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Winning Poker Network, parent company of Gambling911.com partner Americas Cardroom, said it has been forced to buy millions in bitcoin a day to meet the demands of exiting players.
ACR CEO Phil Nagy confirms that between 90%–95% of cashouts are now done through Bitcoin.
“We are constantly having to go out and buy bitcoin, lots. Lots. More than we’ve even had to before.”
Holders often look to liquidate Bitcoin on sites amid dips, according to Bloomberg News.
Poker sites were among the first to adopt Bitcoin, which has been in part credited for fueling their growth in recent years.
Bitcoin is in so much demand, brokers are charging up to a 1.5% premium, he said. The business does more than 60% of its transaction volume in Bitcoin. That’s about $100 million a month, Nagy said.
The price of Bitcoin is flirting with its all-time high of just under $20,000, hit in December 2017.
The original and biggest cryptocurrency jumped as high as $18,483 and was last up 2%. It has soared about 160% this year and has jumped 17% in the last three days alone.
The Covid-19 pandemic has been credited with accelerating online gambling. The poker industry grew 43% since April, according to The Business Research Co.
- Ace King, Gambling911.com
