While gambling is no stranger to the blockchain, poker’s appeal to players has only increased as poker sites accept bitcoin and Covid-19 increasingly promotes online gambling.
Famous Game highlights variable use cases for theblockchain
Although online betting and gambling was prevalent before the advent of blockchain, the technology has played a key role in the game-changer that has taken place.
Online poker was one of the first games to join the blockchain system because of the inherent fairness and equity that distributed ledger technology brings, not to mention the legal challenges it has faced.
Users around the world could join these platforms and be assured that their money would be safe. The ability to use bitcoin for transactions didn’t hurt either, given the anonymous nature of this payment method that allows players limited by regulation and geography to participate.
Bitcoin and blockchain have become the backbone of the poker ecosystem, but innovation in the industry is far from over.
Bitcoin payments have attracted many players, especially from the US, as most US states still prohibit the operation of gambling sites within their borders. Since Black Friday, when popular poker sites were banned in the US, offshore activity has blossomed, and bitcoin has played an important role in this. Non-U.S. residents, for example, will find that Bitcoin.com offers a wide range of popular casino games, including virtual poker through cashgames.bitcoin.com or games.bitcoin.com.
Another operator benefiting from this development is the Winning Poker Network (WPN). The company, which operates a portfolio of poker sites, began accepting deposits in crypto currency in 2014 and now allows users to withdraw money in bitcoins when making withdrawals. Today, WPN is reportedly buying up to $100 million in bitcoins per month to meet player demand.
This explosive area also includes other platforms, including Virtue Poker. The Ethereum-based poker platform now has a gaming license from the Malta Gaming Authority, allowing it to operate legally in multiple markets after becoming the first blockchain-based organization to accomplish this feat.
This project, housed at Consensys, has already received enthusiastic support from Pantera Capital, Consensys, DFG Group, Jez San and Funfair amounting to $5 million. In addition to famous gambler Phil Ivey as a brand ambassador and stakeholder, Virtue Poker is very closely tied to Ethereum through Joe Lubin’s role as founder of Consensys.
The organization, which acts as the primary intermediary for the business development and monetary functions of the Ethereum network, helps ensure that the Virtue Poker platform is as transparent and secure as promised before the backbone’s launch in May.
Real Time Poker NFTs are coming
In addition to betting on the game itself or using cryptocurrencies for settlement, many other uses of blockchain have emerged in the poker world, including the digitization of collectibles and events.
Theta Edge, Guardian and Enterprise network nodes.
The decentralized video streaming platform Theta Network is a major breakthrough in the poker industry in that regard. The platform has partnered with the World Poker Tour (WPT) to broadcast special events and present live NFT drops and auctions to more than 140 million viewers through its NFT Thetadrop platform.
During the live broadcasts, users are encouraged to visit the marketplace to purchase exclusive collectibles and participate in a live auction for the NFT that captures a unique moment from the event. The market promises high transaction speeds, low fees and a high degree of interoperability with other blockchains, allowing NFT holders to move seamlessly between supported networks.
If Covid-19 was the big spark that ignited the growing demand for online poker, the industry’s adoption of blockchain and bitcoin will pave the way for new use cases that will ultimately benefit players and the game’s burgeoning popularity.
Do you have experience with bitcoin poker? Let us know how it goes in the comments below.
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