Online gambling website pays out $10 million jackpot
Absolute Poker is one of the biggest online gabling sites has reported that they have paid over $10 million in Bad Beat Jackpot payouts since they first introduced the game in June 2007.
The $10 million figure is solely based on the Bad Beats and not other table play at the website. The site has a massive customer base, which means that the $10 million is just a small portion of their overall winning payouts.
“It's been just over nine months since we first brought the Bad Beat Jackpot game to US players,” said David Clainer, Senior Vice President for Absolute Poker. “We're paying out an average of over $1 million a month and Texas Hold'em fans are flocking to our tables in droves to profit from their good fortune.”
So far, the largest Bat Beat payout happened on August 29th, 2007, as online poker history was made when $821,670.69 jackpot broke all industry records, including the largest Bad Beat Jackpot record of $739,621 previously held by Party Poker.
While Bad Beat Jackpot is the same as normal Texas Hold’em, there’s the added twist, which means that if a player, when seated at a Bad Beat Jackpot table, loses a hand holding four 8s or better, will win a large piece of the Bad Beat Jackpot.
50 cents is collected from qualifying hands at the tables, which helps to raise the jackpot, which continues to grow until somebody hits the qualifying bad beat. When this happens, a large percentage of the prize is distributed between the bad beat victim and the other participants in the online poker hand.