A chop is a situation that occurs when two players have the same winning hand. When this happens, the pot is split or “chopped” and shared between the players.
Poker Chop Example:
If the board reads 4s 6h 9c 10h Ac, and you have an Ah 9s hand while your opponent has an Ad 9d hand, you both have two pair hands of the same strength, and you need to chop the pot.
In a tournament setting, chopping the pot can refer to a final table agreement in which the players consent to split the prize pool.
Chopping the pot can also occur in high/low games if one player has the high hand and the other has the low hand.