A leading online poker platform is buying millions of dollars in Bitcoin daily to satisfy player demand for crypto withdrawals, totaling approximately $100 million per month. Nearly 95% of players now request payouts in Bitcoin, according to the company's CEO.
Surge in Bitcoin Payout Demand
The Winning Poker Network (WPN), one of the world's largest online poker networks, has been aggressively purchasing Bitcoin from over-the-counter (OTC) desks in recent weeks, Bloomberg reported Thursday, citing CEO Phil Nagy. Nagy explained that Bitcoin demand is so intense that brokers are charging premiums of up to 1.5%. He clarified that WPN does not hold Bitcoin but converts it into fiat currency as quickly as possible.
Nagy revealed that over 60% of the platform's transaction volume is now conducted in Bitcoin, amounting to roughly $100 million monthly. Prior to the recent price rally, about 60% of customers already chose Bitcoin for cash-outs. However, the figure has jumped significantly. "Right now 90-95% of our payouts are people asking for Bitcoin because it's going up. We are constantly having to go out and buy Bitcoin — lots. Lots. More than we've even had to before," Nagy stated.
WPN, which has accepted Bitcoin since 2014, operates several popular poker rooms including Americascardroom.eu, Yapoker.com, Blackchippoker.eu, Truepoker.eu, and Pokerking.com. Customers can deposit in dollars and withdraw in Bitcoin. Nagy noted that about 60% of the platform's customers are based in the United States, even though online poker is illegal in most states.
Crypto Payments Drive Industry Growth
According to a study by The Business Research Co., the poker industry has grown 43% since April. Online gambling surged during the COVID-19 pandemic as lockdowns prevented visits to physical casinos. The adoption of Bitcoin as a payment method has further accelerated this trend, as players seek to benefit from the cryptocurrency's appreciation potential.
WPN is not alone in embracing crypto. Many online gaming platforms now offer digital asset payment options to meet user demand for fast, low-cost, and decentralized transactions. Bitcoin.com also provides a variety of provably fair games using Bitcoin or Bitcoin Cash, with instant payouts.
The monthly $100 million in OTC purchases from WPN represents significant demand that can support Bitcoin price stability. Analysts view such real-business-driven buying as more sustainable than speculative trading.
Despite legal restrictions on online poker in many U.S. states, the global nature of cryptocurrencies allows U.S. players to continue participating seamlessly. WPN's data underscores how crypto can overcome geographical barriers.
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