A chop is when the remaining players in a tournament agree to divide up the money rather than continue playing. Sometimes, it’s done in a way known as a chip chop—you get the amount of the prize pool proportional to your portion of the chips. Other times, it’s done according to a principle known as ICM, or the Independent Chip Model, in which each chip is not created equal: your payout also takes into account the existing payout structure (the percentage of the prize pool designated to each place) and your likelihood of finishing in your current position. Either way, you divide the money and
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