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Poker glossary

ITM (In the Money)

What it means

ITM stands for “In the Money” - the tournament positions that receive prize payouts. When you finish ITM, you’ve outlasted enough opponents to earn back at least your buy-in, though the exact payout depends on your final placement. Most tournaments pay 10-20% of the field, with the specific number determined by total entries.

How it works at the table

Tournament payouts follow a predetermined structure announced before play begins. In a 100-player $100 buy-in tournament, the top 15 spots might get paid: 15th place receives $150, 10th gets $250, while first place takes $2,500. The money bubble - the last spot before payouts begin - creates intense dynamics. With 16 players remaining and blinds at 2,000/4,000, a short stack holding 8bb faces a brutal decision with A♦ J♣. Shoving risks bubbling out with nothing; folding guarantees reaching the money but sacrifices fold equity needed to build a stack for deeper runs.

Strategic context

Making the money matters differently to different players. Recreational players often tighten up near the bubble, content to lock up a small profit. Professionals exploit this tendency by increasing aggression, stealing blinds from opponents desperate to cash. The payout structure shapes optimal strategy - min-cashing means little to pros chasing first place, while amateurs might view any ITM finish as success. Understanding ICM becomes critical as you approach and pass the bubble, since chip values fluctuate based on payout implications.

Common mistakes

Players make three costly errors around ITM situations. First, they play too tight approaching the bubble, folding hands that show positive expectation just to secure a min-cash. Second, they fail to adjust after making the money - continuing nitty play when they should open up and accumulate chips. Third, they ignore stack dynamics at their table, missing opportunities to pressure medium stacks who can’t afford confrontations with covered players.

ITM percentage measures long-term tournament success, though it shouldn’t be your only metric. A 15% ITM rate with several final tables beats 25% with only min-cashes. The bubble represents poker’s purest risk-reward scenario, where survival value clashes with chip accumulation needs. Understanding bankroll management helps determine whether you should prioritize cashing or maximize expected value by playing aggressively for the win.