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Second Place May Be The First Loser, But It’s Worth A Lot More Than Third

by Bryan Devonshire |  Published: May 28, 2014


Continuing our discussion on tournament poker, I sure hope you caught my last column on ICM (Independent Chip Model). Every single thing we will be talking about today revolves around that concept, and truly the theory of ICM is the central difference between tournament poker and cash games. In a cash game, each chip is worth money. You can quit after any hand, take those chips to the cage, and turn them into cash. If you have $1,000 in a cash game and double it, then you have $2,000. Next hand you could lose it all, but before that hand you can quit and take your money home, too. In a tournament, if you double up your chips, then you do not double up your chances of winning the tournament and you do not double up your equity. You can’t quit and spend those chips on anything except the occasional ...

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