First off, before we will explain what a rakeback is, first we need to explain what a rake is, itself. When you go to play poker with real money the poker room will deduct a fee from the total amount of the pot. Whether you play poker in real life or poker online, the rake percentage is usually extremely low and can even have a cap of $3-$5 when you get up in the higher limits. This is how the poker rooms make their profit. Now, this might not seem like a lot for a single hand but when you think about how many hands people can play in one night and how many times they play per month, on top of how many people visit the room, you can see why gambling businesses have one of the highest profit margins.
Now that you understand what a rake is; a rakeback is a refund awarded to the players from the rake taken by the poker room. Since it’s not uncommon for a single person to pay well over $500 to the poker room in a single month, this is a way for a player to get some of that money back. This way, every player receives a percentage of the rake that they have paid to the poker room. Generally speaking, the more money you have to pay to the poker room, the more money you get back from the poker room.
At brick and mortar poker rooms and casinos, when you play you are collecting comp points in Loyalty Program that can be spent on food, drinks, hotel or other concierge services. At online poker rooms you are collecting loyalty points in VIP Program that can be exchanged for cash or the poker room simply give back cash straight into your account at the end of the month.
Usually, a normal rakeback percentage is set anywhere from 25% to 45%, depending on what room you go to. Sometimes a poker room will have an even higher percentage awarded in order to attract more people to their specific business. In essence, if you have to rake $1,000 and the poker room’s rakeback rate is 25%, you will be given back $250. Not bad, right?
How to get rakeback? To get rakeback most poker rooms want you to sign up through an affiliate of theirs; which really isn’t that big of a deal. If you are looking for a good rakeback deal email us and we will help you.
Looking at it from a monetary point of view, there really is no bad end to a rakeback. Who doesn’t want more money in their pocket at the end of the day? The only downside is that you may have to make a new account or you may have to switch your membership, since it’s mostly offered to new members, but to get extra money back, it’s not really that hard of a thing to do.