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Poker.co.uk - Poker News Archive
Thursday 18th June 2009 Bad Beat Jackpot Surpasses $600,000
Leading online casinos AbsolutePoker.com and UltimateBet.com have announced that their bad beat jackpot has reached $630,000 meaning that the loser of the qualifying hand will walk away with over $195,000.
Ever since both online poker sites moved to the Cereus Poker Network in late-November of 2008, bad beat jackpots worth hundreds of thousands of dollars have been a regular occurrence.
The winner of the qualifying hand is due to win $97,500 while an additional $1,000 will be awarded to every other player seated at the table where the bad beat occurred. If this wasn’t enough, another $97,500 will be distributed to competitors at tables playing the same game type and stakes.
'Someone's about to pocket another huge jackpot,' said Annie Duke, Card Room Consultant for UltimateBet.com.
'Imagine winning more money than most people make in a year of their working lives. We're ready to award hundreds of thousands of dollars in jackpot money by losing a hand of Texas hold'em. It's unbelievable.'
Since the inception of the bad beat jackpots at AbsolutePoker.com and UltimateBet.com, 23,432 players have shared in over $39.5 million while in excess of $8.4 million has been awarded so far this year.
Bad beat jackpots are just like traditional Texas hold'em poker with an added component. Fifty cents is collected from qualifying poker hands and placed into a constantly growing pot until someone hits the jackpot. When an online poker player loses a hand with four eights or anything better while seated at a bad beat jackpot table, 65 percent of this pot is divided among players including those seated at tables featuring the same limit and game type as where the bad beat occurred.
Source: OnlineCasinoNews
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