Chips represent a cash value or a tournament chip value. Players use chips to bet during a game or tournament. The goal is obviously to accumulate as many as possible.
In a cash game, that means bigger winnings that can be cashed out when a player decides to leave. In a tournament, a player’s starting stack of chips does not have to represent his entry fee.
However, chips are a player's lifeblood in a tournament – lose them and you’re eliminated.
A player who wins a tournament will have collected all the chips in play at the end.