ICM
Also: Independent Chip Model
Independent Chip Model: a way of converting tournament chips into their real money value, given the payout structure. Because payouts are not proportional to chips, losing your stack costs more than doubling it gains — which is why correct tournament play near the bubble and at final tables is tighter than chip counts alone would suggest.
Related terms
Full glossaryFrequently asked questions
What does ICM mean in poker?
Independent chip model — a method of converting a tournament chip stack into an expected cash value, using the current stack sizes and the prize structure.
Why are tournament chips not worth their face value?
Because they cannot be cashed out, and the prize structure pays unevenly. Doubling your stack does not double your expected prize, while losing your last chip ends the tournament. Chips won are therefore worth less per chip than the chips risked to win them.
How does ICM change play on the bubble?
It tightens calling ranges sharply — a coin flip for your tournament life is usually a losing proposition in money terms, even when it is break-even in chips. It also makes aggression from a big stack very profitable, because the players who cannot afford to call must fold.
What does ICM not account for?
Position, blind levels, structure speed and differences in skill between players. It also assumes play ends immediately rather than continuing. It is best treated as a correction to cash-game instincts rather than an exact instruction.