Poker players are driving interest in cryptocurrency
By Bob Garcia
Poker players increasingly want to be paid winnings in crypto, not in cash
The introduction of online poker was joined by a significant push for acceptance of cryptocurrency as an alternative to fiat deposits. Online poker sites who agreed have proven to be well ahead of their time, as new research shows that poker players now want to be paid their winnings in crypto, not in fiat. Tens of millions of dollars in crypto has already been paid out to players so they could cash in their success.
Poker sites were among the first to embrace crypto and this hasn’t changed over the years. In fact, it can easily be argued that only the most reputable online poker platforms accept cryptocurrency deposits and withdrawals – those who don’t should be scrutinized before signing up. Winning Poker Network (WPN) has seen a substantial increase in crypto interest since it embraced them in 2014, and last year made it into the Guinness Book of World Records for having the largest-ever crypto jackpot for online poker.
WPN, of which Americas Cardroom is a part, has purchased millions of dollars in crypto to ensure that it can keep up with demand. However, as crypto prices still fluctuate, WPN converts the crypto purchases to fiat to avoid any potential price swings. Phil Nagy, WPN’s CEO, told Bloomberg, “Right now, 90-95% of our payouts are people asking for Bitcoin because it’s going up. We are constantly having to go out and buy Bitcoin — lots. Lots. More than we’ve even had to before.”