Quote from: TravelMug on November 25, 2020, 12:49:23 AM

This is something new,
-snip

https://www.techtelegraph.co.uk/poker-site-buys-100-million-of-bitcoin-every-month-to-pay-players-in-btc/

But I'm not surprised that gamblers are preferring btc as payout instead of fiat because of the rising price of bitcoin. I even watch one youtube channel about a women showing her win in a traditional base casino and she blurted out that his winnings are going into bitcoin. LMAO.

although I kind of expected that they would be buying millions worth of bitcoin I never expected it to be that much. and yeah, the gamblers are taking the advantage with the rise of bitcoin and it is smart of them to do that.

anyway, do you have a link for the vid?

Quote from: btc_angela on November 25, 2020, 02:26:52 AM

Quote from: Darker45 on November 25, 2020, 02:05:53 AM

Quote from: samcrypto on November 25, 2020, 01:39:50 AM

I'm wondering if they are still making money and why they are out of supply of Bitcoin considering that there should be an inflow of Bitcoin since many gamblers are losing their money.

Correct me if I'm wrong but at least the excerpt of the article quoted in the OP does not say that gamblers are using Bitcoin in playing poker. They are making dollar deposits to the site and played with it but then demanded that the payouts be made in Bitcoin. So I guess there is no Bitcoin inflow and the site is earning in dollars and then use a portion of it to buy Bitcoin for their patrons' payouts.

I'm under the impression that this is a fiat based poker site, but what I don't understand if my assumptions is correct is that they allowed their patrons to withdraw in bitcoin as well? Doesn't make any sense if they allow don't allow bitcoin deposit but instead fiat only.

I still think that they can still make revenues though, this is gambling, so if they can buy $100 millions worth of bitcoin every month they obviously their revenue is more than that.

according to the article, I've read, the poker site has been supporting several cryptocurrencies since 2014 and they are accepting bitcoin since then. so yeah, they can allow the gamblers to withdraw in bitcoin.

anyway, if anyone is interested here's the full article reported by Bloomberg regarding WPN(winning poker network).
https://www.bloomberg.com/news/articles/2020-11-19/poker-players-are-enhancing-winning-by-cashing-out-in-bitcoin