Poker Site Buys $100 Million of Bitcoin Every Month to Pay Players in BTC

[TravelMug]

This is something new,

Demand for bitcoin payouts has been rising, particularly after the recent price rally. One of the largest 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, citing WPN CEO Phil Nagy.

Nagy explained that bitcoin is in so much demand that brokers are charging up to a 1.5% premium. He clarified that WPN does not hold onto bitcoin, adding that the cryptocurrency is converted into fiat currency as soon as possible.

He revealed that his platform does more than 60% of its transaction volume in bitcoin, totaling 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.

https://www.techtelegraph.co.uk/poker-site-buys-100-million-of-bitcoin-every-month-to-pay-players-in-btc/

But I'm not surprised that gamblers are preferring btc as payout instead of fiat because of the rising price of bitcoin. I even watch one youtube channel about a women showing her win in a traditional base casino and she blurted out that his winnings are going into bitcoin. LMAO.

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[samcrypto]

I'm wondering if they are still making money and why they are out of supply of Bitcoin considering that there should be an inflow of Bitcoin since many gamblers are losing their money. Well, this is a big thing and I think many gambling site are also doing this, especially those who accept fiat currency on their platform. Bitcoin is indeed growing a lot, that's why many are cashing out and taking profit, they don't want to miss the fun for sure.

[Darker45]

I'm wondering if they are still making money and why they are out of supply of Bitcoin considering that there should be an inflow of Bitcoin since many gamblers are losing their money.

Correct me if I'm wrong but at least the excerpt of the article quoted in the OP does not say that gamblers are using Bitcoin in playing poker. They are making dollar deposits to the site and played with it but then demanded that the payouts be made in Bitcoin. So I guess there is no Bitcoin inflow and the site is earning in dollars and then use a portion of it to buy Bitcoin for their patrons' payouts.

And also the site is offering poker games which means it has regular revenue coming from rakes or commissions. It is not like players in the site are going up against the house.  

[btc_angela]

I'm wondering if they are still making money and why they are out of supply of Bitcoin considering that there should be an inflow of Bitcoin since many gamblers are losing their money.

Correct me if I'm wrong but at least the excerpt of the article quoted in the OP does not say that gamblers are using Bitcoin in playing poker. They are making dollar deposits to the site and played with it but then demanded that the payouts be made in Bitcoin. So I guess there is no Bitcoin inflow and the site is earning in dollars and then use a portion of it to buy Bitcoin for their patrons' payouts.

I'm under the impression that this is a fiat based poker site, but what I don't understand if my assumptions is correct is that they allowed their patrons to withdraw in bitcoin as well? Doesn't make any sense if they allow don't allow bitcoin deposit but instead fiat only.

I still think that they can still make revenues though, this is gambling, so if they can buy $100 millions worth of bitcoin every month they obviously their revenue is more than that.

[seoincorporation]

This is crazy news because $100 Million could hardly move the markets, it's an amount who had an impact. And in another hand, this is a great promotion for the casino because a lot of users who want to avoid taxes on a big win will always prefer to get the payment on bitcoin. So, I hope to see more casinos doing the same move in the next months.

[maydna]

Somehow, I think that is great for bitcoin. At least, it really helps the adoption in the gambling industry, and that makes bitcoin to be known among the people. I think we will see more casinos will do the same thing, and if more casinos will do that, and they buy a big amount of bitcoin, that could help the price move. It is just an example of what happened in the gambling industry, and I guess that in other businesses, when the company follows to use bitcoin, that will make bitcoin more popular. No matter what, the casino will still get a profit because not many gamblers can win from their games. Even if the casino buys bitcoin in a lot of money, that will still profit because the casino can sell bitcoin again to fiat.

[Darker45]

I'm wondering if they are still making money and why they are out of supply of Bitcoin considering that there should be an inflow of Bitcoin since many gamblers are losing their money.

Correct me if I'm wrong but at least the excerpt of the article quoted in the OP does not say that gamblers are using Bitcoin in playing poker. They are making dollar deposits to the site and played with it but then demanded that the payouts be made in Bitcoin. So I guess there is no Bitcoin inflow and the site is earning in dollars and then use a portion of it to buy Bitcoin for their patrons' payouts.

I'm under the impression that this is a fiat based poker site, but what I don't understand if my assumptions is correct is that they allowed their patrons to withdraw in bitcoin as well? Doesn't make any sense if they allow don't allow bitcoin deposit but instead fiat only.

WPN is not a single site where players play poker. From the name itself, it is a network. So it is basically made up of several poker sites. Some of these sites are actually accepting Bitcoin deposits. I was wrong in my previous post. So not only are they offering Bitcoin option for the payout, at least 3 of them are also offering Bitcoin deposit option to their players.

I still think that they can still make revenues though, this is gambling, so if they can buy $100 millions worth of bitcoin every month they obviously their revenue is more than that.

Of course they are always making revenues. There is always a certain percentage or rake taken from the pot of each hand.

[Reatim]

So this Poker site is really mean business and making Money in Online gambling that Big?100million Dollars a month that's a Good amount considering that this is online though comparing to Roobet.com in which wagering 5 million dollars every 2 days still this is one good thing to help bitcoin into circulation.and more adaptation also.

But I'm not surprised that gamblers are preferring btc as payout instead of fiat because of the rising price of bitcoin. I even watch one youtube channel about a women showing her win in a traditional base casino and she blurted out that his winnings are going into bitcoin. LMAO.

i think it is not Only because the price of Bitcoin is increasing but because people now learn about what crypto is since the lockdown happens and people find option to use as trading tools aside from Fiat.

if all this are correct then we are really into adoption .

[Wexnident]

Didn't WPN just recently allow players to be paid using BTC just recently? Here's the discussion link about it
https://bitcointalk.org/index.php?topic=5291580.msg55637278#msg55637278

Considering that more than 95% are asking for it, I guess it's understandable that they'd buy $100m, or maybe even more worth of Bitcoin just to accommodate payments to players. This is basically still a profit for them anyhow, they're still basically earning money off of players, and with even more players joining in due to the entrance of crypto availability, you can expect that they'd actually be winning off of this in the long run. And as mentioned, most people are asking for it especially right now due to the bull run we're experiencing. It's like everyone that was waiting for this moment is now in steroids, and is basically infecting everyone else, new or old in the crypto scene.

[Lorence.xD]

This is crazy news because $100 Million could hardly move the markets, it's an amount who had an impact. And in another hand, this is a great promotion for the casino because a lot of users who want to avoid taxes on a big win will always prefer to get the payment on bitcoin. So, I hope to see more casinos doing the same move in the next months.

If this continues, government will sniff out this scheme and they will be forced to comply with it, especially European Union, they are comprised of many nations and the laws and regulation that they will pass on will be a problem for this online gambling websites. Considering that bitcoin is still a grey area for most countries, it is still not safe to say that it will be the best move.

[avikz]

Gambling businesses were the best supports of bitcoin during its initial days! Bitcoin survived its initial days because the online casinos supported them! It's great to see that traditional licensed casinos are also following the same line to keep their customers happy! However, a regulatory risk is also there because if a casino regulator thinks that such steps would only increase the risk of money laundering, they the casino might face a hard time because 100 million is not a very small amount. So there is a high chance that players of this casino are using this as a tool to hide their winnings from the government and reduce their tax burden. So while it sounds too good to be true, an extreme caution must be exercised.

[cryptomaniac_xxx]

This is crazy news because $100 Million could hardly move the markets, it's an amount who had an impact. And in another hand, this is a great promotion for the casino because a lot of users who want to avoid taxes on a big win will always prefer to get the payment on bitcoin. So, I hope to see more casinos doing the same move in the next months.

If this continues, government will sniff out this scheme and they will be forced to comply with it, especially European Union, they are comprised of many nations and the laws and regulation that they will pass on will be a problem for this online gambling websites. Considering that bitcoin is still a grey area for most countries, it is still not safe to say that it will be the best move.

Yes, and with their admittance that they are buying and continue to buy $100 millions of bitcoin as payment, I wouldn't be surprise if they have raised the alarm of regulatory body in EU and could be looking at them right now. Anyhow, this demand is very big and probably would put a dent on the price only they said they ave doing it thru OTC, nevertheless those gamblers opted for bitcoin might be holding on it.

[bitbollo]

impressive amount taken from only one company... paypal seems has a business around 10-15 million USD daily just for e.g.

however this news could be a sign for the future...
did you imagine if the same would applies even with classic sport bookmakers and online casino?
100 companies could seek on the market 10 billions USD in bitcoins each month! And this is only from gambling.
If the same would applies with other industries this would lead to the explosion of btc price in just few years.

[Juggy777]

This is crazy news because $100 Million could hardly move the markets, it's an amount who had an impact. And in another hand, this is a great promotion for the casino because a lot of users who want to avoid taxes on a big win will always prefer to get the payment on bitcoin. So, I hope to see more casinos doing the same move in the next months.

If this continues, government will sniff out this scheme and they will be forced to comply with it, especially European Union, they are comprised of many nations and the laws and regulation that they will pass on will be a problem for this online gambling websites. Considering that bitcoin is still a grey area for most countries, it is still not safe to say that it will be the best move.

Yes, and with their admittance that they are buying and continue to buy $100 millions of bitcoin as payment, I wouldn't be surprise if they have raised the alarm of regulatory body in EU and could be looking at them right now. Anyhow, this demand is very big and probably would put a dent on the price only they said they ave doing it thru OTC, nevertheless those gamblers opted for bitcoin might be holding on it.

@cryptomaniac I don’t expect them to run into any legal hurdles, because I believe that they would be buying bitcoins and showing it in their books and then paying the necessary taxes on it, therefore I don’t expect the government to interfere because they’ll be happy to earn additional taxes from them.

However if they’re not paying any taxes on Bitcoins, and intentionally keeping Bitcoin transactions off their books then yea, they’ll be in big trouble but since we don’t know how they manage their accounts all we can do is speculate, unless some more information comes to light about how they show bitcoins transactions in their books.

[adzino]

Not sure how this works if they have to keep on buying. Are they making any profit from it? I mean it's a fiat casino probably but allows users to withdraw using bitcoin. What if the casino buys a lot of bitcoin and then the price crashes? They will have to buy additional coins. The price of bitcoin wouldn't affect the players since they will receive the amount of coins based on the current btc value, so even if the price crashes they will receive more coins which means the casino will have to buy more coins to cover transaction.
But, its none of our business. The best thing is they are constantly buying which is good for the market and the price!

[imstillthebest]

they are said to be the largest but never heard of that poker site and i never saw that they make an ann or campaigns in this forum  and im the only one that avoid btc when playing gambling online ? im only nervous and what if my btc will be delayed because many people use btc now . its also regretful if you loose a btc and ill think that im loosing more after seeing the price of btc grew but its totally fine and acceptable if i win a btc    . as per the girl that win on a non btc casino , why dont she play on a btc based casino or she was only trying to promote btc , nice move .

[Reid]

Sadly, it was also posted 5 days ago.
Poker network now gives '95% of payouts’ in Bitcoin

As I also replied on that thread.
This might be all about tax evasion of players and not really about the adoption of bitcoin.
It's all because most of the players are located in the USA and the issue of online gambling legality.

[bitterguy28]

That's around 3 million dollars daily in bitcoin that has been accumulated in that poker site alone,so what more if every gambling areas will adopt Bitcoin (or any altcoins) so maybe the demand will increase more and the value will of course grow more.

This will favor both the gambling world and the cryptonians.

Sadly, it was also posted 5 days ago.
Poker network now gives '95% of payouts’ in Bitcoin

As I also replied on that thread.
This might be all about tax evasion of players and not really about the adoption of bitcoin.
It's all because most of the players are located in the USA and the issue of online gambling legality.

Well so it is,that majority of bettors are from US thats why the demand for bitcoin is that High.

[Finestream]

It's not something surprising, there's over $100 million of bitcoin moving in a daily basis in the market as we can see in CMC but there's bigger bitcoin trading which is OTC that gambling sites are using, I'm happy with this news, this will fall into the positive news for adoption.

In addition, we have seen an increasing number of crypto casinos in the market, and with this reality, it seems like casinos is one of the biggest contributor on the success of bitcoin and crypto as a whole.

[peter0425]

this will only happen for a couple of months and after that maybe this Poker site will circulate the enough amount of Bitcoin inside their company and they don't need to purchase another batch of million dollar worth of Bitcoin.

But for now let us treasure happy moments specially this bullishness that looks like repeating the situation back in 2017.

[yazher]

What every month? these guys are amazing they really are contributing to the crypto market and it's not just them, I think the other industries such as casino gambling also do this to continue to supply their players with bitcoin. so that they won't run out any of it if someone hits the jackpot.

[arwin100]

This is something new,

Demand for bitcoin payouts has been rising, particularly after the recent price rally. One of the largest 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, citing WPN CEO Phil Nagy.

Nagy explained that bitcoin is in so much demand that brokers are charging up to a 1.5% premium. He clarified that WPN does not hold onto bitcoin, adding that the cryptocurrency is converted into fiat currency as soon as possible.

He revealed that his platform does more than 60% of its transaction volume in bitcoin, totaling 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.

https://www.techtelegraph.co.uk/poker-site-buys-100-million-of-bitcoin-every-month-to-pay-players-in-btc/

But I'm not surprised that gamblers are preferring btc as payout instead of fiat because of the rising price of bitcoin. I even watch one youtube channel about a women showing her win in a traditional base casino and she blurted out that his winnings are going into bitcoin. LMAO.

Not only that since imagine how hassle to request a fiat withdrawal and some the casino ask for a KYC before the request will be filled that's why many will prefer the BTC option since it gives convenience.

Also provably the current price reached by bitcoin contributes the guts of the people to ask for bitcoins since for sure many aims to gain from the value if they spot a big change from the price once their btc credited to their personal wallets.

[iv4n]

And people wonder why btc is going up?! $100 millions every month! It's a rising demand! And crypto gambling is just one of the industries, add all others!

Looks like people from WPN are surprised that so many people wish to be paid in btc! Probably now they are thinking how to go full crypto, when over 90% of payouts are in btc! Well this only means one thing, we have a good direction! Bitcoin is spreading on all sides winning on all sides!

[davis196]

This is great news.People wanting to get paid via Bitcoin are "forcing" some companies to buy BTC,therefore helping for increasing the global demand for Bitcoins.A great way to boost Bitcoin adoption,indeed.
The crypto gambling industry is having a good time and this is the right moment for the crypto casinos to step up and "steal" some players out of the fiat online casinos(even though some of the fiat casinos are paying with BTC). 

[michellee]

I think that gamblers aware of the bitcoin news, and they want to have bitcoin to make another profit. That gives a good impact to the bitcoin because it will help bitcoin spread among the gamblers who use fiat, and they will know that bitcoin can be their investment and they will also have a chance to make another profit.

Yes, the adoption process will grow, especially if many gambling websites or gamblers are interested in bitcoin, and bitcoin will reach more people in real life. Sooner or later, the gambling website that uses fiat for the payment will try to integrate their payment system with bitcoin to attract more gamblers to use bitcoin.

And for the gambling website itself, they can make another profit if they can buy bitcoin at a low price and sell bitcoin at a high price. They will have the opportunity to benefit from bitcoin, besides paying their members using bitcoin.

[k@suy]

this will only happen for a couple of months and after that maybe this Poker site will circulate the enough amount of Bitcoin inside their company and they don't need to purchase another batch of million dollar worth of Bitcoin.

But for now let us treasure happy moments specially this bullishness that looks like repeating the situation back in 2017.

Probably a right justification on this, poker site buys $100 million of bitcoin every month but if they reach the right amount of bitcoin that will enough to circulate in their operation as a payout on their players maybe they would stop buying like that huge amount. But its nothing to worry about i guess since what they have purchased now benefits us seing that the bullish market make it again and ATH hopefully can make it to $20000 before year 2020 ends.

[Vishnu.Reang]

this will only happen for a couple of months and after that maybe this Poker site will circulate the enough amount of Bitcoin inside their company and they don't need to purchase another batch of million dollar worth of Bitcoin.

But for now let us treasure happy moments specially this bullishness that looks like repeating the situation back in 2017.

Even then, given the limited liquidity of Bitcoin, $100 million in a month is a very significant amount. As of now, it looks as if the excess supply has been removed from the cryptocurrency market. And this is what we need for the good health of the cryptocurrency. BTW, I don't agree with the last line of your post. The last thing we need is a bubble, such as the one we had in 2017.

[fortunecrypto]

But I'm not surprised that gamblers are preferring btc as payout instead of fiat because of the rising price of bitcoin. I even watch one youtube channel about a women showing her win in a traditional base casino and she blurted out that his winnings are going into bitcoin. LMAO.

$100 million is a huge amount and this contributes to the price increase that we are having right now, this is a good lead there are many more gambling companies similar to poker or other poker networks that will follow the lead, it has become a domino effect in every industry, and all that's happening is what contributes to the volume and price of Bitcoin.  

[Fundamentals Of]

Gamblers must have noticed how the price of Bitcoin is fast increasing that's why they prefer to get paid in Bitcoin rather than fiat. Fiat's value is stable or even diminishing so that makes Bitcoin the preferable option. Instead of these gamblers looking for ways to convert their winnings to Bitcoin, they just requested from the site that they are to be paid in Bitcoin. In that way they are saving fees, effort, time, etc.

Gambling is consistently contributing to the growth of Bitcoin.

[Sebas.tian]

  they are simply trying to evade taxes from the government becasue there are no inflow of Bitcoin to that online casinos in question but only outflow whenever gamblers wanted to cash-out their winnings. This will help those winners because they won't get involve with the government policies on TAX. Hope to see more gambling casinos with such huge demands of Bitcoin outflow for paymen.

[HaXX0R1337]

But I'm not surprised that gamblers are preferring btc as payout instead of fiat because of the rising price of bitcoin. I even watch one youtube channel about a women showing her win in a traditional base casino and she blurted out that his winnings are going into bitcoin. LMAO.

Purchasing $100 million worth of bitcoin every month to pay their customers i awesome and it is a regular business that is not going to stop, the market is in such a good stage as really huge investment are coming in from different directions and i wished all of the fiat based casino come up with the same option.

[Chrystora123]

snip..

I feel this is a domino effect from the bullish price of Bitcoin and also from Paypal which accepts cryptocurrency.  people are now starting to see Bitcoin as an "asset", this is the reason why players are better off making withdrawals with Bitcoin than Fiat.  going forward we will see more and more traditional casinos starting to accept Bitcoin / Altcoins as an option of depositing and withdrawing funds on their gambling or casino sites..

[kryptqnick]

And people wonder why btc is going up?! $100 millions every month! It's a rising demand! And crypto gambling is just one of the industries, add all others!

Looks like people from WPN are surprised that so many people wish to be paid in btc! Probably now they are thinking how to go full crypto, when over 90% of payouts are in btc! Well this only means one thing, we have a good direction! Bitcoin is spreading on all sides winning on all sides!

It's good news and it's a pretty big sum, but this alone is definitely not enough to pump the price up that much. There've been other similar cases showing the boost of Bitcoin adoption, but it might not be the general tendency. It's just some nice events, but there's a lot more work that needs to be done till Bitcoin can be actually adopted. But I think that the price is mainly triggered by FOMO, and the price will go down once again, just like in 2018... I "brace for impact", so to speak, expecting the price to go as far as $6k (although I hope it doesn't get to that).

[Vishnu.Reang]

they are simply trying to evade taxes from the government becasue there are no inflow of Bitcoin to that online casinos in question but only outflow whenever gamblers wanted to cash-out their winnings. This will help those winners because they won't get involve with the government policies on TAX. Hope to see more gambling casinos with such huge demands of Bitcoin outflow for paymen.

This is not very practical, unless the tax department is comprised of retarded people. Each and every casino (either physical or online) are required to provide the details of deposits and withdrawals made by their users (and this is applicable to transactions that were made in formats other than cash - such as gift cards, Bitcoin and promotional credits).

[Oceat]

this will only happen for a couple of months and after that maybe this Poker site will circulate the enough amount of Bitcoin inside their company and they don't need to purchase another batch of million dollar worth of Bitcoin.

But for now let us treasure happy moments specially this bullishness that looks like repeating the situation back in 2017.

For a moment I think that it would last for a couple of months or so, but the article is saying they were buying every month and the demand is increasing because Bitcoin is increasing too. I think this is one of the reasons why Bitcoin is almost unstoppable for growing like crazy in just a week. The bullish trend of Bitcoin is actually helping itself to even grow more because more and more people will throw more money for it when it's convenient especially to this trend.

[Fredomago]

For a moment I think that it would last for a couple of months or so, but the article is saying they were buying every month and the demand is increasing because Bitcoin is increasing too.

The demand coming from their clients are keeps on increasing that's why they needed to comply, the needs of buying in a monthly basis also take effects to the entire market. The more users the more demands good fact.

I think this is one of the reasons why Bitcoin is almost unstoppable for growing like crazy in just a week.

After effects that will continuously happened as there are lots of gamblers who are asking for it, institutional businesses needs to adopt
and it will affect the entire chain.

The bullish trend of Bitcoin is actually helping itself to even grow more because more and more people will throw more money for it when it's convenient especially to this trend.

More people likes to rides up and with that more money to expect being invested to this market, more increase in terms of demands and value.

[Ryker1]

Well, I am not 100% convinced on this because if WPN accepts bitcoin deposit from their players then they should have bitcoins in their bank, -- but as per the news they still need to buy another $100 million worth of bitcoins every month just for the payout of their winners. And where does the bitcoin deposits being spent or it would also be added on top of the $100 million bitcoins that regularly purchase on a monthly basis then that means their operation regulates a huge amount of money? Their profit could be a million dollars too. I don't buy this news as this could be just another form of advertisement and they only want to attract more players because they are claiming in public their capability in making their players win a huge amount up to a million dollars.

[arallmuus]

Well, I am not 100% convinced on this because if WPN accepts bitcoin deposit from their players then they should have bitcoins in their bank, -- but as per the news they still need to buy another $100 million worth of bitcoins every month just for the payout of their winners.

I dont know what 3rd party payment system that WPN uses but most poker site that allow crypto deposit dont actually store the crypto but instead they use a 3rd party payment system such as coinpayments.net. This makes things easier for  both side because all you need to do is to deposit your crypto and it will be converted into USD automatically

Even if WPN store those crypto, the amount of people that deposit using cryptocurrency is probably niche compared to the people that want cryptocurrency for their withdrawal.

[Yamifoud]

They are anticipating the future huge market demand, in fact, they started to feel it this time since most of their players are asking for it. I could think also that the other sites respond to the current market demand and I see this away to a massive adoption with crypto with the help of the pandemic and as well as the increased numbers of gambling sites.

If this will continue, that seems possible to see that Bitcoin price will keep on the higher position than seeing it dumps deep. probably one factor that we are almost reaching back to $20k.

[Lanatsa]

It's not something surprising, there's over $100 million of bitcoin moving in a daily basis in the market as we can see in CMC but there's bigger bitcoin trading which is OTC that gambling sites are using, I'm happy with this news, this will fall into the positive news for adoption.

In addition, we have seen an increasing number of crypto casinos in the market, and with this reality, it seems like casinos is one of the biggest contributor on the success of bitcoin and crypto as a whole.

Always been good to look at these kind of events or news of adoption where it do really contribute positively into this entire market.

These OTC transactions is excluded into those numbers that we do see on exchangers which is really a great thing.We are now

getting some recognition and in future years ahead, there's no surprise if other industries will join up the bandwagon as well.
This is really a positive sign that cryptocurrency or bitcoin itself does really have that potential.

[TopT3ns]

They are anticipating the future huge market demand, in fact, they started to feel it this time since most of their players are asking for it. I could think also that the other sites respond to the current market demand and I see this away to a massive adoption with crypto with the help of the pandemic and as well as the increased numbers of gambling sites.

If this will continue, that seems possible to see that Bitcoin price will keep on the higher position than seeing it dumps deep. probably one factor that we are almost reaching back to $20k.

I think what you are saying about anticipating demand that is too high is true maybe the gambling place does that, but on the side of the volatile bitcoin price movement it will make us gambling places a loss if bitcoin falls to cheap prices because it has already bought to stock at the gambling place The prices are high, and I firmly believe only a few large gambling establishments are willing to take this kind of action.

[Boov]

This is something new,

Demand for bitcoin payouts has been rising, particularly after the recent price rally. One of the largest 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, citing WPN CEO Phil Nagy.

Nagy explained that bitcoin is in so much demand that brokers are charging up to a 1.5% premium. He clarified that WPN does not hold onto bitcoin, adding that the cryptocurrency is converted into fiat currency as soon as possible.

He revealed that his platform does more than 60% of its transaction volume in bitcoin, totaling 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.

https://www.techtelegraph.co.uk/poker-site-buys-100-million-of-bitcoin-every-month-to-pay-players-in-btc/

But I'm not surprised that gamblers are preferring btc as payout instead of fiat because of the rising price of bitcoin. I even watch one youtube channel about a women showing her win in a traditional base casino and she blurted out that his winnings are going into bitcoin. LMAO.

Don't be surprised mate, that their own ways to increase btc holdings and the biggest potential is to deal with gambling. Expert gamblers always using this strategies, most of them were now turning millionaires despite of the health crisis that were facing. They're more richer than youtube vloggers, because of their anonymous being who gambles huge money not only with gambling but for trading cryptocurrencies.

[magneto]

This means a lot for bitcoin as a transaction processor but not really much for BTC as an investment.

I suspect that a lot of these people who are looking to cash out to BTC are simply doing so for anonymity and privacy later. They could and probably are going to cash it out on the OTC/P2P markets as soon as they get the funds. Even the investors are probably only in the market for the short term to "gamble" on market movements.

So don't expect for the poker industry to be a huge long term source of demand for BTC. If people are not using cashouts for long term investment or actual adoption, it doesn't really matter.

[ene1980]

This means a lot for bitcoin as a transaction processor but not really much for BTC as an investment.

I suspect that a lot of these people who are looking to cash out to BTC are simply doing so for anonymity and privacy later. They could and probably are going to cash it out on the OTC/P2P markets as soon as they get the funds. Even the investors are probably only in the market for the short term to "gamble" on market movements.

Even if we assume that what you said is true there is a lot of coins that are purchased on a monthly basis and that is not a small volume, not sure whether the said site is having mandatory verification as most of the fiat based sites are really strict on that aspect.

So don't expect for the poker industry to be a huge long term source of demand for BTC. If people are not using cashouts for long term investment or actual adoption, it doesn't really matter.

Since the amount here is $100 million it matters, the volume is a huge factor and this is another form of adoption and you cannot expect everyone to invest in bitcoin and say HODL for the next decade:D.

[pilosopotasyo]

They are anticipating the future huge market demand, in fact, they started to feel it this time since most of their players are asking for it. I could think also that the other sites respond to the current market demand and I see this away to a massive adoption with crypto with the help of the pandemic and as well as the increased numbers of gambling sites.

If this will continue, that seems possible to see that Bitcoin price will keep on the higher position than seeing it dumps deep. probably one factor that we are almost reaching back to $20k.

I can think of two reasons why the price is moving up, the PayPal news and and this news, $100 million is a big amount just enough to make a pump in the market, I hope this will continue for a long time and many more sites related to Poker will do the same, imagine if there are 10 or similar sites that rewards their players and employees with Bitcoin, it's going to move Bitcoin price to the moon.

[Reatim]

They are anticipating the future huge market demand, in fact, they started to feel it this time since most of their players are asking for it. I could think also that the other sites respond to the current market demand and I see this away to a massive adoption with crypto with the help of the pandemic and as well as the increased numbers of gambling sites.

Well what about now that the price of Bitcoin is falling Hope this won't affect the  business as the players are mostly from US and i think they are Bagging BTC for the coming Bull.

If this will continue, that seems possible to see that Bitcoin price will keep on the higher position than seeing it dumps deep. probably one factor that we are almost reaching back to $20k.

100 million dollars in BTC per month is not that big contribution to the market But of course it counts because combining many gambling sites that will follow this action is really a good for us all.

[Ucy]

I guess the poker site has option to cash out (or pay customers) in multiple currencies and it seems many more of their customers recently started demanding to cash out in Bitcoin due to the price rally... so the site has to buy lots of bitcoins to meet customers demands. That is very interesting.

[Rodeo02]

I guess the poker site has option to cash out (or pay customers) in multiple currencies and it seems many more of their customers recently started demanding to cash out in Bitcoin due to the price rally... so the site has to buy lots of bitcoins to meet customers demands. That is very interesting.

That's also good sign for investors since many requested to have it in BTC means many new holder is now building their portfolio and make Bitcoin as one of their investment. Other reason is to hide it to other people so they will never know that he wins a lot if they don't see it in her hand after winning .

[santiPOGI]

What a huge amount dude, 100$ actually was a very large amount of money just for the players only. That means the site poker was really earned a big amount of money in it. This shows also that a lot people now all over the places in the world knows the game of Poker anyway, it's one of the popular games in nowadays in online or land based gambling site too.

[leea-1334]

Strange though,,, I thought bookies only pay out in the same currency that players deposit in, so would you not only be paying out Bitcoin from deposits? And since most casinos should be making their profits in deposits accepted, they should not be buying more BTC to pay out.

Or am I missing something in the picture here?

[GrinZ]

The use of bitcoin and cryptocurrencies in casinos is getting more widespread and as the gambling industry is a growing industry, I am not surprised by the amount spoken

[Mauser]

Strange though,,, I thought bookies only pay out in the same currency that players deposit in, so would you not only be paying out Bitcoin from deposits? And since most casinos should be making their profits in deposits accepted, they should not be buying more BTC to pay out.

Or am I missing something in the picture here?

No, the casinos I gamble on don't care about the currency you withdraw
The site is run on USD, so all currency deposit are converted to USD when you sign up. And your balance is also always in USD. As for the withdrawal the casino is just buying at the current market rate the bitcoin and transfer it. There is no risk die the casino since they don't hold the currencies over a longer period of time.

I am actually doing the same for a few months now. I deposit with fiat currency and withdraw in cryptos.

[coin-investor]

If they strongly believe that the price of Bitcoin will skyrocket, they will still buy Bitcoin even if the price of Bitcoin is dropping or moving up, right now this is the best time to buy Bitcoin again because it's now down 10% and could even go lower.
I believe companies and institutions will finally come and be part of the market and this will trigger the price to go to the moon, but I'm not expecting it to go $50k right away.

[Renampun]

What a huge amount dude, 100$ actually was a very large amount of money just for the players only. That means the site poker was really earned a big amount of money in it. This shows also that a lot people now all over the places in the world knows the game of Poker anyway, it's one of the popular games in nowadays in online or land based gambling site too.

$ 100 million dude, not $ 100...
gamblers who withdraw with Bitcoin are sure to hope to make a profit because Bitcoin is bullish but the current market correction must be very painful for them. btw, poker is a type of gambling that is very popular because playing with skill and experience is not just luck.

[wiss19]

Sounds good but how they are managing is really simple because the article mentioned that "WPN does not hold onto bitcoin, adding that the cryptocurrency is converted into fiat currency as soon as possible." which is the right way for them to do it.

It is also mentioned that 95% players are demanding payments in Bitccoin which is actually massive given there are other payment options too but because of the price hike recently or maybe for anonymity I don't know but 95% is really big.

One thing that was cool is that players can deposit with USD and withdraw with BTC because at most sites you can only withdraw what you deposited.

[Ryker1]

Well, this is a WPN network that manages different gambling sites and it may not be impossible if they purchased a large number of bitcoins for the payout of their winners but considering $100 million worth of bitcoin is somehow unbelievable to me. If WPN also accepts bitcoin deposits from their players as payment then it should not be that huge amount of bitcoin for they should rather use first the payment that came from their players before purchasing bitcoin outside, which will cost them another transaction fee but if they really do, -- that means they are paying more than a $100 million bitcoins as a total prize for their winners. I will just consider this as an advertisement that aims to entice gamblers to play in their sites for they publicize how huge they are paying their winners every month and they barely knew that most bitcoin enthusiasts play gambling and this is their way to attract us to join in their platforms.

[kayvie]

Strange though,,, I thought bookies only pay out in the same currency that players deposit in, so would you not only be paying out Bitcoin from deposits? And since most casinos should be making their profits in deposits accepted, they should not be buying more BTC to pay out.

Or am I missing something in the picture here?

It depends on the casino that you are playing. There are websites the same as OP posted, that offer their players to choose the currency they want for their payout. And yes, casinos should be making their profits from the deposits so they shouldn't buy BTC for payout, however, as per the article, gamblers are depositing using dollar deposits and choosing bitcoin when they withdraw.

[arwin100]

Strange though,,, I thought bookies only pay out in the same currency that players deposit in, so would you not only be paying out Bitcoin from deposits? And since most casinos should be making their profits in deposits accepted, they should not be buying more BTC to pay out.

Or am I missing something in the picture here?

It depends on the casino that you are playing. There are websites the same as OP posted, that offer their players to choose the currency they want for their payout. And yes, casinos should be making their profits from the deposits so they shouldn't but BTC for payout, however, as per the article, gamblers are depositing using dollar deposits and choosing bitcoin when they withdraw.

Maybe this thing only applicable on casino's who newly shift on bitcoins that's why this buying thing always happened to them and I don't get surprise from this actually since I think this really happened especially when there winners hit the jackpot prize in some certain instance.

[angrybirdy]

-

-

Maybe this thing only applicable on casino's who newly shift on bitcoins that's why this buying thing always happened to them and I don't get surprise from this actually since I think this really happened especially when there winners hit the jackpot prize in some certain instance.

This is the possible scenario in this. The said casino might be started by accepting fiat deposits and previously start to accept bitcoin to gather more players. And since they started by accepting fiat, they don't remove that option and continue to accept it.

[coinlocket$]

Never eared about this poker network ever.
Created in 2019, no testimonial players. Never seen in an Event.

This will be a thing when Pokerstars or someone else like Partypoker/888 will do the same thing, these networks.


The poker rooms UI reminds me a lot of the dead FullTiltPoker.. 

[TedMosby]

I wonder how a gambling website that accepts crypto can manage the cash flow.
because, they bought crypto for players' withdrawal, but when the market is crashing like now, they need to pay more in crypto.
even when the market is steady, there are always players that want to withdraw their money when the crypto price is down a little to get more in crypto.
yeah, I am one of those players.

[AliMan]

Strange though,,, I thought bookies only pay out in the same currency that players deposit in, so would you not only be paying out Bitcoin from deposits? And since most casinos should be making their profits in deposits accepted, they should not be buying more BTC to pay out.

Or am I missing something in the picture here?

It depends on the casino that you are playing. There are websites the same as OP posted, that offer their players to choose the currency they want for their payout. And yes, casinos should be making their profits from the deposits so they shouldn't but BTC for payout, however, as per the article, gamblers are depositing using dollar deposits and choosing bitcoin when they withdraw.

Maybe this thing only applicable on casino's who newly shift on bitcoins that's why this buying thing always happened to them and I don't get surprise from this actually since I think this really happened especially when there winners hit the jackpot prize in some certain instance.

Nothing to be surprised with because gamblers had their options to choose, and I believed bitcoin nowadays is more dominant particular on several countries who really patronized digital currency. The real reason behind why most people prefers btc is that they can store it as an asset, it can be tradable when they want to divert their money aside from gambling. Potential growth is there of their btc holdings.

[livingfree]

I wonder how a gambling website that accepts crypto can manage the cash flow.
because, they bought crypto for players' withdrawal, but when the market is crashing like now, they need to pay more in crypto.
even when the market is steady, there are always players that want to withdraw their money when the crypto price is down a little to get more in crypto.
yeah, I am one of those players.

They have an allocated budget for it.

They won't just get in without having this scene on their mind. I'm sure that they have anticipated when the market is down or up, it's probably have been done through conducting simulations and test what will be the company's status and stand if something like this happens.

It's a matter of business and planning and they have set it on and have foreseen each situation even the uncaught ones to have a called action for it.

[jrrsparkles]

I wonder how a gambling website that accepts crypto can manage the cash flow.
because, they bought crypto for players' withdrawal, but when the market is crashing like now, they need to pay more in crypto.
even when the market is steady, there are always players that want to withdraw their money when the crypto price is down a little to get more in crypto.
yeah, I am one of those players.

They accept Bitcoin,they allow bets in bitcoin and they allows players to withdraw them in bitcoin then why they need to worry about the price increase interms of fiat value which is never going to get stable anyway.

[bonjouros]

https://www.techtelegraph.co.uk/poker-site-buys-100-million-of-bitcoin-every-month-to-pay-players-in-btc/

But I'm not surprised that gamblers are preferring btc as payout instead of fiat because of the rising price of bitcoin. I even watch one youtube channel about a women showing her win in a traditional base casino and she blurted out that his winnings are going into bitcoin. LMAO.

This only means that there are many players in their platform that prefers bitcoin cashouts because of the recent rally of bitcoin price, maybe they are hoping that their money will increase after they receive their cashouts.

But I am pretty impress that their volume is pretty huge, $100 million a month is quite huge knowing that it is only 60% of it's transaction. But I am pretty sure that this cashouts are now declining because the bitcoin price is starting to decrease now from $19k to almost $16k as of this moment.

[TedMosby]

They have an allocated budget for it.

They won't just get in without having this scene on their mind. I'm sure that they have anticipated when the market is down or up, it's probably have been done through conducting simulations and test what will be the company's status and stand if something like this happens.

It's a matter of business and planning and they have set it on and have foreseen each situation even the uncaught ones to have a called action for it.

yeah, I do believe everything is well calculated on their side. I just wondering how.

They accept Bitcoin,they allow bets in bitcoin and they allows players to withdraw them in bitcoin then why they need to worry about the price increase interms of fiat value which is never going to get stable anyway.

some gambling websites accept crypto as a payment method for deposit and withdrawal only.
they convert our crypto into fiat, we bet with fiat on their website.

for example:

1 BTC= 10 USD.
when we deposit 1 bitcoin, our account will be credited with 10 USD.

after a while, 1 BTC = 5 USD
when we withdraw that 10 USD, it will become 2 BTC.
the gambling site needs to send us more bitcoin.
CMIIW.

[daarul50]

Never eared about this poker network ever.
Created in 2019, no testimonial players. Never seen in an Event.

This will be a thing when Pokerstars or someone else like Partypoker/888 will do the same thing, these networks.


The poker rooms UI reminds me a lot of the dead FullTiltPoker.. 

That is gonna be the end of the world lol
Pokerstars had a very large community and i personally cannot imagine if this happened, i mean the demand will explode and push the price even higher.
They are accepting bitcoin via netteler so far , but it is a dream to see pokerstars jump into the crypto business. Make it happen someone please.
Could be 10 billion, 100 billion worth of bitcoin monthly to pay its player at pokerstars.

[FontSeli]

This is something new,

https://www.techtelegraph.co.uk/poker-site-buys-100-million-of-bitcoin-every-month-to-pay-players-in-btc/

But I'm not surprised that gamblers are preferring btc as payout instead of fiat because of the rising price of bitcoin. I even watch one youtube channel about a women showing her win in a traditional base casino and she blurted out that his winnings are going into bitcoin. LMAO.

This situation reminds me of a legal loophole to buy bitcoins using a poker site. Perhaps there are very favorable conditions for the purchase of bitcoins, so people can place their deposit on the site, play a few games and request a deposit withdrawal in bitcoins. Didn't you think so?

[Oshosondy]

This situation reminds me of a legal loophole to buy bitcoins using a poker site. Perhaps there are very favorable conditions for the purchase of bitcoins, so people can place their deposit on the site, play a few games and request a deposit withdrawal in bitcoins. Didn't you think so?

Did you mean depositing using fiats? That will be also included in some companies gambling sites in which you will be able to purchase bitcoin with fiat but it will only be good for people that are not concerned with privacy. I still like to make use of p2p ways and also noncustodial exchanges for bitcoin purchase. But if you are not privacy concerned, using credit card that the gambling site support is good. But as for me I prefer to deposit into the site directly using bitcoin or altcoin like ethereum and litecoin.

[Kelvinid]

I wonder how a gambling website that accepts crypto can manage the cash flow.
because, they bought crypto for players' withdrawal, but when the market is crashing like now, they need to pay more in crypto.
even when the market is steady, there are always players that want to withdraw their money when the crypto price is down a little to get more in crypto.
yeah, I am one of those players.

They have an allocated budget for it.

They won't just get in without having this scene on their mind. I'm sure that they have anticipated when the market is down or up, it's probably have been done through conducting simulations and test what will be the company's status and stand if something like this happens.

It's a matter of business and planning and they have set it on and have foreseen each situation even the uncaught ones to have a called action for it.

If we are into business or any business platforms, anticipating the coming events is very important to get prepared for. The owner/s of this site is doing a thing that might give them help in the future in preparation for the huge crypto adoption. They are accepting Bitcoin and to prove that they can pay their players if someone could win the jackpot, people could see also that they are holding a lot of Bitcoin in their wallet.

I didn't find it wrong with this action and this is a strategical way of anticipating the incoming. But what most gamblers are asking for is to see the transparency of the site.

[jaberwock]

What every month? these guys are amazing they really are contributing to the crypto market and it's not just them, I think the other industries such as casino gambling also do this to continue to supply their players with bitcoin. so that they won't run out any of it if someone hits the jackpot.

I would really wish this same feature was implemented on other casinos and sportsbooks too because like sportsbet.io is great but if I deposit via skrill then I can only make withdrawals in skrill and I wanted to buy bitcoins and withdraw for the same amount but it was not possible. I would urge other casinos to please also use these kind of services and you might charge the appropriate fees for the services.

people wonder why btc is going up?! $100 millions every month! It's a rising demand! And crypto gambling is just one of the industries, add all others!

Gambling is actually one of the biggest contributors for crypto volume if not the biggest contributor and I believe more than 50% transactions that happen in crypto comes from gambling or exchanges.

[FontSeli]

This situation reminds me of a legal loophole to buy bitcoins using a poker site. Perhaps there are very favorable conditions for the purchase of bitcoins, so people can place their deposit on the site, play a few games and request a deposit withdrawal in bitcoins. Didn't you think so?

Did you mean depositing using fiats? That will be also included in some companies gambling sites in which you will be able to purchase bitcoin with fiat but it will only be good for people that are not concerned with privacy. I still like to make use of p2p ways and also noncustodial exchanges for bitcoin purchase. But if you are not privacy concerned, using credit card that the gambling site support is good. But as for me I prefer to deposit into the site directly using bitcoin or altcoin like ethereum and litecoin.

What kind of privacy are you talking about? Most people in the crypto market pass KYC when investing in various projects or when trading on exchanges. So in this case, privacy is the last thing they care about. For them, a reliable platform for buying bitcoins is most likely important, and they found such a platform on a poker site.

[aioc]

If they are going to do this in a long haul then this is the best time to increase their purchase or acquiring of Bitcoin, the price has gone down 11% if they just set up a specific price in buying Bitcoin they are not going to save money, they should increase every time there is a dip, because in the future poker players will continue to ask for Bitcoin as payment and many poker player will likely participate because of Bitcoin payout.

[ReiMomo]

Despite a fact that the news is hard to believe, but somehow it could still bring a positive impact to bitcoins global adoption for more people will get intrigued about what is bitcoin and its value in the gambling world. Even those people who don't use bitcoins yet, but because of the enticing prize that WPN reported then these gamblers will be attracted and begin to adopt bitcoin.

With the huge amount of bitcoins that WPN publicizes as their winning prize every month, this can attract gamblers including those who don't have bitcoins to play in their sites and win at least a fraction of it and become new bitcoin investors, since the $100 million signifies that they are better in making their players win compare to other gambling sites.

[Saint-loup]

Despite a fact that the news is hard to believe, but somehow it could still bring a positive impact to bitcoins global adoption for more people will get intrigued about what is bitcoin and its value in the gambling world. Even those people who don't use bitcoins yet, but because of the enticing prize that WPN reported then these gamblers will be attracted and begin to adopt bitcoin.

With the huge amount of bitcoins that WPN publicizes as their winning prize every month, this can attract gamblers including those who don't have bitcoins to play in their sites and win at least a fraction of it and become new bitcoin investors, since the $100 million signifies that they are better in making their players win compare to other gambling sites.

It's not really hard to believe in fact, Bitcoin has been related to Poker and gambling since almost its beginning and many traders are former poker players. I don't know why but it's a fact. Maybe it's because Bitcoin is like a big gambling game or maybe it's because gamblers are accustomed to tokens, I don't know.

[Ryker1]

Despite a fact that the news is hard to believe, but somehow it could still bring a positive impact to bitcoins global adoption for more people will get intrigued about what is bitcoin and its value in the gambling world. Even those people who don't use bitcoins yet, but because of the enticing prize that WPN reported then these gamblers will be attracted and begin to adopt bitcoin.

Well, I believe that it is only an advertisement that aims to attract more players especially those from the bitcoin community. They intend to announce this publicly which they can do ^{[hitting two birds with one stone]}. First, -- people would know that aside from the fact gamblers who have bitcoins and will play on their poker sites may grow their bitcoin asset if they win in WPN. Second, -- they wanted everyone to know that they are gallant when it comes to prizes and they often make their players a winner. If WPN accepts bitcoin deposit as payment then it will be added on top of the $100 million worth of bitcoin because perhaps they would rather use the bitcoins that they gathered as payment first, before buying outside that will make it more than a $100 million of BTC prize every month.

[acroman08]

This is something new,
-snip

https://www.techtelegraph.co.uk/poker-site-buys-100-million-of-bitcoin-every-month-to-pay-players-in-btc/

But I'm not surprised that gamblers are preferring btc as payout instead of fiat because of the rising price of bitcoin. I even watch one youtube channel about a women showing her win in a traditional base casino and she blurted out that his winnings are going into bitcoin. LMAO.

although I kind of expected that they would be buying millions worth of bitcoin I never expected it to be that much. and yeah, the gamblers are taking the advantage with the rise of bitcoin and it is smart of them to do that.

anyway, do you have a link for the vid?

I'm wondering if they are still making money and why they are out of supply of Bitcoin considering that there should be an inflow of Bitcoin since many gamblers are losing their money.

Correct me if I'm wrong but at least the excerpt of the article quoted in the OP does not say that gamblers are using Bitcoin in playing poker. They are making dollar deposits to the site and played with it but then demanded that the payouts be made in Bitcoin. So I guess there is no Bitcoin inflow and the site is earning in dollars and then use a portion of it to buy Bitcoin for their patrons' payouts.

I'm under the impression that this is a fiat based poker site, but what I don't understand if my assumptions is correct is that they allowed their patrons to withdraw in bitcoin as well? Doesn't make any sense if they allow don't allow bitcoin deposit but instead fiat only.

I still think that they can still make revenues though, this is gambling, so if they can buy $100 millions worth of bitcoin every month they obviously their revenue is more than that.

according to the article, I've read, the poker site has been supporting several cryptocurrencies since 2014 and they are accepting bitcoin since then. so yeah, they can allow the gamblers to withdraw in bitcoin.

anyway, if anyone is interested here's the full article reported by Bloomberg regarding WPN(winning poker network).
https://www.bloomberg.com/news/articles/2020-11-19/poker-players-are-enhancing-winning-by-cashing-out-in-bitcoin

[Hippocrypto]

If they are going to do this in a long haul then this is the best time to increase their purchase or acquiring of Bitcoin, the price has gone down 11% if they just set up a specific price in buying Bitcoin they are not going to save money, they should increase every time there is a dip, because in the future poker players will continue to ask for Bitcoin as payment and many poker player will likely participate because of Bitcoin payout.

This is most exciting since bitcoin had gone so high several days ago, and that's expected that demand will soon arise rapidly. Poker players seen a good opportunity for this while there's a fluctuation of btc price, they're not just playing to gamble but also trading at the same time. If they continue to patronize bitcoin as their mode of payment, that's really a good factor to strengthen bitcoin price momentum.

[just_Alice]

Despite a fact that the news is hard to believe, but somehow it could still bring a positive impact to bitcoins global adoption for more people will get intrigued about what is bitcoin and its value in the gambling world. Even those people who don't use bitcoins yet, but because of the enticing prize that WPN reported then these gamblers will be attracted and begin to adopt bitcoin.

Well, I believe that it is only an advertisement that aims to attract more players especially those from the bitcoin community. They intend to announce this publicly which they can do ^{[hitting two birds with one stone]}. First, -- people would know that aside from the fact gamblers who have bitcoins and will play on their poker sites may grow their bitcoin asset if they win in WPN. Second, -- they wanted everyone to know that they are gallant when it comes to prizes and they often make their players a winner. If WPN accepts bitcoin deposit as payment then it will be added on top of the $100 million worth of bitcoin because perhaps they would rather use the bitcoins that they gathered as payment first, before buying outside that will make it more than a $100 million of BTC prize every month.

You're probably right about the advertisement, however, it doesn't mean that this news isn't true. First of all, I think they wouldn't mind acquiring btc themselves, considering its rapid growth, as it might attract new customers. Second of all, it says in the article that

people are asking for bitcoin

and where there's a demand for something on the market - there will always be a competition, so if WPN doesn't comply with the wishes of customers - there's a possibility that many of them will switch to another network, which allows deposits and withdrawals in bitcoin.

[shoreno]

Despite a fact that the news is hard to believe but because of the enticing prize that WPN reported then these gamblers will be attracted and begin to adopt bitcoin.

Well, I believe that it is only an advertisement that aims to attract more players especially those from the bitcoin community.  they wanted everyone to know that they are gallant when it comes to prizes and they often make their players a winner. If WPN accepts bitcoin deposit as payment then it will be added on top of the $100 million worth of bitcoin because perhaps they would rather use the bitcoins that they gathered as payment first, before buying outside that will make it more than a $100 million of BTC prize every month.

that 100m dollar worth of btc they are talking about is not a prize for thier site but they use it to pay their costumers . its not an advertisement and it was also legit because the gambling site is one of the biggest .

thats why its normal to have a payment like that because of the number of thier users that use a btc . the pandemic and the pump of btc price makes online gambling more a hit . for the prize , prizes depend on the players ability to bet but 100m usd is too much for a single prize and probably wont be allowed due to sites max bet limit

[Salauddin1994]

It usually depends on the demand of the projects how many million bitcoins are bought to pay the players as the demand increases, the number of players will increase and the amount of rewards will increase the attraction of the players. When the prize money is high the number of players increases and the players are not afraid to make deposits being associated with btc allows in all cases and is very convenient in terms of payment the increase in btc price doubles the demand for bets.

[Vishnu.Reang]

It usually depends on the demand of the projects how many million bitcoins are bought to pay the players as the demand increases, the number of players will increase and the amount of rewards will increase the attraction of the players. When the prize money is high the number of players increases and the players are not afraid to make deposits being associated with btc allows in all cases and is very convenient in terms of payment the increase in btc price doubles the demand for bets.

My only concern is the transaction fee. Right now, the fee is at moderate levels. But what if it increases to $10-$20 level? That would make Bitcoins unsuitable for smaller payments. I am sure that most of the gamblers would like medium-sized payments of Bitcoin (typically under $100). If the fee increases by a lot, then such payments will become unviable.

[STT]

One site alone wont mean much but the overall rising usage and recognise utility to BTC over populations world wide would be very bullish if a rising trend.   Thats always what I hope to see, not speculators so much but people who will use BTC overall as a token worth with use that dollar doesn't have, because of its greater range and ease around the world especially online would be a fair point.    I believe this phenomena goes in waves though because we can trend down in price as well as up and theres a lower popularity with a price that winds back down as it must every now and again.

[kotajikikox]

It usually depends on the demand of the projects how many million bitcoins are bought to pay the players as the demand increases, the number of players will increase and the amount of rewards will increase the attraction of the players.

What Project?this is s Poker Site and meaning a Gambling site,Like what we are mostly do here.we are playing Using our cryptocurrency but About OP the demand for Bitcoin is really increasing and only Few are asking for Fiat and other altcoins.

When the prize money is high the number of players increases and the players are not afraid to make deposits being associated with btc allows in all cases and is very convenient in terms of payment the increase in btc price doubles the demand for bets.

In gambling it is 1 Bitcoin is 1 Bitcoin meaning no matter what currency we use and how much the value still that is Crypto that you are using.

Though some gamblers are affected when the Value grows High while others like Me care nothing .

[jrrsparkles]

They accept Bitcoin,they allow bets in bitcoin and they allows players to withdraw them in bitcoin then why they need to worry about the price increase interms of fiat value which is never going to get stable anyway.

some gambling websites accept crypto as a payment method for deposit and withdrawal only.
they convert our crypto into fiat, we bet with fiat on their website.

for example:

1 BTC= 10 USD.
when we deposit 1 bitcoin, our account will be credited with 10 USD.

after a while, 1 BTC = 5 USD
when we withdraw that 10 USD, it will become 2 BTC.
the gambling site needs to send us more bitcoin.
CMIIW.

Only few gambling sites are doing such practices well if any gambling site is paying more bitcoins than their earnings then they are going towards the loss so those purchase could be for investment purposes or something similar for the casinos benefits.

[Alucard1]

This is a good move for the crypto world community, using bitcoin and altcoins in gambling is positive things for bitcoin because it makes that world of crypto known by many people, we all know that gambling is part of society and we can see it in any country and most of the gambling casino are owned by some government and authorities, it would be an advantage for the bitcoin to be adapted in their country because of government property but I am wondering if this would be possible for the poker site to buys$100 Million of bitcoin because that would be a big amount of money to be used.

[k@suy]

This is a good move for the crypto world community, using bitcoin and altcoins in gambling is positive things for bitcoin because it makes that world of crypto known by many people, we all know that gambling is part of society and we can see it in any country and most of the gambling casino are owned by some government and authorities, it would be an advantage for the bitcoin to be adapted in their country because of government property but I am wondering if this would be possible for the poker site to buys$100 Million of bitcoin because that would be a big amount of money to be used.

I bet those gambling player already knows the significance of having bitcoin as a payout. And this has a good impact to the bitcoin digital economy because it would make a bitcoin market value rise. Though as of now we are expecting that the bitcoin may landed a new ATH which hopefully exceeds the last 2017 ATH and to be able to attain it the poker sites buying a $100 million worth of bitcoin can make it possible.

[ecnalubma]

60% transaction is volume of single platform is quiet impressive, these gamblers knew how valuable Bitcoin is. They are highly educated gamblers in cryptocurrency. I won't wonder why in the next few years BTC and cryptocurrency will become a standard pay-outs in every online casino, the adoption this time around is definitely something to look forward.

[robelneo]

https://www.techtelegraph.co.uk/poker-site-buys-100-million-of-bitcoin-every-month-to-pay-players-in-btc/

But I'm not surprised that gamblers are preferring btc as payout instead of fiat because of the rising price of bitcoin. I even watch one youtube channel about a women showing her win in a traditional base casino and she blurted out that his winnings are going into bitcoin. LMAO.

Other poker sites are going to follow, for a poker site to have 95% request from poker players is such a huge number and will contribute to the overall volume and the increase of the price.
Poker network is just one of the industry, imagine if many industry will follow that lead. now we have a good reason why Bitcoin will have another all time high and will continue to set new records.

[matchi2011]

60% transaction is volume of single platform is quiet impressive, these gamblers knew how valuable Bitcoin is. They are highly educated gamblers in cryptocurrency. I won't wonder why in the next few years BTC and cryptocurrency will become a standard pay-outs in every online casino, the adoption this time around is definitely something to look forward.

The adoptions coming from most businesses including casinos are highly anticipated. It's good to know that the demands keeps
flwoing and a lots of cryto gamblers choose to cash  thier money out using Bitcoin.

With more and more newly opened casinos demands will surely be there, expect that it will also bring a big impact to entire ecosystem
of this market. Keep it coming..

[bryant.coleman]

60% transaction is volume of single platform is quiet impressive, these gamblers knew how valuable Bitcoin is. They are highly educated gamblers in cryptocurrency. I won't wonder why in the next few years BTC and cryptocurrency will become a standard pay-outs in every online casino, the adoption this time around is definitely something to look forward.

During the early days, Satoshi Dice accounted for a large share of Bitcoin volumes. That changed when the exchange rates increased from 2013 onward, but Bitcoin still has a lot to offer for the gambling industry. If we could take care of some of the things, such as high transaction fee and delay in confirmations, then we will see more and more online casinos opening up to Bitcoin.

[traderethereum]

60% transaction is volume of single platform is quiet impressive, these gamblers knew how valuable Bitcoin is. They are highly educated gamblers in cryptocurrency. I won't wonder why in the next few years BTC and cryptocurrency will become a standard pay-outs in every online casino, the adoption this time around is definitely something to look forward.

The adoptions coming from most businesses including casinos are highly anticipated. It's good to know that the demands keeps
flwoing and a lots of cryto gamblers choose to cash  thier money out using Bitcoin.

With more and more newly opened casinos demands will surely be there, expect that it will also bring a big impact to entire ecosystem
of this market. Keep it coming..

If that can happens to many casino or other businesses, the adoption will grow fast, and that can be the time for a crypto to reach more people out there.
Many gamblers are aware of crypto now, and they heard much about bitcoin, so that makes them want to get a payment in bitcoin for their winning.
The casino can get the benefits too from the integrations of bitcoin in their site because that can give them a chance to invite more gamblers to play on their site.
It will make crypto gamblers will have the interest to play on their site, and if the site can manage their site and give more exciting features to their site, it will be more benefits to their members.
When many casinos can successful to integrate their system to bitcoin, there will be more casinos that will try to do the same thing as them. That will boost the adoption to reach in other business.

[Genemind]

Bitcoin adaptation is growing, especially in gambling. This might influence other gambling platforms to choose Bitcoin as a deposit/withdrawal option since the demand from players is increasing.

[kodtycoon]

Bitcoin adaptation is growing, especially in gambling. This might influence other gambling platforms to choose Bitcoin as a deposit/withdrawal option since the demand from players is increasing.

yeah growing of bitcoin in crypto gambling industry is inded of great interest to most people, like chips in a casino but in presence of profitable with trades I think for gambler it a more profit and a lot desirable one is easy to use transactions are safe and easier for control fund.

[Sithara007]

Bitcoin adaptation is growing, especially in gambling. This might influence other gambling platforms to choose Bitcoin as a deposit/withdrawal option since the demand from players is increasing.

The main advantage with Bitcoin deposits is the added layer of anonymity. But most of the gambling sites require strict KYC verification, and therefore this advantage is lost. And with the Mempool size being very unstable, I would expect a higher deposit/withdrawal fee for Bitcoin deposits, when compared to deposits done through PayPal or Credit Card.

[Dave1]

Bitcoin adaptation is growing, especially in gambling. This might influence other gambling platforms to choose Bitcoin as a deposit/withdrawal option since the demand from players is increasing.

It's a cut throat competition, and probably this online platform is just ahead of the game as they have started to open up with bitcoin as options to withdraw with their customers. But sooner or later, other online games will adapt and follow this, so this is really a win-win situation, although they should have at least tell their players regarding the fees and other factors that can affect their prize money when withdrawing as I assume that those taking this option to withdraw might not be aware of that, of course except if they are really crypto enthusiast and not just gamblers who are joining the bitcoin craze.

[TravelMug]

I'm locking this thread guys, I think we have seen everyone's opinion and it seems very positive indeed based on the feedback.

And the more people knows bitcoin including gamblers, the higher chance that bitcoin can go to the moon in the next couple of months or years. Of course the only issues we see is the high fees corresponding with the rise in price, but still the profit that we are going to make is big to negate this drawback.

So thanks for those who have responded. Will update this thread if there are new updates.