Half-Million Dollar Jackpot Hit at Caesars Atlantic City

Caesars Atlantic City's Bad Beat Jackpot of $553,958 was hit January 4, smashing their previous record of $361,244. I don't know who tracks this sort of thing, but I'm guessing this is probably the largest bad-beat jackpot anytime, anywhere in the annals of poker ... correct me if I'm wrong!

“This is an unforgettable day for everyone at Caesars, especially our loyal players and dedicated poker team,” said Joe Domenico, Senior Vice President and General Manager of Caesars Atlantic City. “The energy building in our poker room over these past months has been incredible and to see it culminate in this record setting jackpot couldn’t be more rewarding.”

Steve Gedney held the best losing hand of his life when his four treys lost on the river to Chris Dobrzanski’s four aces. Gedney hauled in $276,979 instead of the roughly $400 pot. The winner of the hand took home $138,489 for his efforts, while the remaining 7 players at the table each pocketed $19,784 just for sitting there while history was made.

The Bad Beat Progressive Jackpot at Caesars Atlantic City is paid when four-of-a-kind loses to an even stronger hand. The jackpot is divided among all players sitting at the table at the time of the bad beat. Here's how the jackpot is distributed: 50 percent to the losing player, 25 percent to the winning player, and the remaining players divvy up the last 25 percent equally.

Losing Hand, First Place: Steve Gedney, 56, of Dover, DE took home $276,979
Winning Hand, Second Place: Chris Dobrzanski, 23, of Bridgewater, NJ took home $138,489
The remaining seven players at the table each took home $19,784