iPoker Network Confirm A Surge In Bitcoin Withdrawals

By Ben Hamill - November 23 2020

iPoker Network Confirm A Surge In Bitcoin Withdrawals

A recent surge in Bitcoin’s value has led to Costa Rica-headquartered online operator Winning Poker Network having had to buy millions of dollars in bitcoin nearly daily in order to keep up with players’ withdrawal demands. Players have increasingly more frequent asked that their winnings be cashed out not in cash, but in cryptocurrency – and specifically, Bitcoin.

Bitcoin recently over the course of a single month surpassed the $18,000 mark by jumping an astonishing 60% in value – bringing back memories of the humungous surge in value witnessed back in December 2017. That was however right before the 70%+ drop it would go on to experience the very next year.

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Bitcoin A Stalwart Currency

Be that as it may, according to Winning Poker Network CEO Phil Nagy, the operator has had to purchase millions of dollars worth of bitcoin every day – and quite shockingly, for several weeks uninterrupted. This is no surprise considering that Nagy says between 90-95% of all customers now indicate bitcoin as their preferred currency when cashing out.

People, says Nagy, are requesting bitcoin because of the recent rise in value. This has prompted the operator to have to purchase more bitcoin than ever before in the history of its operations. Even more significant within the context of bitcoin’s resurgence is that Winning Poker Network is one of the world’s largest online Poker operators. The company is globally renowned and also accepts players from all around the globe.

But according to Nagy, Bitcoin’s current’s riding of the high tide isn’t its first. Even before the recent surge in popularity, explained Nagy, at least 60% of all Winning Poker Network transactions were completed in bitcoin – which has historically accounted for about $100 million every month.

They’re Old Bedfellows

Winning Poker Network and bitcoin share a lengthy history together, with the operator already having had accepted bitcoin as a deposit and withdrawal method since as far back as 2014. Notable too is that in 2019, the operator set a new Guinness World Record for having been named the iPoker provider offering the largest online Poker crypto jackpot in the world at that time. The prize money on offer at the time: $1 million = 106 Bitcoin.

Players in the U.S., explains Nagy, are long-time fans of the cryptocurrency. Part of the reason for this may be that many states don’t yet regulate iGaming and online Poker games and products. In such cases, it is easy to see why an anonymous currency would be the preferred one to be using.

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