Winning Poker Network has bought millions of dollars worth of Bitcoin to meet 90-95% of payouts from users asking for the digital currency, according to Bloomberg. The demand follows a rise in online gamblers requesting the cryptocurrency while cashing out from some poker websites.
- Bitcoin has been in high demand, with brokers charging up to a 1.5% premium.
- Winning Poker Network does more than 60% of its transaction volume in Bitcoin, about $100 million a month.
- On Wednesday, Bitcoin rose as high as $18,479, the most since December 2017, extending gains of about 60% in the past month.
- About 60% of Bitcoin customers at Winning Poker Network are from the U.S., as many hope to avoid taxes since players file their own winnings and losses.
- Poker sites were the first to adopt Bitcoin, which has fueled its growth in recent years.
- Since April, the COVID-19 pandemic has accelerated online gambling, fueling the poker industry’s growth by about 43%.
- Bitcoin is known for wild price swings, and Winning Poker Network converts it into fiat as soon as possible to manage risks.
Bitcoin is currently gaining. BTCUSD is up 1.35%