What is the ICM model and why is it used?
In this article, we will discuss what the independent chip model, or ICM for short, is. This model is only used in poker games that have a prize pool, such as multi-table tournaments (MTTs) or Sit & Go tournaments. The next logical question is why is it needed? Let's say in cash games it is very easy to estimate the value of the chips you have, let's say you are playing an 1$/1$ blind cash game it is clear that one chip is worth 1$, but how much is 1 chip worth if you are playing a Sit&Go game where the buy-in is 10$, the starting stack is 50 chips (we will reduce the number to make it easier to calculate), and there are 10 players and payouts are 50$, 30$, 20$? At the beginning of the tournament it would be logical that the value of one chip is 0.20$ and each person has a stack of chips with a value of 10$, but how do the numbers change if there are say 4 people left and if the chips are distributed like this: player A.200, B.130, C.100, D. 70 or do the chips still retain their value of 0.20$? No, and this is for several reasons. First of all, even if a player wins this tournament, he does not get all the money, so it is theoretically impossible for the chips to remain the same value as at the start of the game. And in this case, we get that the chip stacks are A.33.21$, B.26.77$, C.22.76$, D.17.24$. By the way, don't lose sight of the fact that in this example we have a money bubble phase, so even the person with the least chips has the opportunity to go into the money without playing a hand and increase the value of his tournament chips without getting a chip gain, for example, let's say player B wins the chips of player C, and then the chip values are A.200 , B. 230, C. 70 and the value of A. 36.05$, B. 37.61$, C. 26.32$, this makes the ICM model even more complex. And these figures are obtained using http://www.icmpoker.com/icmcalculator/ calculator, as it would be very cumbersome and time-consuming to calculate manually, if you want to experiment how the value of the chips varies depending on the payouts and quantities, you can try to write your own numbers in the program at the link above and see.
Where is the ICM model used?
1. Used to split the prize pool, but keep in mind that when the ICM model is used to split the money, it ignores things like edge, position (the ICM model will ignore if the shortstack is in the big blind on the next hand and is auto-allin, and similar things).
2. It is used to calculate shove/call in a situation where we are no longer playing chip ev+, but taking into account the ICM factor when the pay out jump or the bubble phase of the tournament is not enough to make decisions that are only chip ev+ in the long run, programs such as ICM'izer can help us with this calculation.
3. And often in the bubble phase or at the start of the money spikes, most of the better players in particular take advantage of the ICM pressure, i.e. they start to play wider and more aggressively pressurise the players, who theoretically have to play a little tighter because of the ICM factor, this is especially true in the money bubble phase and the final table bubble phase.
You can learn more about the ICM factor by watching this video - https://pokeriomokykla.com/video-pamokos/icm-faktorius-kas-tai-ir-ka-su-juo-daryti.
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