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

[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.

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[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.