Tournament Betting is new. Meaning new rules. Fortunately, there are no lengthy Terms and Conditions pages in 4pt font to read through -- all you need is this handy article.

Minimum Bet Quantity

All tournaments require a minimum bets, to ensure that people aren't going in and placing all of their ChampCash on one outcome. Tournament Betting is a game, this makes sure people play it as such! 

Sports Tournaments = 5 minimum bets
Racing Tournaments = 4 minimum bets

You need to have the minimum bet amount per rebuy AND entry. The count doesn't reset on a rebuy, so if you've already had 10 bets on your first entry and you rebuy, you are still eligible for a payout. Just make sure you place another 5 bets upon every rebuy as a minimum. Handy tip that one!
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Placing the Same Bet Twice

To prevent people circumventing the minimum bet rule, you aren't allowed to place the same bet twice. For example, if you get 'Old Mate' to win race 4 at Rosehill at 4,000 ChampCash and decide you want to place an extra 1,000 down... you can't, as this would count as another bet towards the minimum count.

Minimum Bet Amount

For any bets in the tournament, you will need to satisfy the Minimum Bet Amount, which is displayed in the information section.  For all Racing tournaments, this will mean the minimum amount for each bet will need to be 250 ChampCash. While for Sport tournaments, the minimum will be 500 ChampCash.
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Rebuys

Rebuys aren't allowed in daily Sports Tournaments and are capped in Racing Tournaments, see the tournament rules for more information.
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Lockout
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As it gets to the business end of the tournament, the tournament gets 'locked out' meaning that no new people can jump in and no one already in the tournament can rebuy.