With the introduction of technology into gaming, especially in online gambling, these poker rooms have been able to change the way they reward players. Most of the members of online poker rooms have heard of, and probably take advantage, the great bonus and rewards programs they have. There is one type of reward that some poker sites use that is not as well known, and for some of the more inexperienced players they may not know what the concept is all about. This type of reward is the Rakeback. This is when the room gives back a certain percentage of the rake they take during each hand or game. To better understand what rakeback is, they need to understand how online poker rooms make their money.
What is Rake?For most online poker rooms and those sites that offer purely online poker, they do not charge a membership fee to their players. It works the same way in land based casinos. So, some may ask how is it that the sites where the 'house' is not involved in the playing and gambling; as in, the website or casino do not participate actively and get paid if the players loses, like in Blackjack; how then do they make money? Since in poker, the house (website) is there acting as the dealer and is in no way taking a cut from participating, they need a different way of making money. This is where the term Rake comes in. Depending on the poker site and software, they will either take a certain percentage from the pot of each hand that has been played or they can take a percentage of the total pot amount after the game is done. They usually take a really small amount of every dollar that is played. In some cases when there is a tournament fee or an event similar to it, there are entry fees in order to get a seat at them. From those fees they can also take a percentage. Players should not be afraid of the rake, it is what keeps the website operating and being able to give the best service and experience possible.
Poker Rakeback RewardRakeback is a certain kind of reward that some online poker sites give out at certain times or places. The concept of rakeback is simple to grasp, it is the reversal act of rake. It is when the site wants to show their appreciation to its members that have been loyally playing with them. When would rakeback occur? Rakeback happens at random, it all depends on time and/or place. There may be certain tables each week where rakeback is offered and those players sitting at that table have a chance of winning it. They may even offer it during tournaments where an entry fee is required.
The way it works is that, thanks to modern technology, the amount that raked is kept accounted for. When the rakeback is won, it is usually split between more than just one player at the table. In some instances, the you will see the reward as a bad beat jackpot or other, where the reward is split between 1st and 2nd place players, the rest of the table, and the house. 1st and 2nd place gets a big portion, anywhere between 20% and 35%, and about 20% of the total is split between the other players at the table. The house actually gets a cut as well, and not because it is getting paid, they are using their portion of the prize to fund the next jackpot. Each online poker site has different rules regarding their rake and rakeback, so players should check out the information beforehand on what to expect. This is a reward, an extra gift that the poker sites want to give to their loyal players. It shows they want to share their own wealth with their members, which says a lot about that poker site. For the most part, they will simply calculated the total rake you accumulated per day, per week, or per month, and pay you a flat percentage (%) back to you - hence, rakeback, cashback and/or value back, your call.