Winning Poker Network Sees Surge in Demand for Cryptocurrency Payment

Cryptocurrency is quickly garnering interest and popularity. As blockchain technologies continue to spearhead innovations across many sectors, its effect can also be seen in the gambling industry – and many LTC Casinos emerge.

More and more players are gaining interest in crypto tokens, which has led to a surge in the number of requests for crypto withdrawals and deposits. Also, with the COVID-19 pandemic leaving people unable to visit their favorite casinos in person, most people turned to sites and networks to gamble.

Amidst the rush, Winning Poker Network reported an increase in the number of players looking to withdraw their wins in cryptocurrency.

Networks Rush to Purchase Crypto Tokens

Winning Poker Network is the operator of many sites like Even though they have been providing Bitcoin payouts since 2014, the recent surge in demand has forced them to buy millions of dollars worth of crypto tokens from many “over the counter” trading desks.

Chief Executive of Winning Poker Network, Phil Nagy, commented, “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.”

Nagy also explained that due to the high demand for crypto tokens, brokers were charging up a 1.5% premium. Currently, the business does 60 percent of its transactions in crypto, which comes up to around $100 million in BTC a month.

Poker sites were the first to accept and adopt crypto tokens, which is one of the main reasons that fuelled the growth of these sites, especially in recent years. Winning Poker Network is a top 10 poker property in the world. They began accepting Bitcoin in 2014.

In 2019, the Winning Poker Network set a Guinness World Record for the world’s largest crypto jackpot in online poker. The prize amounted to $1 million worth of crypto tokens.

Is This An Attempt to Avoid Taxes?

Digital asset connoisseurs might also be doing this in hopes that they can avoid taxes through these sites. Aron Brown, a crypto investor, pointed out the possibility that this was the case.

Winning Poker Network confirmed that the players are required to file their wins and losses. Nagy specified that they do not regulate these declarations. Almost 60% of the players of WPN are located in the US. There is a widespread perception that BTC, LTC, and other digital assets are more complicated for government authorities to track when compared to other funds.

How The Pandemic Has Brought This Shift

The pandemic and lockdown restrictions have accelerated the growth of the online gambling industry. As a result, the US witnessed a rise of first-time poker players by 255%. The poker industry alone has seen a 43% growth since April 2020.

Nagy said that the Winning Poker Network allows long-time customers to deposit in dollars and withdraw in tokens. At present, he maintains that more than 90 % of the players opt for bitcoin payments. However, WPN does not hold onto crypto tokens. Instead, it converts tokens to fiat as soon as possible, as they do not want to get caught on the wrong side of the swings in crypto token price.

Sometimes, Nagy says they do not have a choice. He claims that as soon as Bitcoin drops significantly in value, players end up sending large sums to them. This is the easiest way for players to liquidate the tokens, but the company is stuck with it.

With their volatile nature, these tokens have given players the chance to win more than usual, which they are trying to do now.

Is Gambling With Crypto Tokens Safe?

Litecoin Gambling with tokens is considered safer than using other methods like fiat or cards. At the root of all the reasons behind this are the blockchain nature of these tokens and the decentralized distributed storage, making such currencies impossible to hack.

Its immutable nature also ensures that your records are safe and no one can alter them. Any malicious user trying to change records would have to do so on all the systems that house the blockchain ledger. This feature makes the method of payment safe

In addition, blockchain-based crypto payments often offer users anonymity and privacy. Their personal information cannot be revealed from the payment, as the transaction is directly between the two parties involved. This advantage makes it perfect for activities like online gaming.

Using crypto tokens can also avoid long transaction times. It takes very little time to add your block to the ledger. It means that you can make payments and start playing your favorite games almost instantaneously. Unlike other methods, you do not have to wait for days until your account gets credited with the money.

Crypto tokens act as a global currency, which means that players from other countries do not have to wait for ideal exchange rates. In addition, they also do not have to pay the high transaction fees associated with other payment methods. Since crypto payments do away with the help of intermediaries, the cost is almost negligible.

All of these factors are getting the interest of players. That is why they now prefer to play their favorite games with crypto tokens. It saves them a lot of time and money while offering them better security and privacy. Moreover, if they play things right, they could even catch volatility on their side to make more money than before!

To Conclude

The COVID pandemic has undoubtedly opened many new opportunities for gambling enthusiasts, allowing them to invest in such technological innovations. It has also led to several casinos and online casino sites adopting crypto token support to attract more players.

The implementation and working of such innovations remain to be seen. However, it is undoubtedly a big step for the industry, which can shape casinos for years to come.