In poker, M-ratio is a measure of the health of a player’s chip stack as a function of the cost to play each round. In simple terms, a player’s M-ratio is the number of rounds they can survive before running out of chips, given the current blinds and antes.

The M-ratio is calculated as follows:
M = (Chips) / (Small Blind + Ante)

For example, if a player has 1000 chips and the blinds are 10/20, their M-ratio would be 50. This means that they could survive for 50 rounds before running out of chips.

The M-ratio is an important concept in poker because it helps players to understand how much risk they can afford to take. If a player’s M-ratio is low, they will need to play more conservatively in order to avoid going broke. Conversely, if a player’s M-ratio is high, they can afford to take more risks and play more aggressively.

The M-ratio is also useful for comparing different players’ chip stacks. For example, if two players have the same amount of chips but one player is in early position and the other player is in late position, the player in early position will have a lower M-ratio because they will have to act first before the flop.

The M-ratio is a simple but effective tool that can help players to improve their poker game. By understanding their M-ratio, players can make better decisions about how much risk they can afford to take and how they should play their hands.