{"id":10343,"date":"2020-11-23T20:02:12","date_gmt":"2020-11-23T20:02:12","guid":{"rendered":"https:\/\/www.onlinepokeramerica.com\/news\/?p=10342"},"modified":"2020-11-30T15:10:35","modified_gmt":"2020-11-30T15:10:35","slug":"wpn-pays-160m-in-bitcoin-monthly-or-95-percent-of-winnings","status":"publish","type":"post","link":"https:\/\/www.onlinepokeramerica.com\/news\/wpn-pays-160m-in-bitcoin-monthly-or-95-percent-of-winnings\/","title":{"rendered":"WPN Pays $160m in Bitcoin Monthly or 95-Percent of Winnings"},"content":{"rendered":"\n<ul class=\"wp-block-list\"><li><strong>Winning Poker Network begins paying out $160 million or up to 95% of monthly poker winnings in Bitcoin<\/strong><\/li><li><strong>This is a 155% growth from what the company was paying before when the money paid was roughly $100 million a month<\/strong><\/li><li><strong>The majority of WPN players are from the United States and they use Bitcoin avoid issues with money transfers as online poker is illegal in most states<\/strong><\/li><\/ul>\n\n\n\n<p>Winning Poker Network delivered some exciting news late last week when company CEO <strong>Phil Nagy <\/strong>revealed that Bitcoin&#8217;s recent bullish run has prompted many players to start cashing out in BTC, amounting to a total of <strong>$160 million<\/strong> a month, or roughly <strong>90%-95%<\/strong> of the total handle.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-11-19\/poker-players-are-enhancing-winning-by-cashing-out-in-bitcoin?sref=3REHEaVI\" target=\"_blank\" rel=\"noreferrer noopener\">In an interview for Bloomberg<\/a>, Nagy revealed exciting news from behind the curtains, confirming how the recent interest in Bitcoin, which prompted the currency to hit another high and head steadily for the $19,000 price mark, has influenced poker players.<\/p>\n\n\n\n<p>Winning Poker Network, best known for AmericasCardRoom.eu, has a sizeable poker community built around it, and $160 million in total poker payouts is impressive. Yet, what is more impressive is the fact that players have shifted to Bitcoin en masse.<\/p>\n\n\n\n<p>It&#8217;s not just a matter of a few odd ducks playing poker, <strong>almost 95% of the community<\/strong> is now cashing out in Bitcoin.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"winning-poker-network-meeting-the-bitcoin-bonanza-in-full\">Winning Poker Network Meeting the Bitcoin Bonanza in Full<\/h2>\n\n\n\n<p>The numbers are doubly impressive when you consider that earlier this year the business was paying out only <strong>$100 million<\/strong> in BTC, something that has clearly changed. Going up from $100 million to <strong>$160 million<\/strong> a month is a <strong>155% result<\/strong>, with the currency buoyed up by the bearish run. <\/p>\n\n\n\n<p>The interest in poker soared particularly following the announcement that PayPal would now accept and allow consumers to use Bitcoin, among other cryptocurrencies in the USA. Yet, this doesn&#8217;t come with <a href=\"https:\/\/markets.businessinsider.com\/currencies\/news\/bitcoin-price-rally-paypal-outlook-overbought-rsi-cryptocurrency-technicals-btc-2020-10-1029714904\" target=\"_blank\" rel=\"noreferrer noopener\">a few caveats about this expected rally<\/a>.<\/p>\n\n\n\n<p>Yet, Bitcoin is again slipping, albeit a little, and Nagy is already prepared. As he noted during his Bloomberg interview, many people are happy to just open accounts and deposit Bitcoin to <strong>liquidate <\/strong>when great upheavals in the value of the currency transpire.<\/p>\n\n\n\n<p>AmericasCardRoom and Winning Poker Network, though, don&#8217;t sit around and they turn any Bitcoin deposit into <strong>FIAT<\/strong> currency owing to the lower volatility of central bank issued currencies, such as the US dollar, Nagy specified last week.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"poker-community-finds-bitcoin-a-convenient-way-to-bank\">Poker Community Finds Bitcoin a Convenient Way to Bank<\/h2>\n\n\n\n<p>Another reason for BTC&#8217;s apparent success is not only WPN&#8217;s marketing strategy but the pure baked into this payment method. For most of WPN&#8217;s community base, using <strong>FIAT<\/strong> currencies can prove difficult, simply because they live in the United States where online poker is mostly banned.<\/p>\n\n\n\n<p>Playing in offshore poker sites isn&#8217;t, but local payment processors are reluctant to breach existing legislation, such as the <strong>Wire Act<\/strong> and <strong>UIEGA<\/strong> and would rather avoid or altogether block such payments.<\/p>\n\n\n\n<p>To this end, Bitcoin has been a relief, allowing players to bank quickly and without any hitches. Yet, some have suggested that the method has been popular because it has allowed them to avoid taxation.<\/p>\n\n\n\n<p>Nagy did mention that WPN has no obligation to report tax or enforce taxation on players. This, he clarified, was something that players should do themselves.<\/p>\n","protected":false},"excerpt":{"rendered":"Winning Poker Network begins paying out $160 million or up to 95% of monthly poker winnings in Bitcoin This is a 155% growth from what the company was paying before when the money paid was roughly $100 million a month The majority of WPN players are from the United States and they use Bitcoin avoid [&hellip;]","protected":false},"author":7,"featured_media":10344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[34,69,586],"class_list":["post-10343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry","tag-americas-cardroom","tag-bitcoin","tag-wpn"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WPN Pays $160m in Bitcoin Monthly or 95-Percent of Winnings - 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