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A major online poker website bought millions of dollars worth of bitcoins every day to meet the demand of players who want to cash out. This equates to $ 100 million in bitcoin per month as around 95% of players now request cryptocurrency payments.
The poker site buys $ 100 million worth of Bitcoin
The demand for bitcoin payments has increased, particularly after the recent price hike. One of the largest online poker websites, Winning Poker Network (WPN), has bought millions of dollars in bitcoins in recent weeks from OTC banks to meet players’ cashout demand, Bloomberg reported Thursday, citing WPN CEO Phil Nagy.
Nagy explained that bitcoin is in such demand that brokers are charging a 1.5% premium. He clarified that the WPN does not hold on to bitcoin, adding that the cryptocurrency is converted to fiat currency as soon as possible.
He revealed that his platform makes more than 60% of its bitcoin transaction volume, totaling around $ 100 million per month. Noting that about 60% of customers cashed in bitcoin before the recent price hike, he said:
Right now 90-95% of our payments are people asking for bitcoin because it is increasing. We constantly have to go out and buy bitcoins – a lot. Many. More than we had to do before.
The WPN, which began accepting bitcoins in 2014, supports several popular poker rooms, including Americascardroom.eu, Yapoker.com, Blackchippoker.eu, Truepoker.eu and Pokerking.com. Customers can deposit dollars and make bitcoin withdrawals. Nagy revealed that around 60% of the platform’s customers are from the United States, even though online poker is illegal in most states.
According to a study by The Business Research Co., the poker industry has grown 43% since April. Online gambling became more popular after the outbreak of the Covid-19 pandemic, particularly after closures prevented many people from visiting land-based casinos.
Bitcoin.com offers a variety of demonstrably fair games, including blackjack, slots, roulette and video poker using exclusively bitcoin or bitcoin cash. The games are proven fair and the payouts are immediate.
What do you think of poker sites that buy millions of dollars worth of bitcoins every day? Let us know in the comments section below.
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