Tournament mathematics
ICM, risk premium, bubble factors, bounties.
- 7 min1Chips are not dollars: ICM
In a tournament, a chip you win is worth less than a chip you lose. Here is the model that says how much.
- 7 min2Risk premium and the bubble
Why a coin flip is not a coin flip when the payouts are close.
- 5 min3Bounty mathematics
A knockout bounty is money added to the pot — but only if you cover the player you are calling.