Winning Poker Network, an online network that supports numerous online poker sites around the world, has reported an increase in payment demand in Bitcoin.
In a November 19 Bloomberg report, the CEO of Winning Poker Network (WPN) Up to 95% of poker players currently require payment in Bitcoin (BTC).
Although the poker network has supported various cryptocurrencies since 2014, the CEO of WPN, Phil Nagy stated that the company will need to make more BTC purchases than ever before due to the demand caused by the recent price movement of over $ 17,000 and $ 18,000 in just a few days.
“We have to buy bitcoins all the time”, Nagy said. He estimated that even before this recent price increase, The WPN paid over $ 100 million worth of BTC monthly. CA 60% of all transactions in the network. Extrapolated to 95% of payments, Nagy’s reports are currently being produced, and for the same volume, Bitcoin would amount to around $ 158 million each month.
According to Nagy, the majority of customers who play online poker live in the United States. This could help explain their preference for cryptocurrency as a medium of exchange, as online gambling is legal in only 11 cases out of the 50 states. The Costa Rica based CEO, admitted not checking players’ winnings for tax purposes.
“It’s an alternative solution to bypassing the law, not really the assumption Bitcoin should be looking for,” said Reddit user HighFivePuddy. “It’s not exactly a great advertisement.”
Bitcoin and online poker share a long history and there are many parallels between the popular card game and trading in cryptocurrencies. except for the terminology “Knowing when to HODL”. Past and current professional poker players have been heavily involved with cryptocurrencies, including the co-founder of Blockfolio, Ed Moncada, Y. Doug Polk, Who also runs a cryptocurrency channel on YouTube.
One of the major turning points between cryptocurrencies and gambling occurred in the past year. when the WPN established A Guinness World Record for the largest cryptocurrency jackpot for online poker winnings: $ 1,050,560, or roughly 106 BTC at this point.
Our $ 5 million poison was a success in several ways. We have selected the GUINNESS WORLD RECORDS ™ title for the largest cryptocurrency award for an online poker tournament with a payout of $ 1,050,560 in Bitcoin. @WPN_CEO #Poison #venomtournament pic.twitter.com/1E2I3WjCgE
– Americas Cardroom (@ACR_POKER) July 25, 2019
Even with this acceptance in the world of online gambling Nagy said that the WPN generally converted the bitcoin it received from players directly into fiat money to avoid dealing with volatility. However, this may not be the case for long if the demand for Bitcoin payments continues to grow.
At the time of this writing Bitcoin is priced at $ 17,831 after rising more than 9% in the past 7 days.