Millions of Dollars worth of Bitcoin has been reported being purchased daily by a major online poker website. This is to meet the requirement from players needing 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.
Request for bitcoin payouts has been increasing, especially after the current price rally. One of the most extensive 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, quoting Phil Nagy, WPN’s CEO.
Nagy emphasized that bitcoin is in so much demand that brokers are requiring up to a 1.5% premium. He explained that WPN does not hold onto bitcoin, adding that the cryptocurrency is converted into fiat currency as soon as possible.
He announced that his platform does more than 60% of its trade volume in bitcoin, equaling 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 started taking bitcoin in their business since 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.
As claimed by a study by The Business Research Co., the poker business grew 43% since April. Online gambling has become more prevalent since the Covid-19 pandemic outbreak, particularly after the shutdowns prevented many people from visiting real casinos.
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DISCLAIMER: Online Gambling Can Be Addicting.
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