To best explain how Net Adjusted Winnings are calculated, we will use this hand history from a $100 winner take all Heads Up Sit & Go:
$98.12+$1.88|10/20 NL (2 max) - Holdem - 2 players
SB: 620 (VPIP: 52.27, PFR: 39.76, 3Bet Preflop: 16.67, Hands: 99)
HERO (BB): 380
SB posts SB 10, HERO posts BB 20
Pre Flop: (pot: 30) HERO has Qs Kd
SB raises to 40, HERO raises to 100, SB calls 60
Flop : (200, 2 players) Tc Ac 6h
HERO bets 280 and is all-in, SB calls 280
Turn : (760, 2 players) 3h
River : (760, 2 players) Jh
HERO shows Qs Kd (Straight, Ace High) (Pre 71%, Flop 54%, Turn 73%)
SB shows 4c Qc (High Card, Ace) (Pre 29%, Flop 46%, Turn 27%)
HERO wins 760
From this hand history we know the following key facts that will be used to calculate ICM chip value, the All-In Equity expectation expressed in chips, and Net Adjusted Winnings prize pool expectation expressed in currency (both Game Currency and My Currency):
The Prize Pool is calculated by taking the $200 total in buyins and then subtract $3.76 in entry fees for a total prize pool of $196.24
The total number of Chips in play is 1,000 (T500 starting stacks)
The ICM value of each chip at the start of this hand is calculated by dividing the total prize pool by the total number of chips in play. $196.24/1000 =.19624, this means each chip is worth the equivalent of $.19624 in prize pool equity.
The HERO has less than the Villain's stack, he can not win more than 760 chips at showdown. Therefore this pot is worth 760 * $.19624 = $149.1424 in prize pool equity once the all-ins occur.
HERO’s equity on the flop is 52.63% wins / 45.15% losses / 2.22% ties
HERO's ICM outcome when he wins the hand will be $149.14, this will occur 52.63% of the time
HERO's ICM outcome when the HERO loses the hand will be $0 because this is a winner take all HUSNG, this will occur 45.15% of the time
HERO's ICM outcome when both players tie the hand will be $74.57, this will occur 2.22% of the time
When the HERO wins, he will get a pot that is worth $149.14 in prize pool equity, but it is important to note that the HERO will not earn his prize pool winnings because the tournament is not yet over - the earnings are considered "realized".
When the HERO loses it costs $100 which was the price of the tournament entry, when HERO ties the expectation is split between the two players.