EV Chop

Overview

An EV Chop (Expected Value Chop) is a type of deal made among remaining players in a poker tournament, typically on the final table or near the end. Instead of playing until a single winner, players agree to divide the remaining prize money according to each player's chip-equity share. The terms of the chop are calculated using a mathematical model (often ICM – Independent Chip Model) that converts each player's chip count into a monetary expected value, given the payout ladder. This contrasts with a simple chip chop, which divides prizes proportionally to chips without considering the tournament payout structure.

When Used

EV chops are most common in live tournaments when players want to reduce variance, secure a guaranteed payout, or shorten the event. They often occur at the final table when the payout jumps are large and players have significant skill or stack differences. Deal-making is usually facilitated by the tournament director, and all remaining players must agree. Some tournaments have official policies that allow or require approved deal formulas.

Calculation

The core of an EV chop is the ICM calculation. ICM treats each chip as having a certain chance of winning each remaining prize, factoring in the decreasing marginal value of chips. For example, a player with 40% of chips might have an EV lower than 40% of the prizepool due to the flat payout structure. An EV chop uses those exact EV numbers to determine each player's fair share. The total of all EVs equals the remaining prize money (minus any reserved for the winner if the chop doesn't award the title to one player).

Key Differences

• Chip Chop: Simple division – each player gets (their chips / total chips) × remaining prizepool. This ignores payout structure and can be unfair when stacks are unequal.
• EV Chop: Uses ICM or similar model to assign each player their mathematically expected payout, which is more accurate if the tournament were played out.
• Winner-Take-All Extra: Sometimes, EV chops include an extra amount (e.g., a small % pool) left for the eventual winner to keep competition alive.

Example

Suppose three players remain with 50%, 30%, and 20% of chips, and the remaining prize pool is $10,000 with payouts: first $6,000, second $3,000, third $1,000. An ICM calculation might yield EVs of $4,500, $3,200, and $2,300 respectively. An EV chop would distribute those amounts (subject to agreement). A chip chop would give $5,000, $3,000, $2,000, which overvalues the biggest stack and undervalues the smallest.

Considerations

• ICM Limitations: ICM assumes all players have equal skill, which may not be true. Skilled players might reject an EV chop that doesn't account for their edge.
• Tax & Legal: In some jurisdictions, deal-making may have tax implications or be prohibited.
• Negotiation: EV chops often involve rounding, leaving a small amount for the eventual winner, or adjusting for intangibles like fatigue or agreement speed.
• Software: Many poker rooms use approved calculators (like ICMIZER or official tournament software) to compute fair EV numbers.

Conclusion

EV Chop is the most equitable way to split prize money based on current tournament situations. It reduces luck and ensures each player receives their true mathematical expectation. While not mandatory, it is widely accepted in both live and online poker as a standard method for final table deals.