While slots, and by extension slots tournaments, are games of chance which are unaffected by strategy, there are some things that players can do to increase their chances of winning at a slots tournament. The most important things are very easy to do.
First and foremost is using your time wisely
Often the difference between winning and losing is a few minutes of play. If you're able to play each coin only once, and you run out of time before you've played all of your coins, then you are at a serious disadvantage.
There are several ways to use your time wisely. In a short tournament, make sure to use the restroom and get a drink before the tournament begins. In a longer tournament, such as one which lasts several days, make sure that you have the time to dedicate to play before you sign up. If you don't have the time to run through all of your coins, you are at a serious disadvantage.
If you're playing online, you can make good use of your time by keeping a thermos and a snack next to you when you play, so that you don't get hungry or thirsty while you're playing. Watch out, though, drinking a lot, especially of coffined drinks, will make you have to use the bathroom more often. Drinking alcohol will slow your body's responses and make you play less efficiently.
Bonus games
It's important to familiarize yourself with the machine. Some machines have bonus games. If you get to a bonus game, then you'll need to know how to play so that you don't get stuck in the bonus round for longer than is absolutely needed to play the bonus game effectively. Don't get caught up with the bonus games. Their results are usually predetermined. It doesn't matter if you pick the wrong card or treasure chest. You'll end up winning the same prize anyway.
Very carefully use your winnings as extra credits
In some slots tournaments, you are allowed to use your winnings as extra credits or you can do a second buy-in during the tournament. In these cases, your strategy must be played very carefully. Since a given machine usually gives a payout of less than 100%, odds state that the fewer times you play each credit, the better the chances of your coming out ahead. On the other hand, if you've run all your coins through, and your total is very low, you may feel that your chances of winning are too low, so you need to play through again in the hopes of hitting a big win. In this case, you'll have to think through your decision very carefully.
Re-buy option
If you have the option of a re-buy, you should be very careful in using this option as well. If you're having a poor run, you should probably cut your losses, since more spins doesn't necessarily mean more winnings. The specific rules of each tournament differ, so you should be sure you understand the rules well before playing. Then you should really consider how to make the most out of your slots tournament session.