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Magic the Gathering Event Play Basic Information:
The Standard format uses only the newest sets the game has to offer. The current block, the block that was released the previous October, and the most recent core set are all legal to play in a Standard deck.
Block Constructed ($8):
The Block Constructed format uses only the cards from a single block of Magic sets. Block Constructed formats generally take their name from the first set in the block.
The Modern format consists of all Magic sets printed since the introduction of the modern card frame, starting with Eighth Edition and the Mirrodin block. Card sets do not rotate out of Modern.
Sealed Deck ($25):
Players simply open six booster packs and build a deck from the cards they opened. Guidelines require a minimum deck size of 40 cards and allow players to add as many basic lands (Plains, Islands, Swamps, Mountains, and Forests)
Booster Draft ($12):
Instead of just opening your cards and building a deck, you and the other players at the table (four to eight total) have to draft the cards for your decks. Each deck must have at least 40 cards.
Two-Headed Giant (Cost is TBD):
Two-Headed Giant (2HG) is a great format for players looking to do battle alongside another player against another team of two players. Both teams start at 30 life and each team shares a turn. You don’t need to worry about sharing your cards though, as all four players have their own separate decks.
Any other questions on game types or legal decks can be found here: