Bubble factor is the "odds against" that the payout structure forces on you (to make it work you need to think about UK/US odds which are ratios rather than percentages/fractions).
Let's say you have to call 10 BB into a pot of 12, you are getting odds of 6:5, (so you need 45.45% equity (10/22) to make the call). The bubble factor is the number you use to "devalue" the existing money in the pot, to take account of money won being worth less than money lost in a tournament. So in the same example, if the BF was 1.5, you would need (6/1.5):5 = 4:5 or 55.56% chance of winning to make the call.
The way it's calculated is:
if stack A > stack B
BF for A vs B = ((ICM of A) - (ICM of A-B)) / ((ICM of A+B) - (ICM of A))
BF for B vs A = ((ICM of B) - (bustout prize)) / ((ICM of 2B) - (ICM of B))
- so the standard calculation is for an all-in situation.
There are also partial bubble factors, average bubble factors and pseudo bubble factors. But it's hard to do any of this in game.
The BFs of around 2 between us and villain mean that if the pot was laying us 2:1, we would need to think we had a (2/2):1 = 1:1 = 50% chance of winning against his range to make the call. In this example, if we raise to 19000 and he jams, we are calling 82000 into a pot of 120000 - after devaluation by the BF of 1.9 this is only worth 63000 so our required equity is 82000/(63000+82000) = 56-57%, which we don't have with AK against a range that 4-bets us, so if we 3-bet we have to fold to a 4-bet.
All the above basically means "don't play for stacks against the other big stack when 4-handed with 2 shorties".
Last edited by LektorAJ; 09-07-2016 at 09:56 AM.