimum amount won in the tournament. If the buy in totals exceed the guaranteed amount then the prize pool is even bigger based on the buy in totals

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Is that not updated then as buy ins occur, because it’s not showing that now for tournaments that go above 4000

The title ‘guarantee of X amount’ won’t update but the payout values would