By Matt Marietta, Rakeback.com Executive Editor
6:14 AM EDT - Just minutes ago, sources close to Full Tilt Poker informed Rakeback.com that the new FTP will not offer flat rakeback to players.
Additional details that are known at this time:
This means the end of rakeback at the world's largest rakeback room.
The sudden change seems to throw a coal in the eye of thousands of players world-wide who expected a smooth transition back to the old Full Tilt Poker and weekly 27% rakeback.
Players in regulated European countries will need to open a PokerStars account in order to access their Full Tilt funds. Not sure if you have an account with PokerStars? Open one now.
These rumors seem to indicate that the recent lawsuit from PokerStrategy.com is well-founded.
Stay tuned to Rakeback.com's Poker News feed for more details as they emerge.
Available to all players by default, the weekly cash payments will max out at offering a 25% rakeback equivalent. $2.50 will be paid into players' accounts per 100 FTPs for players reaching an as yet unknown volume requirement - although it will be 'significantly easier to achieve than Black Card was' (500 FTPs/day pace).
Zero MGR deductions this time round will make the 25% count for more than the old 27% + MGR hit. In addition, FTPs are not 'used up' by the weekly cashback - they can be spent in the store for an extra 4-5% value.
There will be a transition into this new program from the old Iron Man / Black Card schemes, and previous high-volume players will 'likely get a leg up in the new program from the start'.
The Black Card program will return some time after re-launch, but 'in a brand new way'. This implies a higher tier of rakeback above ~30% for high-volume grinders, in line with PokerStars' Supernova Elite program.
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