Poker network now gives '95% of payouts’ in Bitcoin

shoreno

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Quote from: worldofcoins on February 23, 2021, 01:16:58 AM

Bitcoin is an incredible thing to spend in the betting segment, bitcoin has been utilized in betting from start and that is the reason betting sites are too much popular.
Individuals are wonder where to spend their bitcoins and they generally go to the betting to spend it.
I never put fiat cash in betting rather I generally picked bitcoins.
The biggest advantage of bitcoin is you can easily cover your losing amount. On the off chance that you lose today, you'll procure more on the following day.

actually bitcoin is utilized for paying or as a currency but betting sites do have an idea of adopting it and it was succesful . there are already betting sites before , its not btc that make them popular although btc somehow help the online gambling business grow . theres more betting site that accept a crypto more than shopping sites that accept a crypto and indeed its more eaiser to spend our crypto in gambling but i think i cant agree with the last part of your sentence but infact you can incure more losses if btc value drops .

worldofcoins

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Bitcoin is an incredible thing to spend in the betting segment, bitcoin has been utilized in betting from start and that is the reason betting sites are too much popular.
Individuals are wonder where to spend their bitcoins and they generally go to the betting to spend it.
I never put fiat cash in betting rather I generally picked bitcoins.
The biggest advantage of bitcoin is you can easily cover your losing amount. On the off chance that you lose today, you'll procure more on the following day.

wxa7115

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Quote from: Charles-Tim on November 20, 2020, 04:47:30 AM

WinningPoker network now gives '95% of payouts’ in Bitcoin — around $160M monthly. Poker Network, an online network that supports numerous online poker websites across the world, has reported a surge in demand for Bitcoin payouts. In an Nov. 19 report from Bloomberg, the CEO behind Winning Poker Network, or WPN, said that up to 95% of poker players are currently requesting to be paid in Bitcoin (BTC).

I think bitcoin is becoming dominant payment method in gambling, what do you think about this?

https://cointelegraph.com/news/poker-network-now-gives-95-of-payouts-in-bitcoin-around-160m-monthly

In my opinion this was bound to happen sooner or later, bitcoin and gambling make a tremendous combination which is why we see that besides exchanges probably the biggest industry that we have in the market of cryptocurrencies is gambling, and that is because bitcoin gives gamblers exactly what they have been looking for, you have a currency that is easy to use, easy to send, for the most part it has relatively cheap fees and it gives you some level of anonymity, even if you have to eventually go through KYC at least no one else knows that you are gambling and in some countries this is a big thing because gambling is still seen with very bad eyes.

And when we add that in order to become a good poker player you need to know about probabilities, money management skills and have a lot of patience it seems like there could be a lot of potential for adoption in that subset of the population so I am not surprised they want their payouts in bitcoin.

AmoreJaz

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Quote from: KennyR on November 24, 2020, 05:51:13 AM

With this it is clear that the poker users are much aware of bitcoin and its growth. 95% of the users requesting payout in terms of bitcoin is really a big thing. When we talk of World poker network, users involved were high rollers. This means the winning amounts will be quite high than the common gamblers. Finding the value of bitcoin this move might have been taken by these gamblers. Someway it is quite beneficial to the network as well as to the gambling platform.

if they are seeing the surge of this request, I guess the smart move from their end is to store btc while the price is not too high. but anyway, thats their option here, to buy before the payout or just buy directly at the time of request.
gamblers are now recognising the potential of crypto and this is also a sign of adoption among poker players. they can see the benefits in terms of tx speed and potential profits. the more crypto users we have, the better for the community. because it will drive demand in the market

harizen

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We can assume it contributes to the current pump.

Since 95% of poker players in Winning Poker Network (WPN) is requesting a bitcoin payout, they are forced to buy Bitcoin at any price. As per the article, it was in around $17,000 to $18,000 that they purchased bitcoin to cover the demands.

However, there's a concern:

Even with this level of adoption within the online gambling world, Nagy said that the WPN usually converted Bitcoin it received from players straight into fiat to avoid dealing with the volatility. However, that may not be the case for much longer if demand for Bitcoin payouts continues to rise.

But for me, shouldn't be a problem if the trend goes on.

KennyR

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With this it is clear that the poker users are much aware of bitcoin and its growth. 95% of the users requesting payout in terms of bitcoin is really a big thing. When we talk of World poker network, users involved were high rollers. This means the winning amounts will be quite high than the common gamblers. Finding the value of bitcoin this move might have been taken by these gamblers. Someway it is quite beneficial to the network as well as to the gambling platform.

Kupid002

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Quote from: CarnagexD on November 23, 2020, 06:04:31 PM

This opens up a lot of oppprtunities not only for bitcoin but also for rehabilitation of chronic gamblers in their casinos. These gambkers who won big may find some venefits in investing on it instead of betting it again i side thw casinos, which will break the gambling cycle the person is unfortunately succumbing to.

I saw it the same, they choose Bitcoin to widraw their winnings because they see that Bitcoin is also good as investment. So if they win alot they want to secure it in BTC so they can earn more profit if the price of Bitcoin continue increase unlike having it in Fiat currency where it's only fixed amount .

ice098

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Quote from: coin-investor on November 23, 2020, 12:52:57 PM

Poker players are requesting Bitcoin because Bitcoin is moving up and is headed to another all-time high, this is the best time to hodl Bitcoin and these poker players are lucky that they can request Bitcoin to cash out, because they will not have to buy Bitcoin to exchange saving them time and the fees

Those poker players were definitely a wise decision maker requesting to the CEO of WPN bitcoin as their winning payouts. And if i were a one of the pojer player too i would also demand bitcoin as my payout. I bet the CEO should provide what the players were demand since they was the reason why its WPN were operating and 95% requestee weren't that small population, it is almost the whole body of poker player.

CarnagexD

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This opens up a lot of oppprtunities not only for bitcoin but also for rehabilitation of chronic gamblers in their casinos. These gambkers who won big may find some venefits in investing on it instead of betting it again i side thw casinos, which will break the gambling cycle the person is unfortunately succumbing to.

shield132

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Don't blame me but to be fair, I didn't know about WPN, I just googled it and discovered that it's one of the largest poker network (though I have played with their software). Just read their story and as it seems, they integrated cryptos in 2015 and in just four years, percentage of crypto transactions went from 2% up to 60-65% and right now it's 95%. Insane, I thought that there weren't crypto poker players because I was unable to find any crypto casino offering poker (rarely some do).

Just want to say that if there is someone like me or is interested in overall about WPN and crypto relationship, must check this.

Btw why pokerstars isn't adopting bitcoin and cryptocurrencies? Especially if we consider the statistics of WPN?

coin-investor

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Poker players are requesting Bitcoin because Bitcoin is moving up and is headed to another all-time high, this is the best time to hodl Bitcoin and these poker players are lucky that they can request Bitcoin to cash out, because they will not have to buy Bitcoin to exchange saving them time and the fees

ecnalubma

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Bitcoin is undeniably popular most especially to gamblers. These gamblers probably knew a lot about Bitcoin that’s why the demand boom too fast.

Now that Bitcoin is again gaining popularity, it will become common in near future to see in online platforms as mode of payment just like credit cards.

Alucard1

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That is a great move to make the crypto world better and bigger, bitcoin becomes so prominent all over the world, to the point that many people are now using it for many establishments especially in the gambling sector, a lot of bitcoin users do gambling and most of the online gambling casino is paying cryptocurrency, gambling becomes a big part of cryptocurrency both are benefiting from each other through advertisement, just like here in this forum wherein most of the campaigns are in gambling and by that hat, the online casino will be familiar by many people.

MCobian

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Naturally, if there is an increase in demand for payout with Bitcoin in gambling, because I will also request the same thing
if I become a poker player I want to be paid in Bitcoin too. Because the price of Bitcoin continues to rise today, very profitable
if paid in Bitcoin.

The positive thing that will happen if Bitcoin becomes the dominant payment method in gambling is Bitcoin will become increasingly
popular, and maybe it will attract new investors to buy Bitcoin. Especially for gambling payments sent abroad it will be easier with
Bitcoin, because it can pass all government regulations.

Fundamentals Of

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This figure is dumbfounding. WPN must have a definite data which clearly and unequivocally says that the huge majority of the poker players within the Poker Network is supportive of Bitcoin. After all WPN will surely not decide to convert 95% of the payouts to Bitcoin if the great majority of the players themselves do not specifically prefer it.

This is just right for them to request for Bitcoin payouts rather than fiat. Bitcoin is rising in value while fiat is decreasing.

Lorence.xD

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Quote from: Ryker1 on November 21, 2020, 07:46:28 AM

Well, this is not new since bitcoin has been used as a payment method in gambling for years and up to this date, -- rest assured it will remain dominant even in the future because indeed it was the gambling world who first adopted bitcoin as a mode of payment and also as a wager for it has already established its foundation in the gambling sector and due to this capabilities it gives us no doubt that bitcoins were able to come out in the gambling sector and this time trying to established it's the foundation in another sector like in the market and trading. Though the demand for bitcoin payouts in the poker network is also a form of mass adoption but could also bring traffic in transactions and fees may also get impacted somehow.

I think that it is still a significant increase even if it is not new. Imagine how many is that 95% is, it may look like nothing at first glance but it is in a way dwarfs the real numbers so we can comprehend it. Good thing about this significant increase is that more and more people are opting to get their transactions in bitcoin or cryptocurrency in general, which as you say help in mass adoption. I do think that traffic in the transactions will not be a problem in the long run because developers are doing their best to create a faster network so the congestion would be relieved.

fortunecrypto

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I'm not fond of playing poker, but I would also request for Bitcoin too, this is the best time to acquire Bitcoin when the market is growing, it's actually happening as 95% of them are requesting payout through Bitcoin, this is some sort of bandwagon effect or a domino effect, they always go where the flow is, it's good for the market if this continues, everybody wants to be on board and wants to have Bitcoin when the right time comes.

Ryker1

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Well, this is not new since bitcoin has been used as a payment method in gambling for years and up to this date, -- rest assured it will remain dominant even in the future because indeed it was the gambling world who first adopted bitcoin as a mode of payment and also as a wager for it has already established its foundation in the gambling sector and due to this capabilities it gives us no doubt that bitcoins were able to come out in the gambling sector and this time trying to established it's the foundation in another sector like in the market and trading. Though the demand for bitcoin payouts in the poker network is also a form of mass adoption but could also bring traffic in transactions and fees may also get impacted somehow.

sunsilk

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Quote from: Poker Player on November 21, 2020, 05:46:36 AM

Quote from: sunsilk on November 21, 2020, 05:13:41 AM

I've said, "about" which means that it could be in the process and it includes other industries and businesses.

We will never know if PS will adopt it soon. But as I've said with the condition of a demand being done by their customers, it is possible. Unforeseen things like this with WPN could also happen for them.

Yes, well. I've been playing poker for quite a few years now, mainly at Pokerstars and Pacific, although I've also played poker in other fiat rooms and I can tell you that there's no real demand to play with bitcoin in the major rooms these days. I don't just play poker, I also follow the news, forums etc.

The crypto-rooms that allow you to play poker are not even fit to tie the main fiat sites' shoelaces. Nor in software, traffic or anything else.

That's why I say that I dream of the day when Pokerstars will implement bitcoin deposit/withdrawal, because on that day many things will have changed, and we'll be very close to mass adoption.

Pokestars accepting bitcoin for poker is like Amazon accepting direct bitcoin payments in retail.

They don't actually have to have poker rooms specific for bitcoin players. They only have to give the option for the withdrawal for payouts in bitcoin, the same as WPN.

It doesn't look that it's happening today but we don't actually know what's on their mind and stand towards bitcoin. Someday they will accept or won't really get a touch to bitcoin. That might be the scenario for them but who knows, they'll give a surprise someday announcing it.

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Quote from: avikz on November 20, 2020, 07:09:20 AM

Bitcoin has always been the dominant payment method in gambling world. Gambling is the only major sector which adopted bitcoin from the very inception of this cryptocurrency because of the benefits it can provide in a sector like gambling!

While I agree that online gambling is definitely the biggest industry that uses cryptocurrencies and plays a major role providing a use case for them, I don't think the opposite is true that cryptos are dominant in online gambling. For instance, I found this data on online gambling in the UK, and it claims that 17% of the population is people who gamble online (that's more than 11 million people in the UK alone, and I don't think the majority of them use Bitcoin). I've also learned the following :

Quote

The global market for online gambling reached around US$45.8 billion in 2017.

At the same time, this 2017 article says:

Quote

Bitcoin Gamblers Have Wagered $4.5 Billion in BTC Since 2014

It seems to me that the numbers just don't add up, and even though lots of gambling is done with cryptos, crypto gambling is not dominant in online gambling.

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