MIAMI, Florida -- (PRESS RELEASE) -- It couldn't be more fitting for a 2-day old poker network. An online Texas Hold'em player, who registered with UltimateBet a handful of days ago, has won over $250,000 playing Texas Hold'em at UltimateBet's Bad Beat Jackpot tables.

As a result of the significantly expanded player base of CEREUS, the Bad Beat Jackpot at the online poker site had reached $789,827.72 by Thursday morning before an online poker player with the moniker lost a hand of Texas Hold'em holding a straight flush.

At ordinary Texas Hold'em tables, a loss like that would leave any poker player devastated. But at UltimateBet's Bad Beat Jackpot tables, it pays to lose.

Bad Beat Jackpot is just like traditional Texas Hold'em poker with an added jackpot component. In addition to rake, $0.50 is collected from qualifying poker hands and placed into a constantly growing pot until someone hits the jackpot.

When an online poker player loses a hand with four 8s or anything better, 65% of the jackpot is divided among Bad Beat Jackpot players (25% remains in the pot for the next jackpot and 10% is dedicated towards administrative fees). All players seated at a Bad Beat Jackpot table featuring the same limit and game type as where the bad beat occurred also win a piece of the jackpot.

On Tuesday, UltimateBet announced that it had completed its transition to the CEREUS Poker Network, offering online poker players a host of new features and promising bigger tournaments, hotter promotions, and higher Bad Beat Jackpots.

Full details on UltimateBet's Bad Beat Jackpot game can be found at ultimatebet.com.