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World Poker Exchange Plans New Pricing Method

4 Apr 2006

ST. JOHNS, Antigua – (PRESS RELEASE) -- World Poker Exchange announced today a major pricing initiative that threatens to radically transform the $5.5-billion online poker industry. Called "No Rake Poker," the World Poker Exchange plan poses a direct challenge to standalone poker rooms that do not have access to additional revenue streams.

Under the online poker industry's current business model, poker rooms obtain operating revenue by collecting a flat charge from every pot, known as the "rake." Rake charges are fairly constant across the industry and can easily reach $10 to $25 per hour per player, making online poker an extremely lucrative proposition for operators, but an expensive one for the average player.

Under World Poker Exchange's No Rake program, the rake for both cash games and tournament play will be eliminated across the board, with each player's rake being tabulated and returned to his or her account on a weekly basis.

According to Managing Director Haden Ware, "We're fortunate to have a great strategic position, due to the extensive crossover between our sports betting and card room businesses. While no-rake isn't an option for most companies, we're confident that free poker will deliver major new traffic to our other businesses, including sports wagering, live betting, horse racing and casino wagering. While many online players are skilled enough to break even or win against fellow players, it is difficult to reach a net win while continuously paying a rake."

Serious and casual players alike are lining up for the program's launch. According to poker professional Max Pescatori, "For those of us who like to play high-stakes tournaments online, it makes no sense to play anywhere else. The savings will be huge."

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