If you've had much experience playing online poker, you've probably heard of something called the Bad Beat Jackpot. If you haven't heard of it, you're playing at the wrong online poker room.
A Bad Beat Jackpot is awarded when a Texas Hold'Em player at a 'Bad Beat' Table achieves a hand of 4-8's or better, but loses to a higher ranking poker hand. Not only does the player with the Bad Beat win, every player at the table gets a cut of the prize.
On October 9th, at 8:58am ET, Ultimate Bet online poker player 'DADDYHOUSE' did just that. Losing a hand of 4-8's to his opponents 4-Q's, DADDYHOUSE released the largest Bad Beat Jackpot prize Ultimate Bet has ever seen - $234,812.04.
DADDYHOUSE was immediately rewarded $76,313.92, while his winning opponent was granted $38,156.95. Each player at the 'Bad Beat' table was also awarded a generous $1,603.13. To top it all off, the online poker room also awards any player at any Bad Beat Table currently playing the same online poker game with the same stakes. For this reason, 42 other players also received a chunk of the jackpot, $603.13 each.
The Bad Beat Jackpot is divided as follows: 25% to the next Bad Beat Jackpot - 10% To Administrative fees - 65% to the winners. Of the 65%, half goes to the Bad Beat player, 1/4th to the winner of the Bad Beat hand, and the remainder divided amongst other qualifying players.
What have we learned from this? Well, if you play online poker at Ultimate Bet, you should be playing a 'Bad Beat' Table (marked in red in the Lobby). If not, maybe you should consider joining Ultimate Bet or another online poker room that offers an enormous prize for losing such a good hand ;)