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Betcoin Poker to Distribute BBJ Funds to Players

Logo of Betcoin.ag

About a week ago, we brought you word that Bitcoin-centric online gaming site Betcoin.ag had been acquired by new ownership and was closing its poker room. The enterprise will continue offering sports-betting, casino, and dice wagering options to its users. We raised the question as to whether the company would seize the accumulated Bad Beat Jackpot funds, totaling more than 43 bitcoins (over $600K at current rates), or would be returning them to players somehow. It now appears that management is going to do the right thing and distribute the jackpot pool back to the customers.

Betcoin.ag's Announcement

Man Holding a Megaphone

The most recent news on this subject came in on Dec. 28, 2017 via a post made by the firm in its forums and prominently displayed on its website. The opening lines of the document read as follows:

First and foremost, we would like to apologize to the great players that have played with Betcoin.ag over the past 4 years. We apologize to you, because our research indicates that Betcoin.ag has not taken the very best care of you. We also apologize for not handling the Bad Beat Jackpot matter in the most expeditious and fair manner as possible for all of you great players.

This is a remarkable admission from Betcoin.ag. It shows a level of self-awareness that had been sorely lacking at the organization for the past few years. Reports abound of ham-fisted and inept customer service, rudeness to customers, and overall shadiness over a lengthy period of time. It seems that the new owners are aware of the misdeeds of the previous team and are committed to turning over a new leaf. While it's too early to tell if these efforts will pan out, we applaud the new direction the company seems to be taking.

About the Impending Bad Beat Jackpot Distribution

Stack of Coins

The post from Betcoin.ag goes on to explain what will happen to the Bad Beat Jackpot monies. The room will calculate, over the next few weeks, how many chips every player contributed to the total during the past several years. Once the numbers are in, the affected users will receive credits to their accounts. Because of the appreciation in the price of Bitcoin in the past 12 months, it's likely that many people will receive a nice, unlooked-for present to start off the New Year. Betcoin hopes to have the process completed “by the second week of January 2018.”

Possible Motivations for the Decision

Head With Gears Inside

While it would be nice to credit the new bosses of Betcoin with the utmost wisdom and goodwill toward players, there are other factors at play here. After it was revealed that the poker platform would be shuttered, players almost immediately began to wonder what would happen to the Bad Beat Jackpot prize pool. Unfortunately, any mention of this topic on the Betcoin forums was deleted, and some customers even had their accounts banned.

There are, however, other online forums with dedicated Betcoin.ag threads, like Twoplustwo and Bitcointalk.org. Thus, users were able to share their concerns and frustrations with Betcoin outside of venues controlled by the company. Longtime Betcoin critic “TwitchySeal” was active in both places, asking, “Do you think Betcoin will steal the bbjp (worth over $800k atm)?” on Dec. 19 at the Twoplustwo forums. Bitcointalk member “DarkDays” questioned the Betcoin forum rep on Dec. 21: “How will you be dispersing the BBJ?” Many others chimed in asking about what would happen to the jackpot cash. It's extremely likely that this public pressure played a major role, albeit unacknowledged, in getting the new owners to conduct themselves honestly in contrast to the old operators of the Betcoin brand.

Betcoin Going Forward

Right Pointing Arrow

Like we mentioned, Betcoin.ag is proceeding with its sportsbook, casino, and dice operations notwithstanding the closure of its poker section. We hope that this move to pay out the bad beat jackpot is indicative of a new philosophy brought to the site by its current owners although we cannot rule out the fact that they were merely bowing to the serious criticism they were receiving. Time will tell if Betcoin can restore its tarnished name and become a respectable provider of online real money gambling services. Perhaps poker will even return in some form later on down the line.

Where to Play Poker Now

Green Question Mark

If you used to enjoy the tables at Betcoin and are in search of a new place to play online poker with bitcoins, then maybe our list of the best BTC online poker sites would pique your interest. For more general information on internet poker in the USA, check out our guide to online poker for Americans.