In poker, your expected value (EV) is the average amount of money you can expect to win or lose in a given situation. ICM is a mathematical model that allows you to calculate your EV in situations where there is more than one person playing for a prize pool of money.
For example, let’s say there are three people playing in a tournament and the prize pool is $100. The first place prize is $60, the second place prize is $30, and the third place prize is $10.
If you have a 50% chance of winning the tournament, your EV for first place is $30 (50% x $60). Your EV for second place is $15 (50% x $30), and your EV for third place is $5 (50% x $10).
PRO TIP:ICM (Independent Chip Model) is an important concept in poker as it helps players to make decisions based on the value of their chips in a tournament. It allows players to understand the value of their stack relative to the other players and to calculate their chances of success in each hand as well as the long-term profitability of certain decisions. Knowing ICM can help you better understand how to use your stack size strategically and maximize your profits in tournament poker.
Now let’s say that instead of three people playing, there are 10 people playing. The first place prize is still $60, but the second place prize is now only $20, and the third place prize is now only $10.
If you still have a 50% chance of winning the tournament, your EV for first place is now only $12 (50% x $60). Your EV for second place is now only $10 (50% x $20), and your EV for third place is now only $5 (50% x $10).
As you can see, ICM can have a big impact on your expected value in a poker tournament. It’s important to understand ICM if you want to make money in poker tournaments.
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