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 Caesars was doing a promotional progressive jackpot called a bad beat jackpot last week when 52 year old Steven Gedney played his losing hand, four 3s versus his opponent's four aces. He may have lost the $400 prize pool but by doing so he set off the big one. The prize which had been accumulated over earlier months was a record breaking $553,958 beating out Atlantic City's old record by nearly $200,000.
Lines to play at the casino were reported to have been very long with some people waiting for hours to get a chance to work the tables ever since news of the rising jackpot had spread across the city. Gedney and his wife were just a couple of the people who decided to switch casinos for a chance at the losing hand.
For those unfamiliar with the term bad beat, it refers to a scenario in which a player has a very strong hand but still loses out to an even better one. The exact criteria for what sort of hands would qualify for a bad beat vary but in this case there was no doubt that Gedney had a very good hand.
Upon winning Gedney was given the largest part of the prize pool, fifty percent, amassing a whopping total of $276,479 in prize money. The "winner" of the hand also received a very generous prize of twenty five percent of the pool for a total of $138,489. Celebration really went around though when each of the seven players at the table received $19,784 just for being there.
Gedney's wife who was playing at another table at the time was overjoyed to hear the news. She called the win a result of good karma. Gedney who owns a Sport Bar in Dover had been faced with the decision of whether or not to lay off employees late last year but had decided to keep them on and take the loses so they wouldn't have to face loss of employment around the holidays.
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