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You have to do a seperate calculation to figure out the M value when there is less than a full table. In other words, and M of 12 is compeltely different at a 4 handed table than it is at a 9 handed table.
For SNG's, usually there are no antes so it's just as easy to think of things in terms of the number o big blinds each player has left. Again a 20BB stack means one thing when there are 6 or 7 players left, but means something entirely different when there are 3 players left.
Really, these calculations are for figuring out your stack size in relation to the pre-deal pot. It gives you a better idea of the risk/reward dynamics when making moves pre-flop.
Again, the M value has more significance when there are antes involved, because they affect the size of the pre-deal pot dramatically, particularly in teh late stages of MTT's. In SNG's, the M value unnessarily complicates things. Just think in terms of BB's and save yourself the headache.
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