A chop is splitting a prize pool or pot evenly between players.
Explanation. In tournaments or cash games, players may agree to “chop” the remaining prize pool or the pot—each takes an equal share rather than playing to the final showdown. The term reflects literally slicing something in two. Chops often happen near the end of tournaments when values are close or in cash pots when multiple players show equal strength. It reduces variance and accelerates payouts.