you need more than 200 chips for 5 people. The smallest sets sold have about 200 chips. I big factor has to do with the stakes and the use of cash in the game. Many games (say $1-$2, for example), allow you to throw in $10 or $20 bills if the betting gets heavy. In that case you wouldn't need so many chips.... ... ... Your 1:1:2 color ratios are fine........... .......... The Gamblers General Store, which wants to sell chips, recommends 300 chips for 3-4 people; 400 chips for 4-5 people, 500 chips for 6-8 people.
Robt.