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The Bad Beat Jackpot on the CEREUS network is poised to turn one player's losing hand into a winner, and with the jackpot prize money now topping the $600,000 mark, that's a whole lot of reasons not to shy away from being the unluckiest player at the table at leading online poker sites Absolute Poker and UltimateBet.
Since the launch of the Bad Beat Jackpot at Absolute Poker and UltimateBet, 28,743 players have shared in a staggering total of $43,034,978.75 in jackpot dollars, and ever since both online poker sites moved to the CEREUS Poker Network in late November 2008, Bad Beat Jackpots worth hundreds of thousands of dollars have been a frequent occurrence.
So far in 2009, $11,974,634.45 in Bad Beat Jackpot winnings has been handed out across both online poker rooms. When the next Bad Beat Jackpot hits, this figure will break the $12 million milestone.
"Someone's about to bank another monster Bad Beat Jackpot," stated Annie Duke, UltimateBet's Cardroom Consultant. "We're preparing to award hundreds of thousands of dollars in jackpot money to one lucky player for losing a hand of Texas Hold'em on the CEREUS network. It's amazing."
Bad Beat Jackpot is just like traditional Texas Hold'em poker with an added jackpot component. $0.50 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% of the jackpot is divided among Bad Beat Jackpot players including those seated at a Bad Beat Jackpot table featuring the same limit and game type as where the bad beat occurred.
At the $600,000 mark, the loser of the Bad Beat Jackpot hand stands to take home over $195,000. The winner of the hand will walk away with $97,500. An additional $1000 will be won by every other player seated at the table where the bad beat occurred and another $97,500 distributed amongst all players at tables playing the same game type and stakes. As the Bad Beat Jackpot grows, those numbers rise with it.
