Crypto in Poker: The New Poker Game
High Roller's Realm: Exposing the Intersection of Poker, Fortunes in Cryptocurrency, and the Glamorous Gambling World
Dive into the exciting world of crypto-infused poker action!
- Get Acquainted with Crypto: Discover the modern twist of cryptocurrency in poker, a trend heavily favored by high-stakes poker pros like Doug Polk and Phil Hellmuth.
- Embrace the Perks: Uncover the unique advantages of using cryptocurrency in poker games, such as privacy, swift transactions, and reduced fees.
- Secure Your Gains: Master the key security aspects of gambling with cryptocurrencies and learn how to protect your poker assets.
- Anticipate the Future: Explore the potential future impacts of cryptocurrency on poker, coupled with its anticipated effects on the gaming industry as a whole.
High-stakes poker pros aren't the only ones swept up in the crypto craze. Figures like David Sacks, a billionaire entrepreneur and investor, have made their mark as the White House's Crypto Czar. Sacks, an accomplished poker player with over $48,000 in live tournament winnings, has played in streamed cash games such as Poker After Dark.
As Bitcoin and other cryptocurrencies soared—reaching more than $100,000 in recent months (and now hovering above $80,000 this week)—the question arises: How will this crypto surge affect poker and the entire gambling industry?
Recently, we spoke with several players to weigh in on what's next and how rising crypto prices might shape the poker world.
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The Rise of Crypto May Boost Poker
Over the past few years, poker has experienced a mini-renaissance, with record numbers at the World Series of Poker (WSOP) and other poker tours. The more cash players have, the more they can gamble.
During lean times, like post-2011's federal crackdown on online poker, tournament attendance can suffer—but could the surge in Bitcoin revenues revive poker's current hot streak even further? Many poker pros see the potential.
"I'd assume the rise in crypto prices is a good thing for the poker world, and events like the WSOP this summer," a poker pro who dabbles in virtual assets explained, preferring to remain anonymous. "Probably more so than equity prices, as I believe a lot of online poker sites operate in crypto for transactions."
Another multiple-time World Poker Tour champion, a self-proclaimed crypto "holder," and long-term investor weighed in on the industry. He's skeptical about actively trading cryptocurrencies, calling it a full-time job requiring immense dedication.
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What does this WPT champion think about the crypto surge's impact on poker? Beyond field sizes, he believes backers of high-stakes players may have more money for staking.
"In jurisdictions where players are allowed to use and register with crypto, the ease of liquidity and moving around money helps the field sizes," he says. "It's so much easier for players or backers to move large sums from crypto wallets than wire transfers and dealing with local currencies. There's simply less friction in crypto."
Furthermore, the crypto boon may attract new investors, with a significant number of them being poker players, thanks to their familiarity with high-volatility investments and crypto's early use as a facilitator for gambling transactions online.
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Poker Pros and Crypto, With Some Reservations
Kane Kalas, a poker pro with over $2.2 million in tournament winnings, predicts many players invest in crypto. In a career dating back to 2010, Philly-native Kalas has noticed that Bitcoin rising is almost always good for the poker economy.
While some poker players may invest in crypto due to their comfort with high-volatility investments, others do so because crypto facilitates deposits and withdrawals on gaming sites more easily than traditional payment processing methods.
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Card players often embrace libertarian ideologies, aligning with a decentralized and permissionless medium like crypto, Kalas notes. However, as an early adopter and investor in Bitcoin, Kalas has been bearish on crypto for years, missing the opportunity of last year's price climb while his NASDAQ investments performed well. Although he believes Bitcoin could have fundamental worth as a store of value, he remains skeptical of other cryptocurrencies.
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Nathan Gamble, a Dallas, Texas-based poker pro with $800,000 in tournament wins, has invested in various crypto aspects over the past four years. He's bullish on the industry's potential but has largely stepped back from active investment to focus on a more tangible venture—a wedding venue he helped launch three years ago.
The types of crypto investors span the gamut in the poker world, Gamble says. Some have been coins holders since the beginning, while others have made and lost large sums amid the meme coin craze. While "the general consensus is that investing in true technology makes Bitcoin the answer," he advises caution: "anything else is pure gambling and is going to see large winners and large losers."
Crypto, the White House, and Gambling
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The crypto resurgence also reaches mainstream gambling, with traditional and regulated gaming outfits like Oklahoma's Choctaw Casino partnering with firms like Bitline and Everi Holdings to launch a new cryptocurrency-based liquidity system. This allows players to game with crypto assets for the first time in North America.
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The link between the poker world and crypto extends beyond just players' investments: David Sacks, renowned billionaire entrepreneur, author, investor, and part-time poker player, has been appointed as the White House Crypto Czar. Sacks, who served as the first CEO of PayPal and co-founded Yammer, is tasked with regulating the industry and creating a crypto strategic reserve.
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Challenges on the Horizon
While the crypto surge offers numerous opportunities, challenges remain. Swings in Bitcoin's price can be substantial, deterring some investors. Recent hacking attempts and thefts have likewise raised concerns.
In 2023, FTX crypto exchange founder Sam Bankman-Fried was convicted of fraud and related crimes, costing users billions of dollars[1]. In February, North Korean hackers are believed to have stolen $1.5 billion from the Bybit cryptocurrency exchange[2]. As crypto adoption gains momentum, securing user accounts and funds becomes increasingly important.
- Poker pros have embraced the crypto craze, with figures like David Sacks, a billionaire entrepreneur and investor, leveraging their poker background as the White House's Crypto Czar.
- The soaring prices of cryptocurrencies, such as Bitcoin, are expected to boost the poker world, potentially enhancing field sizes and easing liquidity through reduced friction in crypto transactions.
- Some poker pros, like Kane Kalas, predict a rise in crypto investments among players, while others see its utility in facilitating deposits and withdrawals on gaming sites.
- The crypto surge extends to mainstream gambling, with traditional outfits like Choctaw Casino partnering with crypto firms to launch a new liquidity system, allowing players to use crypto assets for the first time in North America.