As bitcoin continues to grow, successful online players become more prominent winners by claiming cryptocurrency while withdrawing money from multiple poker sites.
The Winning Poker Network, which operates sites such as AmericasCardRoom.eu, had to buy millions of dollars in bitcoin every day from counters over the past few weeks to keep up with demand from existing players, according to CEO Phil Nagy.
Nagy from Costa Rica stated that at the moment, 90-95% of their payouts are people who want BTC because of its value going up. He added that they have to buy bitcoins all the time a lot more than they needed before. The lion’s share of the site’s customers is Americans, although online poker is illegal in most countries.
The coin is so popular that brokers charge a premium of up to 1.5%, he said. The company accounts for more than 60% of its bitcoin transaction volume. That’s about $ 100 million a month, Nagy added.
Crypto and Bitcoin Trading the Highest Since 2017
The cryptocurrency surged to $ 18,479 on Wednesday, the highest level since December 2017. It was up about 60% last month, given a nearly 1,400% increase in 2017, before dropping 70% the following year.
Digital asset enthusiasts can also look forward to avoiding taxes by using the site, said Aaron Brown, crypto investor and author of Bloomberg Opinion. Players register their winnings and losses on a poker network based in Costa Rica.
“We didn’t arrange that,” commented Nagy. According to his statement, about 60 percent of the company’s customers come from the United States. The is a perception that BTC may be more difficult for US authorities to track than other funds.
Covid-19 Accelerated Online Gambling
The poker site was among the first to introduce bitcoin, which has been seen in part as a growth spurt in recent years. WPN, the top 10 poker properties in the world, started accepting bitcoin in 2014 and last year set the Guinness world record for the biggest crypto jackpot in online poker at $1 million.
The acceleration in online gambling links to the Covid-19 pandemic. According to The Business Research Co., the poker industry has grown 43% since April. The closings of land-based casinos and the tight clogging that people leave on their hands over time have contributed to the industry’s growth – and bitcoin use.
Long-term customers can deposit dollars and withdraw money in bitcoin, says Nagy. Before the recent rally, about 60% of customers were redeeming bitcoin, and now it’s over 90%, as confirmed.
For its part, WPN is not sticking to bitcoin but instead converting it to fiat as quickly as possible. This action is because the crypto is known for its wild price fluctuations.