The 97th Scripps National Spelling Bee, which marks its 100th anniversary this year, is currently underway in Oxon Hill, Maryland, at a convention center near the nation’s capital. Talented young spellers from across the English-speaking world are participating.

Here is a primer on the rules:

• Spellers qualify by advancing through regional bees around the country. In order to compete, spellers must not have advanced beyond the eighth grade or be older than 15.
• Spellers must get through two preliminary rounds, quizzing them on words from a list provided in advance: one spelling round and one multiple-choice vocabulary round.
• Those who make it through the preliminaries sit for a written spelling and vocabulary test, with the top 100 or so finishers advancing to the quarterfinals.
• The words for the test, and for all subsequent rounds, are taken from the Merriam-Webster Unabridged dictionary.
• Throughout the quarterfinals and semifinals, spellers are eliminated at the microphone through oral spelling or vocabulary questions.

Around twelve spellers progress to the final round. If the competition narrows down to just two spellers, Scripps may employ a lightning-round tiebreaker, referred to as a “spell-off,” to decide the winner.

The winner receives a custom trophy and more than $50,000 in cash and prizes.

Here are the prize payouts:

• First place: $52,500 in cash, reference works from Encyclopedia Britannica and Merriam-Webster and a $1,000 contribution to a school of the champion’s choice
• Second place: $25,000
• Third place: $15,000
• Fourth place: $10,000
• Fifth place: $5,000
• Sixth place: $2,500
• All other finalists: $2,000