Tip #32 - Don't play tournaments without understanding ICM
ICM (Independent Chip Model) is a fundamental concept in tournament poker that helps determine the real money value of your chip stack. Many players lose significant equity by making decisions based solely on chip counts without considering ICM implications, especially in crucial tournament situations like the bubble or final table.
Key ICM concepts to understand:
- Chips have diminishing value as you accumulate more
- Survival has monetary value in tournaments
- Pay jumps significantly affect optimal strategy
- Stack sizes of all players matter, not just yours
- Risk/reward calculations change based on tournament stage
Common ICM mistakes:
- Calling too loose on the bubble
- Taking marginal spots with a big stack
- Not adjusting aggression based on pay jumps
- Ignoring shorter stacks' impact on decisions
- Playing the same strategy throughout the tournament
How to apply ICM in tournaments:
- Tighten up significantly on the bubble
- Pressure medium stacks when you have a big stack
- Avoid marginal spots with average stack near pay jumps
- Consider the entire payout structure in decisions
- Use ICM calculators to study common situations
Remember that tournament poker is fundamentally different from cash games because of ICM considerations. A play that might be profitable in terms of chips might be a disaster in terms of real money value. Understanding and applying ICM principles is essential for long-term tournament success. As Dan Harrington said, "In tournaments, survival is a form of victory."