In Loot, players command pirates to attack and defend trading ships in a bid to collect the most gold coins. The game box includes 78 cards, featuring trading ships, pirate ships, captains, and an admiral. Players launch trading ships on voyages, which then face attacks from other players' pirates. To protect their own traders, players deploy pirate ships, while also attacking others to claim spoils. The game concludes when the draw deck is empty and one player has no remaining cards. The player with the most gold coins wins.

Heidelberger Release Description (Essen 2002):

In a sleek, small black box with embossed lettering, this edition of Loot includes 25 trade ships, each worth 2 to 8 gold. There are 48 pirate ships, with 12 in each of four colors, and these pirates bear 1 to 4 skulls each (the player with the highest total skulls on a trade ship claims it if they maintain the lead for a full round). Four pirate captains—one in each color—strengthen players’ chances in battles, while an admiral card offers additional defense for trade ships. The game accommodates 2-5 players individually or up to 6-8 players in teams.