You are correct. Absolute Poker and Ultimate Bet share the Cereus Gaming Network. The software that they both play on is the same and AP players play UB players. The only difference is that the tables, lobby, cards etc will say whichever site you joined up with. So you will (or should) still see your table and lobby the same as you did before. But, the player pool has increased because both sites have combined. Also, there should be any increase in tourneys, buy in level, etc.
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