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What every online poker player needs to know about rakeback deductions
In the online poker world the term rakeback holds a place of honor among poker players. Anytime a site will give you a percentage of the money you gamble back –no matter how small—it is truly a blessing. However, many sites have some fine print that go along with their rakeback deals that few players are aware of. In this article I will open your eyes to five rakeback deductions online poker sites might hit you with so you are not left scratching your head wondering where your rakeback money has gone.
This article is not meant to scare you into thinking rakeback is a scam, or is unimportant –in fact, there is no one single thing any online poker player could do that will show more long-term profit than playing with a good rakeback deal—this article is meant to make sure you understand the fine print of the rakeback deal you sign up for.
Remember, every online poker site will have different stipulations, so make sure you actually read the terms & agreement page, and don’t simply click “I Agree”! Also keep in mind that these stipulations are made by the poker sites themselves, not the poker affiliate! The poker affiliates have no say in these terms, and must adhere to the sites wishes. Any poker affiliate who offers you a way around these terms and conditions is likely to be a scam.
Deposit Bonus Deductions
Many online poker sites allow players to simultaneously collect a deposit bonus and earn rakeback. However, what they do is deduct any bonus you have cleared from your rakeback numbers –specifically from your MGR total, which is the total amount of rake you generate. For example, suppose you earned raked $100 in one month on Full Tilt Poker. With 27% Full Tilt rakeback, you would normally receive $27 in return. Now say in that time you cleared $20 in deposit bonus money: You would only receive 27% of ($100-$20).
Additionally, if the amount you clear in bonus money surpasses your rakeback total, your rakeback number will be in the red! Don’t worry, they won’t take the money from your account; you will simply have to get your rakeback account back on the positive side. Luckily, negative balances will not be carried over to the following month.
Frequent Player Points Deductions
When you cash in your frequent player points (FPPs) for merchandise many online poker sites will charge you for those points from your rakeback account. A site like Full Tilt Poker has a set value for each point’s worth --$.0135 per point, or $1.35 per 1,000-- and when you cash in your FPPs they will deduct that amount from your rakeback earnings. For instance, suppose you saved up your Full Tilt Poker points to purchase a monitor for 90,000 FPPs: Your rakeback account would take a hit of $121.50!
So, when your bankroll has taken a hit and you are counting on that extra rakeback to pull your head above water, you don’t want to start cashing in your FPPs on some sites, especially if you have been banking them for a long time.
Guaranteed Tournament Overlays Rakeback Deductions
Full Tilt Poker, and other sites, also deducts contributions from any tournaments you play with an overlay from a players total rakeback amount. The total amount of the overlay is divided by the number of players in the event: So, if you play in a tournament with a $5,000 overlay and there are 500 entrants you will be docked $10 from your MGR figure.
Processing Fees Deductions - Rakeback Deductions From Deposit Fees And Withdrawal Fees
This is an especially poignant issue for US players who get whacked with all sorts of processing fees for their deposits and withdrawals to begin with. Full Tilt Poker will share the transaction fee they suffer from payment processors, with you the player. Make sure you are aware of the exact percentage that will be deducted from your rakeback totals, as they vary from site-to-site, and also depending on what payment processor you choose to use. A site such as Ultimate Bet charges as much as 10% in fees.
Fraud
The final rakeback deduction is something that every player can avoid, and if you are hit with this penalty it’s entirely your own fault. Full Tilt Poker, and many other sites, will deduct any fees from bounced checks/insufficient funds/charge backs from credit cards from your rakeback totals.
To ensure you get the most from online poker, make sure you sign up for the best rakeback deals. |
