ICM Calculator

The Independent Chip Model converts a tournament chip stack into an expected prize, by computing how often each player finishes in each paid position. It exists because tournament chips cannot be cashed out — only finishing positions pay.

Because the payout ladder is not proportional to chips. Doubling your stack does not double your expected prize — you cannot win more than first place. Chips you win are worth less than chips you lose, which is the entire source of ICM pressure.

The extra equity you need over the chip-EV break-even point to justify a call. A coinflip for stacks is break-even in chips and a clear loss in dollars, so at a final table you need well over 50% to take one.

On the bubble and at the final table, where the gaps between payouts are largest relative to the stacks. Deep in a tournament with a flat payout structure, ICM pressure is at its most extreme.

No. Cash game chips are worth exactly their face value because you can stand up and cash them at any time. ICM is purely a tournament phenomenon.