The latest installment of Party Poker’s Million Dollar Hand promotion is already underway, but the online poker site recently revealed two details about the popular prize-earning game. In addition to offering users an opportunity to win up to $1 million by making a royal flush with their promotional playing cards, the site is offering monetary bonuses for members of their Palladium Lounge.
The Palladium Lounge is Party Poker’s VIP customer program and is open to any user who earns more than 9,000 PartyPoints every three months. Members of the Palladium Lounge receive complimentary concierge services, increased deposit limits, free cash outs and exclusive promotions like the one being offered in tandem with the Million Dollar Hand promotion.
To briefly review, the Million Dollar hand awards players with a single playing card for every fifteen PartyPoints they earn at the cash game or tournament tables. Once a player earns five playing cards, they will be awarded with a cash payout based on the quality of their hand. Players can earn anywhere from $3 for a pair to $1 million for a royal flush.
Palladium Lounge members will still be eligible for the prizes awarded as part of the Million Dollar Hand, but they will also have a chance to take down some extra cash in an offshoot of the promotion specifically for VIP players. Palladium Lounge members can partake in a points race to win a share of $120,000 in prizes, including an entry into the 2010 Aussie Millions for the first place finisher.
Here is how the race works:  Palladium Lounge members earn race points based on the quality of five card Million Dollar hands they assemble. They can also garner additional race points by earning more than 300 PartyPoints in a day. The Lounge player who has the most points at the end of the month-long promotion wins the Aussie Millions prize package, valued at $13,000, and the other top 199 finishers will also receive a cash prize ranging in value from $6,000 to $100. Players who finish between 225th and 1,000th still have a chance to net prize money of their own. Every 25th player who finishes in that range earns a spot into a special freeroll which will award a second Aussie Millions prize package to the winner.
Should the eventual winner of the VIP Million Dollar Hand race choose to forgo the tournament entry into the Aussie Millions, they will be allowed to redeem it for its cash value without penalty. Those partaking in the Palladium Lounge promotion are still subject to the terms and conditions of the Million Dollar Hand promotion. The promotion began on October 5th and will continue until 11:59PM ET on October 31st.

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