I'll bet that's it. Rather than charge people for the prizes they earn, they just charge you for your equity in the freeroll. So, for example, today's Iron Man tourney has $30k of prize money and 234 entrants. That's $128.20 of equity per player, which is going to come off of their MGR (the total rake number before the 27%). That means this freeroll is really costing me $34.61 of real money to play in. Still a good deal...
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