by Steve Sax
20 February 2009
In money games when a critical juncture is reached, opponents can decide to either continue the game, or make a settlement. A settlement is simply an agreement to end the game for a specific amount as a way of reducing the variance and potentially gaining some equity.
In tournaments you can't settle positions, but you can make hedge or trade agreements that swap a portion of a player's future earnings in that event. That can be done by hedging a prescribed amount or by trading or swapping a percentage of the action.
Some of the variables that come into play regarding settlements of money games are ownership of the cube, gammons or backgammons, future shot equity or future race equity.
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