I guess I would say I'm a bit on the fence on this theory. What I think is, that the winnings will eventually be correct in the long run. I do see a lot more bad beats than in live poker, however I am also seeing many more hands, as well as, many more tournaments. Sure, there are a ton of donkeys who get lucky in the micro tourneys, but we need those players for the times they double and triple us up in the other tourneys. The only thing that seems very consistent however, is that as soon as I withdraw a decent amount from any online poker account, I tend to go on a massive losing streak with the craziest bad beats.
Just yesterday I played 10 tourneys. Busted with Ah Kh. Raised preflop and got called. Flop came Jh 9h 2h (so i flopped the nut flush). I bet and the villain re-raised me all in, so I called. He shows Ac Js (so top pair top kicker). Turn comes As, river comes Ad. So he hits runner runner full house.
Then the very next tourney I bust with a set of Jacks. Get it all in on a flop of 9 8 4 (rainbow). Get jammed by TT. Turn comes T and river comes T.
Don't usually see that kind of luck until I withdraw, so you tell me. Is it coincidence??