The Winning Poker Network, a network that operates several online poker sites around the world, has reported an increase in the demand for Bitcoin (BTC) payments.
In a Bloomberg report on November 19, the CEO of the Winning Poker Network, or WPN, reported that up to 95% of poker players currently request payment in Bitcoin.
Although the poker network has supported several cryptocurrencies since 2014, WPN CEO Phil Nagy stated that the company must buy BTC more than ever due to demand driven by recent price fluctuations that have gone over 17,000-18,000 in a few days. dollars.
“We have to buy a lot of bitcoins all the time,” Nagy said. Even before this latest inflation, he estimates, paid WPN over $ 100 million in BTC every month, which accounted for nearly 60% of all transactions on the network. If we extrapolate to 95% of the payments that Nagy currently performing and assuming the same amount, it will amount to about $ 158 million in Bitcoin every month.
The majority of online poker customers live in the United States, Nagy said, which may help explain their preference for cryptocurrencies as a means of exchange, given that online gambling is legal in only 11 out of 50 states. The CEO, who is based in Costa Rica, admitted that he did not check whether players deliver their winnings for tax purposes.
“It’s a job to mock the law, not accept Bitcoin,” said Reddit user u / HighFivePuddy. “It’s not exactly good PR.”
Bitcoin and online poker have a long history, with many similarities between popular card games and cryptocurrency trading, all the way down to HODL terms. Former and current professional poker players have been active in the crypto space, including Blockfolio co-founder Ed Moncada and Doug Polk, who also run an encrypted YouTube channel.
One of the most important crosses between cryptocurrency and gambling took place last year when WPN set the Guinness World Record for the largest price in cryptocurrency for online winnings online – $ 1,050,560, or almost 106 bitcoins at the time.
Even with this distribution level in the online gambling world converts WPN, according to Nagy, usually Bitcoins they receive from players directly to fiat currencies to avoid volatility. However, this may change further if the demand for bitcoin payments continues to grow.
At press time, Bitcoin is worth $ 17,831 after rising more than 9% in the last seven days.