Quote:
Originally Posted by gotf
Actually they have taken 500k to get to 390 (now showing 399k on the bravo app). I think the takeout is 65% to current jackpot 5% to house and 30% to fund future jackpots. So every 1,000 qualified hands would add $650 to the current jackpot.
I understand them funding future jackpots, but don't like the idea of paying a buck to get 65 cents back. Very lottery-ish, which I guess is what the BBJ is.
Well,, you're right, but for the wrong reason.
Even though they only put 65% into the "front" jackpot, the other 30% does go into the "backup" jackpot, so the current jackpot started at more than zero because of this, so you're benefitting from the other 30%. And the gross payout to the players is (eventually) going to approach 95%.
However, because they take out taxes, the net back to the players is pretty close to the 65% you mention. On a macro basis, they're raking about $3-3.5M/year for the BBJ, and about $1M of it is coming out of the players permanently and going to the IRS.
It would take a pretty massive influx of weak players to make up for this.