In The Money

1. For a call option, when the option's strike price is below the market price of the underlying asset.

2. For a put option, when the strike price is above the market price of the underlying asset.

Investopedia Says:
In other words, this is when your stock option is worth money and you can turn around and sell or exercise it for a profit.

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Option contract on a stock whose current market price is above the striking price of a call option or below the striking price of a put option. A call option on XYZ at a striking price of 100 would be in the money if XYZ were selling for 102, for instance, and a put option with the same striking price would be in the money if XYZ were selling for 98. See also At the Money; Out of the Money.

1.  Also, in the chips. Rich, affluent. For example, When he's in the money, he's extremely generous to his friends, or After that box-office bonanza, she's in the chips. The chips in the variant presumably allude to poker chips. [Colloquial; late 1800s]
2.  Placing first, second or third in a contest on which a bet has been placed, especially a horse race. For example, My luck held today, and I ended up in the money. [c. 1900]

To be one of the players who will receive a portion of the prize pool.

SoundPoker Says: The number of players in the money varies from game to game. Home games commonly have the top 1-3 players in the money. Normal sized tournaments commonly have the top 8 to 16 players in the money. Larger tournaments have been known to payout to more players.

See Also: Bubble, Freezeout, Home Games