[meow_meow]

first, I don't think online rake is as high as B&M, though it is still very high. Also, you don't have to toke the dealer.
I assume the reason that competition isn't driving down the rake is that for the casual player rake is way, way down the list of considerations when selecting a site, and lets face it, the casual player is who you want to be playing against.

I'm guessing that if a site's major selling point was "we have the lowest rake on the net", then it might be a less profitable place to play than, for example, party.