partypoker Removes Rake on Bounty Element in PKO MTT's
In a blog post released today, partypoker has announced the removal of rake from the bounty element in Progressive Knockout Tournaments (PKO) online tournaments. The change to the rake structure will commence Sunday, May 6th, the start of the popular POWERFEST online poker series. The policy will be in place for six months with the intention to make it a permanent reduction to their pricing structure if they get the support from the poker community.
Tom Waters: "We will remove rake on the bounty element on all our PKO MTTs with effect from Sunday 6th May."
In the 2+2 thread 'Official partypoker/bwin 2.0 MTT Discussion Thread', partypoker brand ambassador Patrick Leonard, posting as OurSurveySays, explains why raking the bounty element is unfair:
"You register a $20 tournament. There are 1000 players. The prizepool (after the $2 rake) is $20,000. $10,000 in the normal main prizepool and $10,000 in the other prizepool. You register on time and away you go. 3 hours later (some PSKOs on other sites offer up to 5 hours late reg) there is now 350 people left in the tournament. My Mum (shout out Mum <3) goes to register (she doesn't know the rake and its hidden from her on some sites) and now what does the prizepool stand at? $10,000 + $10,000? NO! 650 people have been knocked out, that means that the prizepools stand at $10,000 + $6000-$3500 (depending on the % of PSKO of course) so my Mother is paying the same rake for a tournament that she pays $22 and there is $13500 remaining whilst my noisy neighbour from across the street who gets there on time plays for $20,000? Wait, thats not fair, and I've just started...... There is a lot of other things to consider, my Mother registering late with 30bbs is going to be against average stacks of 50-60bbs, she will have a very poor chance of getting a knockout, her equity of that $10,000 bounty prizepool, oh no wait, $3500 prizepool is a lot lower than if she had an average stack."
partypoker managing director Tom Waters expands on the decision in a blog post on partypoker.com:
"After reviewing feedback from the poker community and lobbying from Patrick Leonard, we will remove rake on the bounty element on all our PKO MTTs with effect from Sunday 6th May, in time for our Powerfest PKO events. We will hold this policy for six months with the intention to make this a permanent reduction to our pricing structure. We have over 350 PKO MTTs per week with guarantees of over $4 million, so clearly, we will need players continued support to remain competitive revenue wise with other online poker sites."
Great news for everyone who play PKO tournaments at partypoker, we're removing the rake from the bounty element from May 6th. Click the link read an article from our managing director. https://t.co/MV60ZJ1naA pic.twitter.com/INFgYaWPP8— partypoker (@partypoker) April 14, 2018