What is Chip and a Chair in Poker?
The poker phrase “chip and a chair” is an optimistic perspective that means you can always come back and win a tournament as long as you have at least one chip and a seat at the table.
Chip and a Chair Poker Example:
The most famous example and the man who gave the meaning to the saying “chip and a chair” is Jack “Treetop” Straus. In 1982, Jack went down to just one chip but managed to come back and win the WSOP Main Event that year. After winning, he supposedly uttered: “As long as I have a chip and a chair, I'm still alive in this event.”.