Bitcoin-Based Poker Room Betcoin Re-Launches Operations After Clo

Posted by Carolyn on Jan 26, 2018 Posted in Online Poker News, Poker Player News, Poker Room News | No Comments »

After a series of mysterious events including an acquisition deal, a shut-down, a reimbursement promise, and an apology, Betcoin.ag is bringing back its poker room this January.

Betcoin.ag, one of the first Bitcoin-based online casinos started operating in 2014. The online poker operator surprised its player when it closed its poker rooms in December 2017. In a blog post, Betcoin explained that the recent acquisition of the brand led to this decision as the new management decided to keep the online casinos minus the poker rooms.

Betcoin Closed With Bad Beat Jackpot Money

When Betcoin shut down its virtual poker tables, players reacted negatively since a huge bad beat jackpot is yet to be won at the tables. The bad beat jackpot was a side pot money that was built by poker players through the months. Every time a player enters a poker room tagged as a bad beat jackpot room, they put a certain amount into the pot to play. According to the original bad beat jackpot rules set by Betcoin poker in 2016, a losing hand that contains four Jacks or better will be entitled to win the bad beat jackpot.

When the jackpot is won, it will then be split to the people playing at the table: 70 percent goes to the bad beat player, 20 percent to the winning hand, and 10 percent will be split among the other players. The bad beat jackpot was never won and Betcoin closed without distributing the money collected via the bad beat jackpot. This did not go down well with its players who felt that they were scammed.

Betcoin Reopens To Payout Bad Beat Jackpot

To resolve player dissatisfaction, Betcoin issued a statement that they will be distributing the bad beat jackpot to all players who have contributed to the jackpot throughout its run. They set a January 20 deadline for all payouts to be made but were unable to accurately calculate the payouts and hence decided to scrap the idea.

In a new post this January, Betcoin announced that they had decided to hold off on the distribution of the bad beat jackpot because they were unable to come up with a calculation and distribution process that meets their standards. According to Betcoin, they reviewed their distribution process and consulted with several poker players and experts to come up with a “more transparent” way to deal with the bad beat poker jackpot.

In a statement, Betcoin said, “In our attempt to calculate and repay bad beat jackpot contributions precisely to those players that contributed them, it was determined that each contribution cannot be determined with 100 percent accuracy. Without this 100 percent transparency and accuracy we believe the redistribution was unacceptable.”

In the end, they all agreed that the best way to move forward was to reopen the poker rooms and bring back the current bad beat jackpot with lower and easier requirements. The decision was to reopen the poker rooms from January 26—but it was met with another round of disapproval from the players.

The players believed that it was not fair that everyone had an equal chance at the bad beat jackpot, no matter the stakes that they were playing. There were also concerns that there are those who contributed to the bad beat jackpot before that have already cashed out without plans of going back in.

Despite their promised date of reopening, Betcoin.ag is yet to reopen its poker rooms.

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