In cash, a $1 chip is worth $1. In tournaments it isn't: the prize pool is split by finishing position, so a chip you lose is worth more than one you win. That principle is called (Independent Chip Model) and it's what most sets tournament players apart.
Why it matters
Since doubling your stack doesn't double your chances of winning the tournament, risking your tournament life on a nearly coin-flip spot is usually a mistake, even though in cash it would be an automatic call. Surviving is worth real money.
The bubble
The bubble is the moment right before the money starts. That's where ICM hits hardest:
| Your stack | How to play the bubble |
|---|---|
| Short stack | Ultra-selective: don't bust right before the money except with premium hands or clear spots. |
| Medium stack | Avoid clashing with the big stacks; don't risk your tournament without need. |
| Big stack | Apply pressure without mercy: the others don't want to bust, so you steal a lot without a fight. |
✓ Consejo: Nobody calculates ICM at the table. What you train is the intuition: near the money, hit the brakes harder than your hand suggests.
💡 Clave: Chips ≠ money. Near the bubble and near pay jumps, survival has value: play more conservatively with marginal hands.