ITM: In the Money

What is ITM?

ITM 是 In The Money，In Chinese, it is usually called進入獎金圈、進入錢圈、或獲得獎金，It means玩家的最終名次進入錦標賽官方公布的獎金名次範圍

Any player who receives an official finishing-position payout in the tournament is ITM.

How is ITM determined?

ITM 依照賽事的 Payout Structure，That is獎金結構，For example500 人參賽、前 75 名獲得獎金，So:
→ 第 1 名至第 75 名都屬於 ITM
→ 76th place is the Bubble Boy

The ITM range is determined by the tournament payout schedule, not by a player's own judgment.

The relationship between ITM and the Money Bubble

Money Bubble 是距離進入獎金圈只差最後一位淘汰者的階段,當 Bubble Boy 被淘汰後所有剩餘玩家便正式 ITM

The bursting of the Money Bubble marks the boundary between not receiving a payout and officially becoming ITM.

What is a Min Cash?

Min Cash 是獎金圈內最低名次可以獲得的獎金，For example：
→ 前 100 名 ITM
→ 81st through 100th receive the same minimum payout

這些玩家便屬於 Min Cash

A Min Cash means a player has successfully made the money, but it is usually still far from the major payouts.

Does ITM necessarily mean profit?

That's not necessarily true.For example：
→ Initial Buy-in：100
→ Re-entry: 100
→ Add-on: 50
→ Total investment: 250
→ Min Cash: 180

雖然玩家成功 ITM，但整場比賽仍然虧損 70

Profitability should be determined by comparing total investment with total payouts, rather than simply whether a player made ITM.

What is ITM Rate?

ITM Rate 是玩家進入獎金圈的比例

It is calculated as:ITM Rate = number of ITM finishes ÷ total number of tournaments played × 100%

For example：
→ 參加 100 場錦標賽
→ Make the money in 18 of them

ITM Rate 為 18%

ITM Rate describes how frequently a player makes the money, but it cannot alone represent long-term profitability.

Is a higher ITM Rate always better?

That's not necessarily true.如果一位玩家：
→ Frequently just barely makes the money
→ But rarely reaches a Final Table
→ Rarely wins significant payouts

即使 ITM Rate 很高，ROI 仍可能偏低，另一位玩家可能 ITM Rate 較低，但有更多 Final Table、前三名與冠軍，長期獲利反而可能更高

ITM Rate reflects consistency, while ROI and the ability to make deep runs better reflect the quality of profitability.

The difference between ITM and ROI

ITM：衡量是否進入獎金圈

ROI：衡量投入資金帶來的實際回報

一位玩家可能 ITM Rate 很高，但 ROI 很低；也有可能 ITM Rate 普通，但因多次取得高名次而擁有較高 ROI

ITM indicates whether a player receives a payout; ROI indicates whether those payouts produce actual profit.

ITM and Payout Structure

Different tournaments may have payout structures that are:
→ 非常平坦
→ Very steep
→ Weighted toward the winner
→ Weighted toward Min Cashes for more players

For example：
→ 平坦結構會讓更多玩家獲得較接近的獎金
→ A steep structure concentrates a large share of the prize pool at the Final Table and among the top three finishers

Making the money is only the first step; the true value of a payout depends on the Payout Structure.

Does strategy change after making ITM?

通常會，Bubble 破裂後：
→ 部分短碼玩家會立即放寬 Range
→ All-in frequency may increase
→ The pace of play may accelerate
→ Players begin pursuing the next Pay Jump

Immediately after reaching ITM, many short stacks are often eliminated in quick succession.

Why are there often many All-ins after making ITM?

This is because some players on the Bubble:
→ 過度收緊
→ Have their stacks depleted by the blinds
→ Only want to secure a Min Cash first

After successfully making ITM, they will:
→ 恢復正常 Push Range
→ Look for a Double Up
→ Accept more Variance

After the Bubble ends, expect short-stack players' All-in Range to widen significantly.

Should you immediately loosen up after making ITM?

不應機械式放鬆，需要根據自己的 Stack、下一個 Pay Jump、桌上短碼數量、對手是否突然變寬、有效籌碼、和位置，來進行調整

You can increase aggression after making ITM, but you cannot lose strategic discipline simply because you have already secured a payout.

Big-stack strategy after making ITM

Big stacks can:
→ 攻擊剛進入獎金圈的中短碼
→ Exploit opponents' desire to wait for Pay Jumps
→ Increase Late Position Open frequency
→ Control pots and effective stacks

但應避免與其他大籌碼進行無必要的巨大對抗

Big stacks can still apply ICM pressure after making ITM, but they should target players who are inclined to protect their payout equity.

Medium-stack strategy after making ITM

Medium stacks should:
→ 避免被大籌碼持續壓縮
→ Choose appropriate opportunities to Steal
→ Observe the rate at which short stacks are eliminated
→ Avoid waiting excessively for the next Pay Jump
→ Preserve Fold Equity

Medium stacks need to balance payout protection with chip accumulation.

Short-stack strategy after making ITM

Short stacks generally need to:
→ 擴大合理 Push Range
→ Make use of Fold Equity
→ Avoid being blinded out
→ Assess the value of waiting based on Pay Jumps

If the next Pay Jump is small and your stack is declining quickly, excessive waiting is generally not reasonable.

Already being ITM does not mean a short stack can wait indefinitely; they still need to proactively look for opportunities to double up.

ITM and Pay Jumps

Pay Jump 是不同名次區間之間的獎金增加，For example：
→ 第 91 至第 100 名獲得 150
→ 81st through 90th receive 180

Moving from 91st to 90th crosses one Pay Jump.

Strategy after making ITM must consider not only survival, but also the actual value of the next Pay Jump.

ITM and ICM

進入獎金圈後，ICM 仍然存在，而且隨著玩家人數減少、Pay Jump 增大、Final Table 接近，ICM 可能再次變得更強

The Bubble bursting does not mean ICM disappears; the source of pressure simply shifts from the Min Cash to subsequent Pay Jumps.

ITM and Chip EV

ITM 後仍不能只看 Chip EV，因為籌碼的現金價值並不是線性的

贏得一倍籌碼通常不代表獎金權益增加一倍，而輸光全部籌碼則代表比賽直接結束

After making ITM, Chip EV, Dollar EV, and elimination risk should all still be considered.

ITM and Average Buy-in

比較不同玩家的 ITM Rate 時，還需要考慮 Average Buy-in，because低級別錦標賽、高額錦標賽、大型賽事、小型賽事，其難度、參賽人數與獎金結構可能完全不同

ITM Rate has analytical value only when considered alongside Average Buy-in, tournament scale, and ROI.

ITM and Field Size

Field Size 是參賽人數規模

Large Field:
→ Variance 通常更高
→ Making a deep run is more difficult
→ The winner's payout is more concentrated

Small Field:
→ ITM 機率可能更穩定
→ But the total prize pool and winner's payout may be lower

The same ITM Rate can represent completely different performance across different Field Sizes.

The difference between ITM and Final Table

ITM 代表進入所有獲獎名次，而Final Table 代表進入賽事最後一桌

大部分 MTT 的主要獎金集中在 Final Table

ITM provides a minimum guaranteed payout, while reaching the Final Table is usually the main opportunity to win significant prize money.

What is a Deep Run?

Deep Run 是指玩家不只進入獎金圈，而且持續晉級至比賽較後段，For example：
→ 進入前 5%
→ Top 2%
→ Final Table
→ Top three

Long-term profitability usually depends not only on making ITM, but on converting some ITM finishes into Deep Runs.

What is the problem with being overly conservative to make ITM?

If a player only wants to Min Cash, they may:
→ 過度 Fold
→ Give up positive EV Steal opportunities
→ Lose Fold Equity
→ Have only a very short stack upon making ITM
→ Lack the ability to compete for major payouts

Overemphasizing ITM can increase short-term cashing frequency while reducing long-term ROI and deep-run rate.

Can you ignore ITM in pursuit of a Deep Run?

也不可以，Bubble 階段的淘汰成本是真實存在的，玩家應根據籌碼量、獎金結構、對手 Range、ICM、Risk Premium，來平衡生存與籌碼累積

The correct strategy is neither to ignore ITM nor to pursue only a Min Cash, but to maximize overall Tournament EV.

What psychological impact does ITM have?

After successfully making ITM, players often experience:
→ 鬆一口氣
→ Suddenly widening their Range
→ No longer fearing elimination
→ Eagerness to accumulate chips
→ Believing all subsequent payouts are extra profit

This can lead to:
→ 過度 Gamble
→ Unnecessary Hero Call
→ Losing payout equity already accumulated

You can adjust strategy after making the money, but you should not lose discipline because of psychological relaxation.

Can you Bluff more frequently after making ITM?

取決於對手，If the opponent希望等待下一個 Pay Jump、不願與覆蓋自己的大籌碼對抗、在 Bubble 後仍然過度保守，那就可以適度提高：
→ Steal
→ 3-Bet Bluff
→ Late Position Pressure

If the opponent剛 ITM 後大量放寬跟注，則應：
→ 減少 Pure Bluff
→ Widen Value Range

Bluff strategy after making ITM depends on whether opponents are protecting Pay Jumps or gambling freely.

Value strategy after making ITM

When short-stack players widen their:
→ Push Range
→ Call Range
→ All-in Range

Immediately after making ITM, you can appropriately widen:
→ Value Call
→ Value 3-Bet
→ Isolation Range

But you must still consider:
→ 自己的 Risk Premium
→ Effective stacks
→ Players behind you

Against players who loosen up excessively after making the money, widening Value is generally more effective than increasing Pure Bluff.

Practical example 1: Making ITM but still losing money

一場錦標賽初始 Buy-in 為 100，玩家使用兩次 Entry，總投入為 200。，最後獲得 160

result玩家成功 ITM，但實際仍虧損 40

ITM records a paid finishing position; it does not automatically deduct additional Entries and other costs.

Practical example 2: Overly pursuing a Min Cash

Bubble 階段，你持有 18BB

Players at the table are visibly over-folding, but you give up all Steal opportunities to guarantee making ITM.

成功進入獎金圈時，只剩 7BB

Although you secure a Min Cash, your ability to make a deep run has clearly declined.

Reasonably protecting ITM and excessively giving up chip EV are two different things.

Practical example 3: A short-stack All-in after making ITM

Money Bubble 剛剛結束，而You hold 8BB

You are on the Button, and everyone before you folds.

If the players in the blinds are still waiting for Pay Jumps, you can use a reasonable Push Range to proactively compete for chips.

After making ITM, short stacks should seize attacking opportunities while they still have Fold Equity.

Practical Example 4: Opponent Suddenly Loosens Up After ITM

A player is very tight during the Bubble stage.

After reaching ITM, he Open Shoves multiple times in a row.

At this point, you should update your assessment of his Range and cannot continue using the Tight Read from the Bubble stage.

Once the Money Bubble bursts, an opponent's strategy may change immediately, and your reads must be updated accordingly.

Practical Example 5: Is It Reasonable to Wait for a Pay Jump?

你只剩 3BB，下一個 Pay Jump 距離淘汰兩人，桌上還有數位相近短碼，此時可以考慮：
→ 盲注何時輪到自己
→ Whether other short stacks will soon be forced All-in
→ The size of the Pay Jump
→ Whether you still have Fold Equity

Whether it is reasonable to wait for a Pay Jump depends on the payout difference, relative stack sizes, and how quickly the blinds will eliminate you.

The most common misconception among beginners

Many players believe ITM 就等於盈利，In fact若使用多次 Re-entry、Rebuy 或 Add-on，總成本可能高於最終獎金

Whether you made a profit must be determined by comparing your total investment with your actual prize money.

Another common misconception

Many players believe ITM Rate 越高，代表玩家實力越強，In fact高 ITM Rate 可能來自過度保守與大量 Min Cash，不一定代表具有高 ROI

When evaluating tournament ability, you should examine ITM Rate, ROI, Final Table Rate, and average finishing position together.

The Third Common Misconception

Many players believe成功 ITM 後就可以隨意 Gamble，In fact後續仍有 Pay Jump、Final Table 與冠軍獎金，已累積的獎金權益仍然具有價值

ITM is the beginning of a new stage, not the end of strategic discipline.

How Can You Improve Your Results After ITM?

Key areas to study include:
→ Bubble Strategy
→ ICM
→ Risk Premium
→ Pay Jump
→ Short Stack Strategy
→ Push/Fold
→ Deep Run Strategy
→ Final Table Strategy
→ Bankroll Management
→ Tournament Review

Strong tournament players do not merely pursue ITM finishes; they improve their ability to convert ITM results into substantial prize money.

How should ITM data be analyzed correctly?

You can review the following at the same time:
→ 總參賽場次
→ Number of ITM finishes
→ ITM Rate
→ Average Buy-in
→ Total investment
→ Total prize money
→ ROI
→ Number of Final Tables
→ Number of top-three finishes
→ Number of titles
→ Average Field Size
→ Re-entry and Rebuy costs

Only by analyzing ITM alongside investment, prize money, and deep-run data can you understand your true tournament performance.

Key conclusion

ITM is an abbreviation for In The Money, meaning that a player's final finishing position in a Texas Hold'em tournament has reached the official prize payout range.

Understanding ITM, Money Bubble, Min Cash, ITM Rate, Payout Structure, Pay Jump, ICM, ROI, and Deep Run can help players assess their tournament results correctly. ITM is an important indicator of consistency, but it does not equal profitability and cannot independently represent a player's skill. A truly valuable tournament strategy is to continuously accumulate chips while reasonably protecting prize equity, and to convert more ITM finishes into Final Tables, top-three finishes, and titles.