Understanding Tournament Strategy: It's Not a Cash Game
Why typical cash game moves will burn your equity in tournaments. A guide to ICM and Payout structures.
In a cash game, $1 in chips = $1 in cash. Always. In a tournament, the value of your chips fluctuates wildly depending on the payout structure and the number of players left.
The Payout Curve
Most tournaments pay the top 10-15% of the field. And usually, the top 3 players take home 50% of the prize pool. This creates a unique strategic dynamic.
ICM (Independent Chip Model)
ICM is a formula used to calculate the real monetary value of your stack. The key takeaway: Chips you lose are worth more than chips you win.
Example: You are on the final table bubble. Doubling up might increase your chance of winning by 10%, but busting out drops your equity to zero. Result? You should play tighter than usual to secure the pay jump.
The Min-Cash Mentality
Many amateurs play too scared, just trying to "make the money" (min-cash). While sometimes correct on the bubble, playing to win is usually better. A min-cash is often only 1.5x or 2x your buy-in. First place can be 50x or 100x.
Check out our Payout Calculator to visualize how heavy the top prizes really are.