You can hardly turn the news on these days without another cryptocurrency-inspired headline.
Whether it’s Elon Musk tweeting, China banning, or El Salvador adopting, cryptocurrency is always in the news. Some countries accept it as legal tender; others view it as a mechanic to launder money. Musk seems to change his opinion depending on which side of the bed he gets out of. However, the uncertainty and volatility of the market ensure plenty of people still want to read cryptocurrency news daily.
Another industry that is in the news at the moment is poker. The World Series of Poker is currently underway in Las Vegas, with news of new poker millionaires emerging regularly. The same news created the original poker boom back in 2003, and with online poker currently becoming more accepted, the same could happen again. There are a handful of states with legalized online poker right now in the US, with more set to follow. As more come onboard, online poker will only become more popular.
Surprisingly, the two industries are compatible bedfellows. Both are viewed with suspicion by some, whilst others see them as having key growth potential. Both make millions of dollars for those successful enough and leave tens of thousands wondering how the successful do it. They also come together in the form of crypto casino sites and poker providers, those that accept bitcoin as a payment method. Some even rely solely on crypto as a payment method, but why? What is it about this payment method that suits the poker industry?
It isn’t just certain US states that don’t allow real money games; it is outlawed altogether in some countries. However, by investing crypto into a site, you can circumnavigate those laws and essentially play for money without actually doing so. It’s a big loophole, but it is especially popular in some Asian countries, where bitcoin is huge and real money poker games outlawed. Slowly, US states are coming around to legal online poker, but in the meantime, a crypto casino is a good second option in those that do not offer such luxuries to residents.
Crypto casinos allow poker players to play for less, although they might not see that in their own winnings. Crypto doesn’t have a middle man, such as a bank or payment merchant, taking a slice. Instead, it is a direct transaction with no costs. That means somewhere down the line, there is more money going to either the house or the player. It might be an improved rake back, which is money returned to you by the house. Of course, the provider might be pocketing the extra funds, but if that’s the case, then it is still a benefit to the industry.
Crypto is a secure payment method that offers both anonymity and complete safety in one. That is a great combination for poker players, some of whom play for huge sums and wish to remain anonymous. If you remember the film Molly’s Game, it was a high-stakes game arranged behind closed doors to keep big stars out of casino rooms. Crypto merely offers the same protection online, but in using bitcoin, there is no need to collect personal details, and therefore there are no data protection issues. Also, with no middle man, there are fewer links in the payment chain and improved security from hackers.