Tournament calculator
In a tournament a chip you win is worth less than a chip you lose, because the prize money is paid for finishing position, not for the chip count. Enter the stacks at your table and the prizes still to be paid, and see what each stack is worth in money.
| Player | Chips | Chip share | Worth | Of the money |
|---|---|---|---|---|
| 1 | 12,000 | 48.0% | $367.76 | 36.8% |
| 2 | 7,000 | 28.0% | $294.90 | 29.5% |
| 3 | 4,000 | 16.0% | $217.68 | 21.8% |
| 4 | 2,000 | 8.0% | $119.66 | 12.0% |
25,000 chips in play, $1,000.00 still to be paid over 3 places.
How to read it
Chip share is a player's part of all the chips in play. Worth is what the independent chip model says that stack is worth in prize money, and the last column is that as a share of the money still to be paid. For the big stack the money share is below the chip share, and for the short stacks it is above. The gap between the two columns is the ICM pressure at the table.
With the figures the page opens with, four players and three prizes of $500, $300 and $200, the leader with 48% of the chips is worth about 37% of the money, and the shortest stack with 8% of the chips is worth 12%. That is why the short stack can wait for the leader and the medium stacks to collide, and why the leader should raise more and call less.
The model assumes equal skill and a fast enough structure that the stacks do not change much before the next elimination. It is a guide to the money at stake in a decision, not a substitute for reading the table. More on the thinking behind it is on the tournament or cash game page.
Questions
What is ICM?
The independent chip model, a way of turning tournament chip stacks into money. It takes each player's share of the chips as their chance of finishing first, works out the chances for each place below that, and multiplies by the prizes. The result is what a stack is worth, on average, if everyone played equally well from here.
Why is my equity less than my chip share?
Because prizes flatten towards the top. A player with half the chips at a four-handed table cannot win more than first prize, which is less than half the money, so part of the chip lead is worth nothing. The short stacks gain what the big stack loses.
How does ICM change the way I play?
Near a payout, the chips you risk are worth more than the chips you can win, so a medium stack folds hands it would call with in a cash game, and the big stack raises more because nobody can afford to call. With ten big blinds or fewer the choice before the flop is all-in or fold.
What is a bubble factor?
How much more a chip you risk is worth than a chip you can win in a given confrontation: the money you lose if you bust divided by the money you gain if you double. It is 1 in a cash game and rises as the payouts get close. Above 1.5, you need a clear edge to call an all-in.