Poker Site Buys $100 Million of Bitcoin Every Month to Pay Players in BTC

2020-11-24 16:30

A major online poker website has been buying millions of dollars of bitcoin every day to meet demand from players wanting to cash out in bitcoin. This amounts to $100 million in bitcoin a month as about 95% of players now demand payouts in the cryptocurrency.

Poker Site Buys $100 Million of Bitcoin

Demand for bitcoin payouts has been rising, particularly after the recent price rally. One of the largest online poker websites, Winning Poker Network (WPN), has been buying millions of dollars worth of bitcoin in recent weeks from OTC desks to meet players’ cashout demand, Bloomberg reported Thursday, citing WPN CEO Phil Nagy.

Nagy explained that bitcoin is in so much demand that brokers are charging up to a 1.5% premium. He clarified that WPN does not hold onto bitcoin, adding that the cryptocurrency is converted into fiat currency as soon as possible.

He revealed that his platform does more than 60% of its transaction volume in bitcoin, totaling about $100 million a month. Noting that about 60% of customers cashed out in bitcoin before the recent price rally, he said:

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.

WPN, which began accepting bitcoin in 2014, supports several popular poker rooms, including Americascardroom.eu, Yapoker.com, Blackchippoker.eu, Truepoker.eu and Pokerking.com. Customers can deposit dollars and make withdrawals in bitcoin. Nagy revealed that about 60% of the platform’s customers are from the U.S. even though online poker is illegal in most states.

According to a study by The Business Research Co., the poker industry grew 43% since April. Online gambling has become more popular since the Covid-19 pandemic outbreak, particularly after the shutdowns prevented many people from visiting real casinos.

Bitcoin.com offers a variety of provably fair games, including blackjack, slots, roulette, and video poker exclusively using either bitcoin or bitcoin cash. Games are provably fair and payouts are instant.

What do you think about poker sites buying millions of dollars of bitcoin daily? Let us know in the comments section below.

The post Poker Site Buys $100 Million of Bitcoin Every Month to Pay Players in BTC appeared first on Bitcoin News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 94681.06 (-0.47%)
Объем 24H $43.637b
Изменеия 24h: -2.62 %, 7d: -10.44 %
Cегодня L: $94531.99 - H: $95637.28
Капитализация $1874.673b Rank 1
Цена в час новости $ 18455.06 (413.04%)

bitcoin players demand million poker month 100

Источник: news.bitcoin.com

bitcoin players → Результатов: 126


Professional Football Players in the NFL Are Wanting Multi-Million Dollar Deals Paid in Bitcoin

Bitcoin is rising in price, and each industry is starting to become more interested in what the market can do for them. Football players have been perhaps the most interesting surprise, when LA Chargers Offensive Tackle Russell Okung posted a simple tweet – “Pay me in Bitcoin.” And as $BTC tops $8,600 USD in value […]

2019-5-27 01:49


Фото:

Bitcoin [BTC]: Higher BTC price brings more BTC scams?

As the cryptoverse regains its lost shine with the recent bull run and welcomes a new breed of enthusiasts, the bad players in the market have amped up their efforts into conning the naive crowd. One of the upcoming scams in this light is the “digital wallets,” that are being identified and blocked on a […] The post Bitcoin [BTC]: Higher BTC price brings more BTC scams? appeared first on AMBCrypto.

2019-5-24 05:30


Bitcoin [BTC]: Strongest reason for price rise is evolution of different players coming in, says ErisX CEO

Tom Chippas, CEO of ErisX Digital, spoke about the price rise of Bitcoin and institutional investors, one of its speculated reasons, during an interview with TD Ameritrade Network. On the rise, the CEO stated that there were several catalysts that could have been the reason, adding that the “strongest” reason would be the continued maturation […] The post Bitcoin [BTC]: Strongest reason for price rise is evolution of different players coming in, says ErisX CEO appeared first on AMBCrypto.

2019-5-24 21:30


Фото:

Laos Central Bank Wary of Cryptocurrencies’ Use in Money Laundering

The central bank of Laos has warned commercial banks, financial institutions, and investors not to buy, sell or use cryptocurrencies, reports local media outlet Vientiane Times, May 21, 2019. Laos Does Not Want Cryptocurrencies Laos’ central bank, the Bank of the Lao People’s Democratic Republic (PDR), has cautioned financial market players against digital currency transactionsRead MoreRead More.

2019-5-22 18:00


Top 5 Reasons Why Bitcoin Gambling is on the Rise

Traditional casino games require players to place real money bets with fiat currency. On the surface, you may be wondering what all the fuss is about? If you’re prepared to gamble, you must be prepared to win or lose, so what difference does it make whether you are using fiduciary currency or cryptocurrency? Players beg […] The post Top 5 Reasons Why Bitcoin Gambling is on the Rise appeared first on ZyCrypto.

2019-5-12 23:16


Though Bitcoin Scavenger Hunt Satoshi’s Treasure Just Begun, Side Quests Are Already Planned for Participants

Satoshi’s Treasure is a Bitcoin-fueled scavenger hunt that is helping the world to learn more about the crypto world, while cooperating their work with other players. The game was only launched a couple of weeks ago, but there is already a player that has created software that will give a significant advantage in this cooperation, […]

2019-4-30 02:01


TrustDice Announce Release of Groundbreaking Trust Protocol, Accelerating Decentralized Game Development with dGames

Bitcoin Press Release: Decentralized EOS-based betting game TrustDice has announced the release of Trust Protocol, accelerating decentralized game development, and eliminating in-game cheating. 16th April 2019, Cayman Islands – TrustDice is an EOS based decentralized game that launched in late October 2018, and it is now one of the most popular online games.

2019-4-19 10:41


Фото:

Sportsbet.io Integrates Litecoin and Expands Cryptocurrency Options

April 2019, Tallinn, Estonia – Following popular demand, leading multi-currency sportsbook, Sportsbet. io has integrated Litecoin, further enhancing its payment capabilities. Players can now deposit, play, win, and withdraw in Litecoin, added to the already vast variety of other cryptocurrencies such as Bitcoin, Ethereum, SOC coin, as well as 11 traditional fiat currencies.

2019-4-19 19:21


New ‘Satoshi’s Treasure’ Game with a Million Dollar Bitcoin Prize is Forcing Players to Collaborate

Satoshi Treasure a new alternate reality game with $1million worth of bitcoins has hit the global gaming market, the firm revealed on April 15. The game, which many have likened to the bitcoin version of Ready Player One, a movie that revolves around a game that encourages teamwork is forcing players to collaborate, work together […]

2019-4-16 23:46


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru