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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 whilst 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

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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