What is Online Poker Rakeback?Posted:January 2013
It was interesting to learn that the Cryptologic Network was the first to allow online poker players to be paid rake-back, and also the very first to allow them to be paid automatically. This was most innovative at the time, but very common in todays’ world. Unfortunately the Cryptologic brand was unable to keep up with the fast development of their competitors and hard times hit the brand.
They lost most of their big clients after UIGEA lost them their USA players, and William Hill moved to the iPoker network, Littlewoods migrated to 888.co, Betsafe moved to Ongame, and Betfair migrated their members to PokerChamps after they purchased this company. The last skin left with Cryptologic was interpoker – they moved to Boss, and this was basically the end of an online poker brand that originally came up with the concept “Rake-back”. I guess this emphasizes the fact that an idea is only an idea – it just shows how suddenly the mighty can fall!
Rake-back is a concept that is used by every virtual poker room. It is also how the poker site makes its money, by charging a ‘rake’ to all players in the room. To understand this, these rooms are not like online casinos where a percentage of each wager made on a game is paid to the casino. Poker players, play against each other, where winnings and losses go in and out of the players’ accounts. Poker Sites have no interest in who wins and loses - this would be highly immoral if they did. The poker room charges a % fee of both shared and contributed rake from the players bets for offering this service.
Rake-back is a share of this money paid to members, and is a cash refund of the % stake taken by the online poker room. It is basically a promotional reward for loyal players. It helps these players save on their own rake costs, and should be kept track of by the player. All poker rooms offer back-office systems to help players keep track.
Check out the best online poker sites of 2013 and again, a very happy new year.
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