Barely two days after launching, Tokwiro Enterprises' Cereus poker network, comprised of UltimateBet and Absolute Poker players, has awarded a Bad Beat jackpot of note to a novice Texas Hold ‘Em player.
Only days after signing up for a new account, an online poker player named "square route" popped the network's Bad Beat Jackpot for $250 000 and change. That was "square route's" share of a bad beat jackpot worth a total of $789 827.72, and he won it by losing a hand of Texas Hold'em holding a straight flush.
At ordinary Texas Hold'em tables, a loss like that would leave any poker player devastated. But at Bad Beat Jackpot tables, it pays to lose. Bad Beat Jackpot is like traditional Texas Hold'em poker with an added jackpot component. In addition to rake, $0.50 is collected from qualifying poker hands and placed into a constantly growing pot until someone hits the jackpot.
Bad Beat jackpots have become popular on online poker networks. At Cereus, when an online poker player loses a hand with four 8s or anything better, 65 percent of the jackpot is divided among Bad Beat Jackpot players (25 percent remains in the pot for the next jackpot and 10% is dedicated towards administrative fees). All players seated at a Bad Beat Jackpot table featuring the same limit and game type as where the bad beat occurred also win a piece of the jackpot.