M-Ratio Tournament Strategy

There are some big differences in the style and strategy of poker played in multi-table tournaments and cash games. While playing optimally under the influence of expected value and pot odds suffices for cash games; under tournament conditions a whole new world of strategy is used.

One of the most important theories relevant to the world of MTT strategy is the M-ratio – also known as the M-factor or simply “M”.

What is the M-Ratio?

Named after the player who invented it (Paul Magriel), the M-ratio is a measure for the size of your chip stack as a relative function to the blinds or cost of playing each hand. Ultimately the M-ratio provides a guideline as to what type of hands you should consider playing in a tournament; and more importantly the security and health of your stack in a tournament.

How to Calculate the M-Ratio

Calculating the M-ratio couldn’t be simpler. You simply take your total chipstack and divide it by the total forced bets before each hand. The latter includes the small blind, big blind, and any antes at the table.

Example: You’re sat at a 9 man table with a stack of 2000. Blinds 100/200, antes 50. Therefore, M = 2000/ {(100+200) + 50×9}. M = 2.6. This means you’ll be able to survive in the tournament at the current blind level for about 2.6 orbits (around 20 hands).

Why is the M-Ratio Important?

The M-ratio is important not only because it shows your stack’s relative health at a table, but also because the ratio can be a consideration into your starting hand strategy and the range of hands you should/need to be going all in with. For example, if M<5, then you have pretty much run out of time and will need to go all in to build your stack with whatever cards you get next. You won’t have time to wait for a better hand to go all in or value shove with. On the other hand, if you have an M of 20+, you’re easily in the clear and should only be playing premium hands or those you’re getting pot odds or value to call with.

M-Ratio Strategy

Dan Harrington developed the concept of the M factor in Harrington on Holdem; and defined several zones and strategies for playing certain hands in different M zone situations. For hands with M<6, he suggests your only option is to go all in – this is crucial for survival.

For hands where M is between 6 and 10, you should try to be the first to go all in with your hand. You’ll still receive some fold equity, but because you can’t raise the pot anymore, you’re still likely to get called at a table with reasonable hands.

For an M between 10 and 20, you should take more risk than if you had a healthy stack – play hands like suited connectors and small pairs for example. For M above 20, you’re basically in the clear and should play tournament strategy as usual.

Related posts:

1. Sit N Go (SnG) Strategy – Part I
2. Holding on to your big stack
3. Playing Small Ball Poker
4. Understanding the Gap Concept