4-player playthrough · GMT base game
Definitions from the authored tutorial, with stable links for sharing a particular term. The selected edition and scenario determine how each rule applies.
Open the interactive tutorial →31 terms
Players draft in reverse order, viewing up to six cards, keeping one face down and shuffling the rest underneath the deck. A pass card ends a player’s draft. Chosen companies are paid for at the end; the final lone private drops $10 for each refusal.
Rule reference: GMT 2021 §3
Money belonging to a railroad, kept separate from its president’s personal cash. It pays for tiles, tokens, trains and private acquisitions.
Rule reference: GMT 2021 §§1.3, 6
A certificate represents 10% of a public railroad, except the 20% president’s certificate. Each 10% receives one tenth of distributed revenue and is valued at current stock price.
Rule reference: GMT 2021 §5
The largest shareholder directs a public railroad; ties retain the current president. A new president exchanges two 10% certificates for the 20% certificate.
Rule reference: GMT 2021 §5.3
The starting price chosen when a corporation floats. Its president’s certificate costs twice this amount. Later transactions normally use current market price.
Rule reference: GMT 2021 §5.4
Buying the 20% president’s certificate starts the railroad immediately in 1846. It receives that money and places its home token.
Rule reference: GMT 2021 §5.4
Corporate sale of treasury shares at the price one space left. The number issued cannot exceed player-held shares minus market-held shares; the market cap still applies.
Rule reference: GMT 2021 §6.4
A railroad can buy a market share into its treasury at the price one space right during its issuance/redemption step.
Rule reference: GMT 2021 §6.4
The printed price track and the bank-held pool of shares are related but distinct. Shares in the pool pay dividends back to the bank, not the corporation.
Rule reference: GMT 2021 §§5, 6.7
Buying stock in a railroad directed by another player. You share its income and price changes; a treasury purchase also changes its funding and retained dividend share.
Rule reference: GMT 2021 §5; Strategy S2–S3
Income distributed from route revenue according to 10% share units. The company receives payments on treasury shares; the bank keeps payments for market shares.
Rule reference: GMT 2021 §6.7
Retain half the revenue rounded down to a multiple of $10; distribute the rest. Stock movement uses the distributed amount, not total route revenue.
Rule reference: GMT 2021 §6.7
Keep all route revenue in the treasury. A public railroad’s stock price falls one space because it distributes less than half its current price.
Rule reference: GMT 2021 §6.7
Distributed revenue below half price moves left; at least half holds; at least price moves right once; at least twice price twice; at least three times moves three only from $165 or above.
Rule reference: GMT 2021 §6.7 and board chart
Shared railway paths on hex tiles. A corporation normally makes at most two lays, of which at most one is an upgrade, preserving prior track. Phase determines available colours.
Rule reference: GMT 2021 §6.5
A railroad’s marker in a city. A route must count one of its own tokens; full cities can prevent rival through-running. Tokens and reservations are different.
Rule reference: GMT 2021 §6.6
A designated token space protects a railroad’s right to place there, with special placement costs or connection exceptions shown on the board or mat.
Rule reference: GMT 2021 §6.6
A connected path visiting revenue locations, with an owned train and a counted own token. It cannot reuse a revenue location, pass a blocked city, run East-to-East, or share track with another train of that railroad.
Rule reference: GMT 2021 §6.7
A train that visits up to M revenue locations and pays for up to N of them. It must count its own token location; counted qualifying off-board ends determine the East–West bonus.
Rule reference: GMT 2021 §6.7
Add the printed bonus of both ends when a route counts an East and a West off-board location. East-to-East routes are forbidden; West-to-West is allowed but does not earn this bonus.
Rule reference: GMT 2021 §6.7
A card that determines route capacity. Trains are bought after running, choose a side on bank purchase, and may run only once in each operating round.
Rule reference: GMT 2021 §6.8
A game-wide technology stage driven by train purchases, distinct from round number. It governs tile colours, train limits, train life and private closure.
Rule reference: GMT 2021 §9
An initially drafted certificate with income and/or a special ability. A corporation may buy one in phases I–II for $1 up to printed value. Most close in phase III.
Rule reference: GMT 2021 §§3, 6.3, 9
Michigan Southern and Big 4 each operate a small railroad with a train, token and treasury. They split route income equally with their owner and may later be absorbed.
Rule reference: GMT 2021 §§3, 6.2–6.3
When corporate-owned, adds $10 per visited location to one longest route. Its corporate effect survives the normal private closure.
Rule reference: GMT 2021 Private card; §9
A corporate ability assigns a $20 bonus to an eligible revenue location for that corporation’s counted visits. The marker is removed in phase IV.
Rule reference: GMT 2021 Private card; §9
A stock round lets players invest. Each is followed by two operating rounds, in which private income and railroad operations resolve in order.
Rule reference: GMT 2021 §4
Four-player setup permits at most 12 certificates per player. A president’s 20% certificate counts once; private certificates count while applicable. A separate 60% cap limits one corporation.
Rule reference: GMT 2021 §§2, 5
The bank running out triggers the end after the current round set finishes. Continue paying obligations, using extra notes as required.
Rule reference: GMT 2021 §10
Score personal cash plus shares valued at their final current price. Do not add corporate treasury, trains or token assets.
Rule reference: GMT 2021 §§1.3, 10
A trainless operating railroad must meet the mandatory train-buying rules, including emergency issuance and potentially presidential contribution. Failure leads to the bankruptcy rules. The 2021 §6.86 limits emergency share sales to retain 20%.
Rule reference: GMT 2021 §§6.86, 7
Rules and BGG Strategy discussions were checked on 11 September 2026. This four-player base-game replay preserves the recorded choices and results from 18xx.games game 266765, with fictional names and newly written strategic interpretations. It is a guided replay; alternative branches, bankruptcy and emergency funding are not demonstrated.
Reading guide reviewed 2026-09-15; based on tutorial v1.0.4. This date records an editorial review of the existing tutorial, not a new rules edition. Strategic suggestions are conditional interpretations, separate from official rules.