Bad Bet Jackpot nears $500,000 mark

MIAMI, Florida -- (PRESS RELEASE) -- If the first two weeks of 2008 are any indication of things to come, online poker players have a lot to look forward to this year. Popular poker room Absolute Poker has already doled out hundreds of thousands of dollars after seeing its Bad Beat Jackpot surpass the $400,000 mark and edge closer and closer to $500,000.

ITALIANMEX put a stop to the jackpot's climb on Sunday, January 13th at 19:23 ET when the online poker player lost a hand of Texas Hold'em at Absolute Poker's Bad Beat Jackpot tables. Losing a five-high straight flush to CWISCHUN's eight-high straight flush, ITALIANMEX immediately set off Absolute Poker's Bad Beat Jackpot bells to the tune of $431,355.46.

For his loss at the table, ITALIANMEX secured $140,190.52. The winner of the hand left the table $70,095.26 richer and three other players who were seated in the hand each took home $17,523.81 in cash.

Absolute Poker is paying online poker players for their losing hands and Texas Hold'em fans from around the world are being drawn to the site for a piece of the next jackpot.

Bad Beat Jackpot is just like regular Texas Hold'em but with a slight twist. If a player loses a Texas Hold'em hand holding four 8s or anything better while seated at a Bad Beat Jackpot table, they'll win a large piece of the Bad Beat Jackpot.

To help the jackpot build, $0.50 is collected from qualifying hands at Bad Beat Jackpot tables. The jackpot keeps growing until someone hits a qualifying bad beat, at which time a large percentage of it is distributed among the bad beat victim and the participants in the online poker hand.

The next player to lose a hand holding four 8s or anything better will win a large piece of the rising jackpot. The participants in the bad beat hand will also share in the winnings.