Phil Galfond’s brave idea of giving all the rake back to players has gotten off to a good start on the reboot of his Run It Once platform, BetRivers Poker.
Bet Rivers launched last year on October 31 with much anticipation to see how the poker legend’s dream would get on with new ownership backed by presumably deeper pockets.
Rush Street Interactive took over the project and spent more than two years getting the platform ready for a full launch into the regulated US market — Phil Galfond’s long-term dream when he first thought about starting up his own poker site.
Phil Galfond Wants to Give All Rake Back to the Players
While Phil Galfond is no longer the owner of the site, he is still involved with the team to give the benefit of his considerable experience.
In a recent blog post on the BetRivers blog, Galfond explained from the beginning of his ownership journey to how they got where they are today.
Galfond’s mission from the start was to create a poker site made by players for the players. It was supposed to be a win-win situation if it worked out.
While the dreams did not come true, the project did not die and Rush Street Interactive is pushing hard to turn Galfond’s “beautiful baby into something with the flexibility and scalability expected of a leading gaming company.”
With some minor changes made following consultation with the tech team, BetRivers Poker launched in Pennsylvania as a part of a leading gaming company, only poker would not actually be the priority.
Galfond explains that the main players in the gambling industry that have platforms with a casino and sportsbook to go alongside their poker offerings cannot make poker their top priority.
He continues by saying that for these companies, poker is only there “to acquire and retain players for the other, more lucrative verticals.”
The key being that poker players are relatively cheap to acquire compared to casino and sports betting fans, who if they are poker fans will always choose a platform offering everything in one place.
So really, it’s all about how poker can support the broader goals of the business.
Galfond writes about how there is this pushing and pulling of poker players between cross-promoting poker players to casinos games and a sportsbook.
He says in isolation this is a negative for the poker community as action and liquidity is taken wavy from the poker tables, but this can work both ways.
In fact, some of the juiciest cash games found online today are where we see avid sports bettors moving over to the poker tables following a big win.
But, of course, in the case of BetRivers Poker there is no choice. Without this dilemma, Run It Once Poker would have vanished into the ether. So, needs must, as it were.
With all this in mind, Phil Galfond set about trying to come up with the best way to attract players by doing something that isn’t industry standard.
“The players want lower rake, more rewards, or both. I want that, too.”
While lowering rake and increasing rewards sounds like a sure fire win for the players, Galfond notes that “the poker-playing community hasn’t consistently voted with their wallets for platforms with the lowest rake.”
Galfond explains:
“In a matter of seconds, the solution here became clear. If our purpose is to introduce players to other verticals, let’s do it really, really well. And if our purpose isn’t to generate poker revenue… Let’s not?“
Thinking this could be a huge win if executed well, Galfond worked to construct a pitch that he knew would sound like madness, at first, but it worked and he was given the green light to try a ground-breaking experiment for three months.
A plan to keep absolutely none of the rake by returning every cent to the players is certainly brave. It will all be given back in rakeback, rewards, incentives, freerolls, and more.
Did the No Rake Experiment Work?
Although it’s early days, and it’s still not a clear cut situation, the signs are promising that we could see a small site operating in a severely restricted environment in Pennsylvania transforming how online poker sites view rake.
The site looks to have captured around 10% of the market in only three months, and is running cash games at peak times with an MTT schedule that fills up nicely.
The reaction from the money men who make the decisions was positive, however, with an extra two months extension agreed upon with possibly more to come.
Galfond said:
“If it doesn’t play out as we hope. We’ll remain committed to building the kind of site we want to play on — with unique features, thoughtful design, and a focus on innovation and delivering what we believe players want.
“We’ll keep searching for win-wins and adapting to the ever-evolving poker landscape, and I expect we’ll still have the lowest rake in PA, even with a more traditional approach.”
Where Can Players Play with Low Rake and Great Bonuses?
A future of online poker with no rake kept by the site is not going to happen. But the idea of transforming the system is more than interesting and with Phil Galfond’s profile in the game, people will be watching.
For now, though, VIP-Grinders has several options that promise low rake and great bonuses with plenty of exclusive promotions worth several thousands of dollars every month.
CoinPoker
The leading cryptocurrency site is taking the online poker scene by storm right now. A long roster of big names from not only the poker world but also the sporting world, show just how serious they are.
Signup at CoinPoker by using the code VIPCOIN and you will get a first-time deposit bonus of 150% up to the value of $2,000, plus 33% rakeback, and access to VIP-Grinders’ exclusive promotions.
Exclusive VIP-Grinders promotions for CoinPoker players
ACR Poker
ACR is by far the leading US-facing online poker platform running today. Known for its imaginative promotions and lucrative tournament series, ACR Poker does everything it can think of to keep all players satisfied, from beginners to seasoned pros.
Signup at ACR Poker with the code VIPELITE to receive a 100% first-time deposit bonus up to $2,000 and access to the Elite Rewards loyalty program.
Exclusive VIP-Grinders promotions for ACR Poker players
Terms and conditions apply. New customer offer and 18+ only. Should you require help regarding your betting pattern, please visit www.begambleaware.org
