The World Poker Exchange, a branch of the World Sports Exchange, announced today that they will be eliminating the rake from their cash games and tournaments.
The World Poker Exchange’s No Rake Program will tabulate each player’s rake and return the amount to his/her accounts at the end of each week.
The site believes it can revolutionize online poker by eradicating the rake and making up for the loss through increased traffic at their sports book and online casino.
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.”
Poker pro Max Pescatori believes that the no-rake policy will attract many high stakes players to the site. “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,” said Pescatori.
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