Rakeback?
Rakeback is a returned amount of of the rake paid by a player. PokerStars has an extremely unique VIP program that effectively gives its players rakeback by awarding FPP's. Players can spend their FPP's in the VIP store. One of the better values for your FPP's is the $4000 cash bonus for 250,000 FPP's. It comes to 1.6 cents per FPP.

The PokerStars VIP program has a top heavy reward system. Players who put in lots of volume will have a much higher rakeback equivalent. As players earn VPP's and move up the VIP ranks, they are given an FPP multiplier, milestone bonuses, freerolls, and access to cash bonuses with better FPP values.

VPP's vs FPP's
     VPP are the base points and represent how much volume you have put in at PokerStars. They aren't worth anything and are reset yearly. In tournaments, you earn 5.5 VPP for every $1 in rake you pay. In cash games, you earn 5.5 VPP for every $1 in rake collected at short handed tables and 6 VPP for every $1 in rake collected at full ring tables. FPP's have value and are calculated based on your VPP's. As you move up the ranks of the VIP program, you are given an FPP multiplier. So, if you earn 1000 VPP as a Supernova, you get 3500 FPP (these are worth $56 when purchasing the $4000 cash bonus).

The Numbers
     Tables are included below with approximate rakeback percentages for the VIP ranks. "SNG/MTT/SH" refers to tournaments and short handed cash games. "FR" refers to full ring cash games. A custom calculator can be found here.

Bronze, Silver, Gold, and Platinum Stars

To find your rakeback equivelant, add the appropriate percentage for your game type and VIP Level from the first table to the percentage that matches your expected yearly VPP's in the "Stellar Milestones" table.

  SNG/MTT/SH FR
Bronze Star 8.8% + Stellar % 9.6% + Stellar %
Silver Star 13.2% + Stellar % 14.4% + Stellar %
Gold Star 21.2% + Stellar % 23.2% + Stellar %
Platinum Star 23.5% + Stellar % 25.6% + Stellar %
 

Stellar Milestones
VPPs SNG/MTT/SH FR VPPs SNG/MTT/SH FR
750 7.3% 8.0% 30,000 6.4% 7.0%
1,500 7.3% 8.0% 35,000 6.3% 6.9%
2,250 7.3% 8.0% 40,000 6.2% 6.7%
3,000 7.3% 8.0% 45,000 6.1% 6.7%
4,000 6.9% 7.5% 50,000 6.6% 7.2%
5,000 11.0% 12.0% 60,000 6.4% 7.0%
10,000 8.2% 9.0% 70,000 6.3% 6.9%
15,000 7.3% 8.0% 80,000 6.2% 6.7%
20,000 6.9% 7.5% 90,000 6.1% 6.7%
25,000 6.6% 7.2%  
 
Supernovas and Supernova Elites
  Starting as Bronze Star Starting as Supernova
  SNG/MTT/SH FR SNG/MTT/SH FR
Supernova 33% 36% 42% 46%
SN, 200k VPP 39% 43% 44% 48%
SN, 300k VPP 41% 45% 45% 49%
SN, 400k VPP 43% 47% 45% 49%
SN, 500k VPP 44% 48% 46% 50%
SN, 600k VPP 45% 49% 47% 51%
SN, 700k VPP 46% 50% 47% 52%
SN, 800k VPP 47% 51% 48% 53%
Supernova Elite ~63% ~69% ~64% ~70%
 
The Assumptions
     These were calculated by assuming players would purchase the $4000 cash bonus (250,000 FPP's). Using FPP's for satellites, gift cards, etc. may give a slightly better value (see Best FPP Value). Buying smaller cash bonuses or items with worse FPP values would decrease these numbers. The monthly GoldStar+ Freeroll ($100,000) and the quarterly Supernova+ Freeroll ($1,000,000) are included in these numbers. For GoldStar+, the monthly freeroll is worth ~$10/entry, or $120/year. For Supernova+, the quarterly freeroll is worth ~$200/entry, or $800/year.

The Graphs
     Once 200,000+ VPP's are earned, rakeback equivalent percentages fluctuate depending on where a player lands between milestones (see the graphs below for a visual representation). See the SNE/VIP Value Calculator for a more detailed analysis.

     The graphs below show the Rakeback Equivalent vs. VPP's Earned at Pokerstars. These graphs assume starting out as a BronzeStar and buying items in the VIP Store with a value/FPP of 1.6 cents.

Rakeback vs VPP's Earned (SNG/MTT/SH)

Rakeback vs VPP's Earned (FR)