Each team started with 11 white chips. They were required to keep at least one chip off the board, so they could always get back in the game (and I would never take their last chip). I would use my projector to display a multiple choice question and give groups time to figure out their answers. Not only did they have to figure out their answer, but they also had to assess how confident they were in their answer. This discussion was my favorite to eavesdrop on and where I heard a lot of people who usually
I would give a warning and then five second countdown before I would call times and remind students, "Do NOT touch your chips!" Then I could have group's share their reasoning or why they chose various answers. Usually with multiple choice questions, I hear a lot of "I guessed," but not when there was wagering involving. If group's went "all in," I would have them share how they knew their answer was correct, I would hear some great explanations then too about using process of elimination to get rid of obviously wrong answer choices. If groups only placed a few chips on the board, we could discuss why their confidence wasn't high in their answer.
Sometimes we played for homework passes, extra credit points, or a Dum-Dum. The students would come in begging to play "That Super Fun Poker Chip Game" - anytime you can get kids begging to do math - it's a "Winner Winner Chicken Dinner" in my book!