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Practical

ICM Mastery

Get Practical ICM Mastery$999.00

ICM is a force that reshapes your entire strategy.

Impacting all tournament stages

From hand one all the way to heads-up

Risk premium isn't static

It changes every hand

ICM doesn't stop preflop

Its effects run through the entire hand.

Develop true understanding

Don't rely on charts. Learn a thought process that scales


Practical ICM Mastery turns that complexity into an intuitive knowledge base you can use at the tables.

Why learn ICM from Alex?

Alex “Pwndidi” Theologis has spent his career mastering situations where ICM matters most: major final tables, enormous payout jumps, and decisions worth hundreds of thousands of dollars.

The course distills the lessons Alex has learned in those spots into a practical framework you can apply in your own game.

Alex Theologis

Alex Theologis

Elite MTT Coach

Alex Theologis

Meet Your Coach

AlexTheologis

$30+ Million

Combined live + online earnings

WSOP + EPT Champ

WSOP Bracelet - $25,000 Online SHR EPT Title - $100,000 Malta SHR

  • WSOP
  • EPT
  • Triton Poker Series
  • SCOOP

Recognized By Peers

Alex is widely considered to be one of the best PKO players in the world.

Trusted Coach

Alex helped thousands of players level up their MTT game as a Run It Once Elite coach and coached hundreds of clients privately.

The Problem With ICM

Studying ICM is common.
Understanding ICM is rare.

ICM is one of the most important factors in tournament poker and one of the easiest to learn superficially. Most players collect charts, memorize outputs, and learn a few rules about bubble and final table play. But ICM is far more nuanced than that.

Without understanding the mechanics underneath the outputs, you're left trying to remember answers instead of being able to find them yourself.

What You’ll Really Learn

ICM Is More Than Memorizing Final-Table Charts

Tournament decisions change dramatically when every eliminated player, payout jump and stack distribution affects the value of your chips. Practical ICM Mastery teaches you how to reason through those situations rather than relying on memorized outputs, isolated charts or vague advice about “playing tighter.”

From This To This
  • Treating every decision like chip EV Understanding when and why risk premiums change
  • Memorizing isolated ICM charts Building principles that transfer across situations
  • Guessing how stack distributions affect ranges Adjusting systematically by position and stack size
  • Thinking ICM begins at the final table Understanding how it evolves throughout a tournament
  • Freezing during major payout decisions Following a repeatable process under pressure

What Makes This Course Different

Build an ICM Framework You Can Apply to Any Tournament Spot

Everything in this course is designed to help you make sharper, faster, more confident decisions when real money is on the line.

Real Tournament Hands

Learn from real, high-pressure moments.

Clear Heuristics

Simple frameworks you can apply instantly.

Explanations Behind Outputs

Understand why the numbers say what they say.

Principles That Transfer

Build lasting knowledge you can use anywhere.

ICM Doesn’t End Preflop

Most ICM courses stop too early. We go deep into how ICM evolves throughout the hand, including post-flop, and the tournament.

Curriculum

A Complete ICM System for
Every Stage of a Tournament

  • Lifetime Access
  • Preflop and Postflop ICM
  • Real-World Scenarios

9

Chapters

41

Lessons

30h

Content

  1. 01
    Getting Started 3 Lessons
    • Introduction

      Welcome to Practical ICM Mastery! Check out this brief introduction where I outline how this course will help you truly understand the nature of ICM, why I'm proud of its practical approach and what else you can expect from the lessons ahead.

    • HRC Tutorial

      Holdem Resources Calculator will be one of the key tools we use inside the course. In this video, I walk you through the process of setting up hands, analyzing the output, and the most crucial features you'll need.

    • Risk Premium Explained

      Risk premium is one of the most important concepts in ICM and a key driver of our strategy. In this video, I’ll show you how understanding risk premium alongside stack sizes helps you recognize repeatable patterns and work out the right strategy across different situations.

  2. 02
    Early Stage 3 Lessons
    • Early Stage ICM - Imaginary Scenarios

      At this stage of the tournament, strategy is still quite similar to chipEV, but there are already some important differences. I’ll walk you through a few early-stage tournament scenarios to show where those differences begin to appear.

    • Early Stage ICM - Real Scenarios

      Now, I’ll jump into three real hand examples and compare the chipEV strategy with how we should actually approach these spots.

    • Early Stage Adjustments

      Welcome to the final chapter on Early Stage play. This time, I’ll revisit some of the scenarios we’ve already covered and look at what happens when our opponents fail to adjust and continue using chipEV strategies.

  3. 03
    Mid Stage 2 Lessons
    • Mid Stage ICM - Max Latereg

      We now move into the Mid Stage chapter. I’ll start by looking at max late registration - why it can make sense to do so, but also highlight the downsides of it.

    • Mid Stage ICM - Real hands

      Let's look at real hand examples from the stage of a tournament where late registration has closed and around 15-20% of the field remains.

  4. 04
    Bubble 5 Lessons
    • Near Bubble - Big Field

      We’re on to the bubble stage. In the next few chapters, I’ll break down how to approach the bubble as a short, mid, and big stack. In this video, I’ll focus specifically on big-field bubbles - tournaments with 200 or more players.

    • Stone Bubble - Big Field

      Now, I’ll dive deeper into stone bubble scenarios in big-field tournaments. Risk premiums become much more significant here, so I’ll show you how they affect your decisions and how to adjust your strategy accordingly.

    • Near Bubble - Small Field

      Welcome to the Small Field Bubble section, where I’ll focus on tournaments with roughly 100–200 runners. With the final table and meaningful pay jumps getting closer, building a stack becomes more valuable, but the ICM pressure can also be significantly higher and risk premiums can change a lot depending on the stack sizes around you.

    • Stone Bubble - Small Field

      With a focus on the stone bubble, I’ll continue exploring how our strategy changes across different scenarios in smaller-field tournaments, using real hand examples from my own play.

    • Bubble - Tiny Field

      Next, I’ll look at tiny-field bubble situations, covering both near-bubble and stone-bubble spots in the same video since these scenarios apply to a much smaller player pool.

  5. 05
    Post Bubble & Pre Final Table 2 Lessons
    • Post-Bubble ICM

      The bubble has burst, and we’ll start by looking at spots where we’re still a long way from the final table. At this stage, risk premiums have dropped, and the relationship between the number of starting stacks and risk premium isn't there anymore.

    • Pre-FT ICM

      Now, I’ll look at spots with 16-10 players remaining and break down how different payout structures and stack sizes affect our risk premiums and, in turn, the strategies we should use.

  6. 06
    Final Table 8 Lessons
    • FT ICM - BVB Similar Stacks

      We’ve reached the Final Table. This is where most of the ICM magic happens. Our decisions will be rewarded with the highest $EV, so this stage is especially important! We’ll start by looking at BvB situations at similar stack sizes.

    • FT ICM - BVB Different Stacks

      I’ll continue exploring blind-vs-blind play at the final table, this time focusing on how different stack-size dynamics change our strategy across hands I've played at high-stakes tournaments.

    • FT ICM - Blinds vs RFI: Similar Stacks

      How do we play from the blinds vs. raises? Let’s start by looking at spots with similar stack sizes featuring some of the best online MTT players in the world.

    • FT ICM - Blinds vs RFI: Different Stacks

      In this video, we’ll explore how the blinds should react to raises when stack sizes differ significantly between players.

    • FT ICM - IP vs RFI: Similar Stacks

      We’re now IP and facing an RFI from a similar stack. Let’s focus on how to approach these spots when risk premiums are very high.

    • FT ICM - IP vs RFI: Different Stacks

      How should we play against raises when stack sizes differ? We’ll look at examples where we’re the short stack and others where we’re the big stack, and see how our risk premium shapes the strategy in each case.

    • FT ICM - RFI and Open Jams

      We’ll focus on open raises and open jams in some peculiar spots, looking at how different stack-size configurations influence the strategy.

    • $10,000 Final Table Review with Jans Arends

      We're wrapping up the Final Table section with a special surprise! High-stakes crusher and 2-time WSOP bracelet winner Jans Arends joins me to put all of the lessons into practice and have some deep discussions about the hands of this prestigious $10k final table.

  7. 07
    Extra Lessons 4 Lessons
    • Future Game Simulation (FGS)

      What will our Future EV look like after certain outcomes? And how can we deviate from our standard strategy based on FGS? Find out more in this video.

    • Live Vs Online

      In live poker, the payouts are more top-heavy than online. In this video, I dive deeper into the differences in risk premium between live and online poker and how that trickles down to all aspects of ICM.

    • Common Mistakes

      In this video, I break down some of the most common ICM mistakes I see players make from big stacks jamming too wide over tight opening ranges and calling open-jams too liberally, to short stacks overfolding from the big blind. Using real hand examples, I’ll show you why these mistakes happen, how to recognize them, and how you can exploit them in-game.

    • ICM Quiz

      Welcome to the ICM Quiz! You can grab the Quiz PDF in the extra materials section of the course. Look at the spot first, I'll ask questions and you should provide the answers on your own, then compare to my thoughts.

  8. 08
    Postflop ICM 13 Lessons
    • BTN vs BB

      Welcome to the post-flop section! I’ll start by looking at BTN vs. BB situations and breaking down how ICM changes with changing stack sizes and on that - with changing risk premium.

    • BTN vs BB IP Cbet Comparison

      In this video, I'll compare post-flop strategies in BTN vs. BB spots and show how different risk premiums affect our betting and checking frequencies under ICM.

    • CO vs BB - Tight RFI

      I’ll look at a spot from a $10K GGMillions final table where a 20BB cutoff opens into three bigger stacks. I’ll break down how that creates a high risk premium for the cutoff and how it shapes our post-flop strategy.

    • UTG vs BTN - OOP Strategy

      Now, let’s look at an OOP example, specifically a UTG open and BTN call, and see how risk premium discrepancy impacts our overall strategy.

    • UTG vs BTN - IP Strategy

      This time, I’ll focus on the IP strategy from the previous example and break down how our risk premium changes the way we approach betting behaviour.

    • HJ vs CO

      In this video, I’ll break down a HJ vs. CO final table spot and show how stack sizes and risk premiums shape our post-flop strategy and range construction.

    • IP vs SB - Tight IP

      In this video, I’ll look at a post-flop ICM spot where the IP player has a tight UTG range and the OOP player is defending a wider range from the small blind, and break down how that shapes the strategy for both players.

    • CO vs SB

      In this video, I’ll break down CO vs. SB post-flop strategy under ICM by comparing two different stack-size dynamics: first when the small blind covers the cutoff, and then when the cutoff covers the small blind.

    • BVB Chip Leader RFI

      Here I’ll break down post-flop blind-vs-blind strategy in high risk-premium situations and show how different stack sizes affect the decisions we make.

    • BVB Chip Leader RFI - IP Stab

      Here's how to approach in-position stabs when the small blind checks in blind-vs-blind spots, focusing on the big blind’s betting strategy and how the small blind should respond.

    • BVB Same Stacks RFI

      With both stacks roughly equal, I’ll break down how to approach blind-vs-blind play post-flop and where ICM starts to meaningfully shift our strategy.

    • BVB BB Iso SB Limp

      Next, I’ll look at spots where the big blind isolates the small blind’s limp and compare three different stack-size setups. We’ll see how those dynamics change the way we approach betting, calling, and raising post-flop under ICM.

    • Postflop ICM - Real Hands

      We'll examine some real hands I've played, talk through the strategy and look at the solver to see if my thought process was correct.

  9. 09
    What Now? 1 Lesson
    • Graduation Party & What Now?

      Congratulations on completing Practical ICM Mastery! Thanks for making it all the way through the course. I hope the concepts, patterns, and practical strategies we’ve covered help you make better ICM decisions and give you more confidence at the tables.

Bonuses

Exclusive Bonuses to Accelerate Your ICM Mastery

By joining Practical ICM Mastery, you’ll also unlock three powerful bonus resources designed to help you get even more value from the course.

  • Ultimate ICM Quiz

    Test what you’ve learned in the course by stepping into the shoes of Alex Theologis. You’ll face high-pressure spots from real tournaments and practice applying the thought process taught throughout the course to arrive at the right in-game decisions. The quiz is the perfect way to reinforce your understanding by applying everything to real-game scenarios.

  • Private Discord With Alex

    Ever wanted to have access to one of the best tournament players in the world to get their opinion on a hand that keeps you awake at night? We’ve got you covered! The course comes with a private Discord community where you can share your own tricky hands, ask Alex questions as you progress through the course, and connect with a highly dedicated group of like-minded players looking to improve their game.

  • Live ICM Seminars (Limited-Time Launch Bonus)

    As a limited-time launch bonus, you can join Alex for an exclusive series of live seminars to kickstart your journey toward mastering ICM. The first interactive seminar will take place on Friday, September 25th. There will even be a full-length recording if you can’t make it live.

What Players Are Saying

Trusted by World’s Best Poker Players

  • Alex is one of the best tournament players in the game and an even better teacher. ICM is one of the toughest parts of MTT poker to master, and there aren’t many people I’d rather learn it from.

    Jeremy Ausmus

    Jeremy Ausmus

    6-Time WSOP Bracelet Winner

  • Alex has been a staple in the MTT game for over a decade. He's a fantastic teacher and any time he has something to say about poker I pay attention. You should do the same.

    Seth Davies

    Seth Davies

    $45 Million in Live Winnings

  • Alex Theologis is a tremendous poker player and coach. I've learned a ton from the dozens of videos I've watched from him, and I frequently refer friends to his Knockout Tournament Mastery course when they have questions about bounty tournament strategy.

    He has demonstrated a strong proficiency and work ethic studying ICM spots using tools like Holdem Resources Calculator, and I'm excited to see him put this into practice in his new ICM course!

    Brian Hastings

    Brian Hastings

    6-time WSOP Bracelet Winner

  • Alex is a sharp poker mind, who has a strong theoretical understanding of the game that he can clearly explain to an audience. When he speaks about MTTs it's worth listening to.

    Sam Greenwood

    Sam Greenwood

    $39 Million in Live Winnings

  • Alex is a great player and coach with a very deep understanding of the game. He has a strong ability to break down complex spots, understand the underlying dynamics, and explain his thought process clearly. His knowledge and experience, especially when it comes to ICM, can be a real asset to anyone looking to improve their game.

    Lachezar Petkov

    Lachezar Petkov

    $1.1 Million EPT Barcelona Score

Be Ready When Your Next
Career-Defining Decision Arrives

With Practical ICM Mastery, you’ll build the ICM understanding required to compete amongst the best. Get started now.

9

Chapters

41

Lessons

30h

Content

Lifetime access

Lifetime Access

Get Practical ICM Mastery$999.00
One-time payment. Lifetime access.

Questions?

  • Who is this course for?

    Practical ICM Mastery is for tournament poker players who want to develop a deeper, more practical understanding of ICM.

    Whether you already have a solid grasp of how ICM impacts your decisions and want to move beyond trying to memorize outputs, or you're looking to build a strong foundation in how ICM affects your decisions from scratch, this course will give you a framework you can apply to all tournament situations you’ll find yourself in.

  • Do I need to already understand ICM before taking the course?

    No. You don't need to have previous knowledge on ICM before starting with the course. That having said, Alex Theologis is one of the sharpest tournament players, and the course operates at an advanced level, teaching the most state-of-the-art knowledge on ICM that’s designed to help even winning mid- and high-stakes players.

    You should therefore be willing to embrace interpreting the outputs from modern poker software like Holdem Resources Calculator and solver tools to get the most from this course. There’s no direct need for you to own any additional software to get value from the course as Alex will present everything you need in the course lessons.

    Yet, if you are a complete beginner at tournament poker, consider laying the fundamentals with our MTT beginner’s course From The Ground Up: MTT Edition.

  • How is this course different from other ICM courses?

    The knowledge on ICM is constantly evolving. New tools increase the accuracy of how ICM impacts your decisions at every stage of the tournament and the tournament meta game steadily develops. With Practical ICM Mastery, you’ll get the newest resource on studying ICM, taught by one of the best players in the world. Alex will even provide free course updates when there’s new ICM insights to cover.

    Many other courses simplify ICM to preflop decisions. But ICM impacts your decisions throughout the entire hand, carrying over to flop, turn and river play. With over 10 hours of postflop content, Alex created the most comprehensive guide on postflop ICM, uncovering new knowledge that hasn’t been shared anywhere else.

    Most importantly, this course focuses on helping you truly understand the how and why of ICM. Rather than having you try to memorize answers for every possible spot, you’ll learn a thought process and practical framework that can help you reason through new situations yourself.

  • Are there any recurring payments to unlock this course?

    No. After purchasing the course, you’ll enjoy lifetime access to everything inside the course, including potential course updates that Alex might record over the coming months and years. You’ll also have unlimited access to the private Discord community and all of the bonus materials.

  • What is included with my course purchase?

    Practical ICM Mastery teaches you everything you need for mastering ICM at the highest level throughout 40 videos and over 25 hours of content.

    But that’s just the start. The course also comes with an in-depth ICM quiz letting you test what you’ve learned and reinforce the most crucial lessons Alex teaches.

    You’ll receive access to a private Discord community where you get direct access to Alex and can engage with like-minded course members.

    And during our limited-time launch sale, you can also participate at Alex’s ICM themed live seminars for even more value.

  • What is included in the Private Discord with Alex?

    When you join the course, you'll get access to a private Discord community where you can share tricky hands, ask Alex questions as you progress through the course, and connect with other dedicated players working to improve their tournament game.

    The idea is to give you a place to continue the conversation beyond the lessons and get support as you apply what you're learning.

  • What are the Live ICM Seminars?

    As a limited-time launch bonus, you'll be able to join Alex for an exclusive series of live ICM seminars designed to kickstart your journey towards mastering ICM.

    The first interactive seminar is planned for Friday, September 25th, and a full-length recording will be available if you can't attend live.

  • What is the ICM Quiz?

    While the entire approach of this course is very practical with real hand examples and a system that allows you to apply everything at the tables, we take this one step further in the ICM quiz.

    You'll face high-pressure spots from real tournaments and practice applying the thought process taught throughout the course to arrive at the right in-game decisions. It's designed to help reinforce your understanding by putting the concepts into real-game scenarios.

    Alex will then guide you through the correct answers, laying out why an answer is correct and what common pitfalls you should’ve avoided in each hand.

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