Quote:
Originally Posted by TheShanachie
The total money in the Jackpot when paid out was £222,000 give or take a few hundred.
I'm assuming that when they listed the BBJ in promotions and stuff, it was listed as 222,000, and not $444.000correct? if not, simply ignore the rest of this post
This was half the money they raked meaning the total money raked was £444,000.
Which, as from above, you know because that's the way they do it, not because the BBJ was listed as 444,000, correct?
So after the Jackpot is paid there is £222,00 to account for.
The admin fee the Empire took was 15% of monies collected so £66,600.
They also paid out £150 a day in prizes which is roughly $45,000 as it ran for around 300 days.
It's already been noted earlier in the thread that this number could be higher 55,000 has been bandied about as a more realistic number, but it seems it could actually still be more than that
Which leaves us with a figure of £110,400 accountable. Which is what the next BBJ fund is supposed to start at. let's drop it to around 100,000, for above reasons This is not the case. the new fund has started at £25,000.
So I an effort to find out where £84,600 (lets make it 75,000, see above again)of London poker players money had disappeared to I started this thread.
I will be happy to read the perfectly reasonable explanation that is to follow no doubt, or maybe they simply miscalculated and this will make them aware enough to maybe have another look, just in case.
So lets say we're down to about 75,000 left, and the new BBJ is starting at 25,000, leaving 50,000 that is "missing"
You then posted this
Quote:
Balance of Bad Beat rake contributed towards the reserve (the next) jackpot
My first question is, did you put the "(the next)' part in there, or did they? If you did, then I'm sure my explanation will be correct, and even if you didn't, still a distinct possibility.
They probably took the 75K, figured how much they were estimating to need to cover those 150 and up daily prizes, taking into account that the BBJ could be hit again tomorrow, and knowing they need to be able to pay that other stuff from this fund, and decided that 55k would be enough.
Knowing this, they started the next BBJ off at 25k (15k more than the ten thousand minimum they advertise, this is a GOOD thing) and left the 55k in the reserve part.
The way to see if they really are screwing people, (and good luck getting to see any books with these numbers spelled out for the public) would be to see if they put all of the BBJ drop into the actual paid out amount until it is equal to the reserve, getting their 50% paid out numbers back in line, or if they just skim off the reserve instead.
sort of along the lines of what was said here
Quote:
Originally Posted by Rzitup
In most cases, the money taken for the BBJ goes into a promotional pool. And that pool of money can be used for ANYTHING the poker rooms decides, so long as the money goes back to the players (minus admin fees).
In this case, there would still be 85k in the pool (forgetting any previous funds). The 25k most likely was not what was left, but a predetermined starting amount. If the jackpot got hit tomorrow, it would restart at 25k (from the pool).
This is one possibility based off of how many of the US card rooms handle their BBJ funds.