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I have my own opinions, but mind you, I deal and run a bar league.
But as a player, here's what I assume are the rules for casino poker tournaments:
Once a player pays, his stack is in play and should be blinded out and continues to be blinded out until he is out of chips. No refunds, and if still absent, will automatically lose their last hand.
You never know why the player is missing and cannot make decisions based on assumptions. Suppose you assume he's a no-show, but shows up 2 minutes after removing his chips? What then? What if he shows up 15 minutes after?
The only time refunds are acceptable is if a player requests one before the tourney starts, or an alternate player requests it before they get a seat. And even then, rules may dictate no refunds.
While it's unlikely, if the action is wild and enough players get eliminated so that the money bubble bursts before a no-show player busts out, the no-show player is entitled to their fair payout at whatever position they are finally eliminated.
For the record, in our bar league, we play short-stack turbo games that last a little over an hour, and we get in three per night. Call-ins are not allowed due to too many times a call-in becomes a no-show. While there is no charge to play, we never put out stacks for players until they arrive at the venue. We guarantee seating through two levels. Players get points based on their bust out position on the final table.
In cases where attendance is low so that there is only one table, and a player arrives before the third level, but after someone else has already busted out, rather than changing the sign-out positions of those that already busted out, the late player can play as a bounty.
Such a bounty is worth the same number of points as fourth place - but there's a twist. To give the bounty player incentive to play well, if he survives to go heads up, he will get the bounty points, and still be a bounty.
I.E. Once heads up, the bounty player gets bounty points while the other player gets first place points, and they continue to play with additional bounty points on the line to go to the winner.
It gets confusing when there are multiple bounty players, but you get the idea.