Cereus Network Claims $32 Million Paid Out in Badbeat Jackpots
February 4, 2009 (InfoPowa News) — Sometimes it pays to lose, notably when the poker player is in action online at a badbeat jackpot table. The advantages of losing were illustrated this week when the Cereus Poker Network, home to Tokwiro Enterprises' online poker sites Absolute Poker and UltimateBet, revealed that over $32 million in badbeat jackpots have been paid out since the system was introduced in 2007.
15,002 players took advantage of the offer to play at badbeat jackpot tables, with the latest loser who won $132,888.80 listed as "Hiplo" … lucky enough to be unlucky at the end of January by losing a hand of Texas Hold 'Em holding four nines while playing at Absolute Poker.
Bad Beat Jackpot is like regular Texas Hold'em but with a slight twist. When seated at a Bad Beat Jackpot table, if a player loses a hand holding four 8s or anything better, they'll win a large piece of the Bad Beat Jackpot.
To help the jackpot build, 50 cents is collected from qualifying hands at Bad Beat Jackpot tables. The jackpot keeps growing until someone hits a qualifying bad beat, at which time a large percentage of it is distributed amongst the bad beat victim and the participants in the online poker hand. The next player to lose a hand holding four 8s or anything better will win a large piece of the new jackpot. The participants in the bad beat hand also share in the jackpot.
Absolute Poker introduced Bad Beat Jackpot to its lineup of online poker games on June 22nd, 2007. UltimateBet followed with its own offering just a few months later.The Bad Beat Jackpot data released this week by Cereus reveals the following numbers:
* $32,665,751.03 — The total value of Bad Beat Jackpot payouts at both Absolute Poker and UltimateBet
* $1,605,573.30 — The total Bad Beat Jackpot winnings handed out so far in 2009
* $16,435,623.88 — The amount of money handed out to the recipients of bad beats
* $8,272,211.92 — The amount of money won by hand winners of qualifying bad beats
* $7,957,915.23 — The amount of Bad Beat Jackpot money shared by players seated at the table where the bad beats occurred or at tables with the same stakes
* $325,212.40 — The single highest Bad Beat Jackpot payout to a single player on the Cereus poker network
* 15,002 — The total number of players paid at both online poker sites to date