If you are in a poker game and the bar closes down, and all 3 players have chips, who gets the money/or split?

Question

Also, it was tournament style game. So the chips did not hold any value, pay out was going to be 80/20.

I was ticked off because no one has set the rules before the game started, and they wanted to pay out according to chip count. The issue with this was, we were all withing 1 hand of each other. Just didn't see fair, so I took my money back.

e-non-omoss.. dude finally someone that has a clear head. no time limit was set, only 3 of us left, you were correct.

Answer 1

The Independent Chip Model is a mathematical formula used to determine the dollar value of a tournament chip stack. I won't go into the math behind it, but dethgrind on the 2+2 forums put it this way:
"The independent chip model is a way of determining the value of a chip stack in a poker tournament. It is useful for making deals (splitting up the prize money) and determining the EV of a play (fold/call/bet/raise). Pot odds in the traditional sense don't work in tournaments since a chip doesn't have any real cash value.
I've seen many explanations for the model, but I think this is the simplest: each of your chips is a raffle ticket. Prizes are drawn for each place, starting at first and working on down to last. Everyone wins exactly one prize, so once your ticket is drawn, your other tickets are ignored/discarded."

The flaw in the model is that it assumes that each person has equal skill, and thus the only determinent is the size of your chip stack. However, assuming that someone isn't way better or way worse than the others it's a good model.

It's not particularly useful if you're sitting in a bar, but if you're still figuring out how to split it's the most accurate way to do so. The first link below is an ICM calculator. Enter the amount for the first place payout, the amount for the second place payout, and the three chip stack sizes. Once you click "calculate" there will be a table, and one column will be "Equity". This is the amount each player deserves.

Hope it helps!

Answer 2

if it was tournament style. wait is all 3 players mean there was only three players or 3 players left.if it was all it should just be a tie unlees there was a time limit and the person with the most chips wins. but if no one went out it has to be a tie all around.
if there were more then 3 playing i think the money should be split between the 3 because as long as you have chips you have a chance to win.

Answer 3

If it was a cash game, you could just 'cash out' - each player would get the money value of chips they had.

If it was a tourney type game, you could have had the winner take 50%, 2nd take 30% and third take 20%, or something like that. I'm not sure there are any hard-and-fast rules.

Answer 4

house rules. there is no specific rule to the game. most chips wins . sometimes you split. usually where i play 1st and 2nd collude and split anyway. RULE #1 if the game wasn't finished by closing time good for the bar because lots of beer was sold. the bartender decides!!!!!!

Answer 5

well it depends if the chips look even then split, if not split the money per the value of chips in your hand.

Answer 6

Split.