Quote:
I get 50% rb where I play. I don't ever say that I have won that money. That money is a bonus. If I have lost $20k I say I have lost $20k. I don't say oh but I made $20k in rb this year so I am breakeven.
This will probably get lost in the flood of whining, but just in case...
Look at the amount you would have won if there was no rake. That tells how good you are at poker.
If someone wins 1 BB/100 after rake, but rake works out to about 7 BB/100, then that player is better than the opponents by 8 BB/100.
However, let's say you are only better than your opponents by 6.5 BB/100 instead of 8 BB/100. Because of rake that changes you from a winning player to a losing player, even though it's relatively not that much of a difference. Similarly, if the rake schedule changed it would turn winning players into losing players.
Rakeback is just a factor of the rake really. They take 7 BB/100 off you and give you back 2 BB/100 or whatever. Your figures will be the same as if there was 5 BB/100 rake and no rakeback. I think it is sensible to consider 'effective rake' as the combination of rake plus rakeback.
This is even more pronounced for split-pot games, at 10c/25c PLO8 you will find yourself paying 15-20 BB/100 in rake.