[ICM vs EV] Differences between the two

The core conclusion of Poker ICM vs EV: EV is about chip stacks, ICM is about prize money.

EV ConcernCan they win more chips? ICM cares.Can you win more prize money?

This is the biggest difference between the two.

What is Chip EV?

Chip EV CalculationHow many chips can you win on average over the long term?For example：55% win rate all-in,Usually a positive EV

Cashiers almost exclusively look at Chip EV

What is ICM EV?

ICM EV CalculationWhat is the average value of the prize money that can be earned over the long term?Not just looking at the chips

Also see:
→ Ranking
→ Bonus Structure
→ Survival probability

ICM EV is a model that is closer to real-world returns.

Classic Case: AA May Also Fold

Four players remain at the final table:You ranked second.

Only 1BB left for short codes

Plus-size All-in

You get AA

Chip EV: Almost guaranteed to call

ICM: Possibly Fold

Because short codes are about to be phased out, the bonus jump is extremely valuable.

Why might a positive EV (Electronic Vehicle) decision be a mistake?

AssumptionAfter the call:
→ Winning turns into taking the lead
→ Losing means immediate elimination

Although Chip EV is positive,However, the risk of winning the prize is too high.

ICM considers risk costs.

Why doesn't Cash Table have ICM?

because 100 chips = fixed amountNo rankings, and bonus jumps.

Therefore, EV is everything.ICM only exists in tournaments with ranking rewards.

When is ICM greater than EV?

include:
→ Foam ring
→ Final Table
→ Jump to bonus position

These stages have extremely high survival value.The closer to a major prize point, the greater the impact of ICM.

Where does the Risk Premium come from?

becauseThe cost of losing chipsGreater thanTo win the same amount of money,Therefore, a higher win rate is required for someone to be willing to call.

This is the concept of Risk Premium.

How do professional gamers think?

A master doesn't just look atWin rateAlso watch:
→ ICM pressure
→ Bonus Jump
→ Chip distribution

Tournaments are prize games, not chip games.

The most common mistakes of novices

→ Use cash table thinking to play MTT
→ Only look at win rate
→ Only look at Chip EV
→ Ignore bonus structure

Many people's problem isn't judging hand strength, but rather their lack of understanding of ICM (Independent Character Scale).

Advanced understanding: ICM × EV × Risk Premium

True professional gamers will analyze:
→ Chip EV
→ Dollar EV
→ Risk Premium
→ Bonus Jump
→ Survival value

High-level tournament decision-making is essentially about managing the prize money (EV).

Key conclusions

EV tells you how to win more chips, while ICM tells you how to win more money.

When you begin to understand the difference between ICM and EV, you will truly understand the core logic of tournament poker.