Atlantic City’s first multi-casino Texas Hold ‘em Bad Beat Jackpot competition had its first winner on Tuesday at Harrah’s Caesars Casino.
Sheryl Wallace was the winner with the losing hand after her straight flush of diamonds lost to John Sweet Jr.’s royal flush.
Wallace and Sweet Jr. took home approximately $270,000 with another $2,700 awarded to other seated players at the table.
The Bad Beat competition pays the losing hand 30% of the Jackpot while the winning hand gets 20% and the remaining money is divided among the table.
The basis behind the Bad Beat, is a when a winning hand is beat out by an even stronger hand. Harrah’s Bad Beat competition starts with a losing hand of four queens or higher and each week there is no winner the requirements are reduced by one rank.
The competition includes Texas Hold ‘em card games at Harrah’s Caesar’s, Bally’s, or the Showboat casino.
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