The 31st annual Octoberfish tournament is underway for anglers looking for more saltwater competition following the Martha’s Vineyard Striped Bass and Bluefish Derby finale.

The event began Oct. 1 and runs through the end of the month, hosted by Larry’s Tackle Shop in Edgartown. The shop’s owner, Peter Sliwkowski, said there are still plenty of fish in Island waters and that he welcomes late sign-ups.

“This is a real tradition for Larry’s,” said Mr. Sliwkowski. “It pretty much tries to extend the derby concept for those hardcore Island anglers.”

Like in the derby, fishermen can reel in false albacore, bonito and bluefish from shore or boat for a chance to win a variety of prizes, including a $500 fishing reel. The award ceremony takes place at Larry’s Tackle Shop on Nov. 4.

“We also have a big luncheon and a key ceremony.... It’s almost like a customer appreciation day and a big thank you for a great season,” said Mr. Sliwkowski.

The tournament was founded by former shop owner Ruth Myers in 1992. When Mr. Sliwkowski purchased the shop 22 years later, he knew that Octoberfish had become a defining character of the 76-year-old business and felt continuing it was essential to preserving its history.

With 132 Islanders currently competing, this year’s tournament is one of the largest to date. The last weigh-in is at 4 p.m. on Halloween, said Mr. Sliwkowski.

“Every season is different and unpredictable,” said Mr. Sliwkowski. “But this season has actually been really good, as far as size and numbers... so anything can happen by the end.”

For more information on Octoberfish, visit larrystackle.com.