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ICM

Independent Chip Model.

ICM allows players to get a good idea of what their tournament chips are worth in terms of equity of the total remaining prize pool. Because of the different payouts in tournaments, calculating what your stack and your opponents stacks are worth, might factor into decisions.

ICM is also often used to calculate new prizes for a chop in a tournament.

When heads-up, ICM is equal to chip-chop numbers.

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