Poker Players are Enhancing Winnings by Cashing Out in Bitcoin

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.