Poker Player With Bigger Winnings by Cashout in Bitcoins
As Bitcoin continues to rise, winning bets of successful online gamblers are getting bigger by asking for their winnings in cryptocurrencies at https://norskcasino.pro/ when they cash out at their respective poker rooms.
Bitcoin Demand Booms Among Poker Players
Winning Poker Network, which is highly renowned for operating numerous sites including AmericasCardRoom.EU had to purchase millions of dollars' worth of Bitcoin daily from their over-the-counter trading desk increasingly frequently recently just to satisfy the requirements their players are currently providing them with, according to their Chief Executive Phil Nagy.
90-95% of Payouts in Bitcoin
Speaking with the media, Costa Rica-born Nagy explained:
"Right now 90-95% of what we're disbursing are people asking for Bitcoin because it's going up. We're constantly having to go out and buy Bitcoin -- lots. Lots. More than we ever did before."
American Players Drive Most of Bitcoin Transactions
Despite being legalized as illegal in part of the states, Americans continue to maintain the largest percentage of members within the site.
"Bitcoin is so popular that brokers are quoting as much as a 1.5% premium," he said. "The company transacts more than 60% of its transactional volume in Bitcoin. That's about $100 million a month."
Bitcoin Price Rally Sparks New Surge
Following its previous major spike during December, Bitcoin hit its biggest spike as it climbs $18,479 on Wednesday which translates to a 60% spike over the previous month. Despite its 1,400% spike that then witnessed a 70% drop in the following year, it might still be a minor bounce where numbers contradict.
Crypto Payouts: A Tax Evasion Scheme
A Crypto investor Aaron Brown provided another rationale for a cash-out in cryptocurrency, he said:
"Fans of digital currency might also be attempting to avoid taxes through the use of the sites."
Bitcoin Gives Players Anonymity and Privacy
There is also the added fact that Bitcoin is a hard nut to crack if the U.S. authorities are perhaps hoping to track the trail of the cryptocurrency?
According to the Nagy, players on the Winning Poker Network can report their own losses and winnings, he said:
"We don't regulate that. Approximately 60% of the business's customer base are from the U.S."
Early Adoption of Bitcoin Helped Poker Sites Grow
According to reports, Poker sites, whose FA Poker tournaments are run on their own, were some of the first few to accept the use of Bitcoin, which has ensured that they have pretty well established themselves over the past couple of years. Winning Poker Network, which began accepting Bitcoin as far back as 2014, set a Guinness World Record for the largest crypto jackpot in online poker in July 2019.
Pandemic Fuels Online Poker Boom
While the Covid-19 pandemic has been a major cause of concern for different companies as it made them face substantial losses, it has been largely the opposite for the online gambling industry. The Poker industry has seen 43% growth since April, says The Business Research Co. The closure of land casinos and the lockdown restrictions on non-movements have also contributed to the growth of the industry.
Bitcoin Withdrawal Preference Hits 90%+
Nagy continued to explain:
"Veteran players can deposit in dollars and cash out in Bitcoin. Before the recent boom, about 60% of players cashed out in Bitcoin, but now it's over 90%.
"WPN, for its part, does not retain Bitcoin, but trades it for fiat immediately -- as Bitcoin is renowned for its zany price swings," Nagy said.
Volatility Remains a Cause for Concern for Poker Networks
Watching the cryptocurrency rise and fall in its old ways, Nagy described:
- "Sometimes, it doesn't have a choice, though."
- "When Bitcoin drops or does something significant, inevitably we get people to send us $100,000 or $200,000 worth of Bitcoin because it's the fastest way to cash it out," Nagy said. "And we are kind of stuck with it."
Conclusion: Crypto Cashouts Are Here to Stay
Whether Bitcoin increases or decreases, one thing is certain, there will be more players calling for the cryptocurrency when they choose to cash out.
