Online poker has been going through a resurgence thanks to the rise of crypto poker sites, with an estimated 10 million players worldwide generating $500 million+ per year. These sites allow players from around the world to use crypto to play against each other in exciting tournaments and cash games. Stick around as we break down the boom in crypto poker and explore exactly what it is and how it works!
What Is Crypto Poker?
Crypto poker is a type of online poker where instead of betting using USD or EUR, you play with bitcoin, ethereum, tether, doge, or virtually any cryptocurrency you can imagine. All payments and transactions are made via crypto, including deposits, bonuses, wagers, and withdrawals.
Crypto poker sites offer all of the same variants and game types as regular online poker sites. You can play Texas Hold’em, Pot Limit Omaha, stud, and take part in multi-table tournaments, sit and gos, as well as cash games.
Crypto poker sites offer deposit bonuses, rakeback, and other promotional deals just like traditional online poker sites, which make it easier to become a long-term winner. They also have a wide range of limits, you can bet $0.01 all the way up to $1,000 + per hand.
How to Play Crypto Poker?
To play crypto poker, you first need to purchase cryptocurrency from an exchange. You then find an online poker site that accepts crypto and sign up. Now you hit the deposit button and copy the site’s crypto wallet address. Then pop over to the exchange, tap withdraw, and paste the site’s wallet address.
Now head back over to the crypto poker site and simply tap on any poker game of your choice. You can use your crypto to play cash games or take part in tournaments with 6-figure+ bitcoin prizes!
The gameplay at crypto poker sites is exactly the same as at online poker sites. So, if you have played at major poker sites before, crypto poker won’t take any time to adjust to.
Why Is Crypto Poker Popular?
The major reason crypto poker is so popular is that online poker is either illegal in many countries or heavily regulated. A common regulation is separating player pools. For example, online poker is legal in New Jersey, but you can only play with other players in the state, which seriously reduces tournament prize pools. Poker players who are prohibited from playing online poker or are looking for new player pools often turn to crypto poker sites.
Another key advantage of crypto poker is that you can play anonymously. You don’t have to share any of your personal information or pass KYC verification.
Is Crypto Poker Safe?
Due to the unregulated nature of crypto poker, there are definitely safety concerns as you’re placing trust in a crypto site to safeguard your funds and provide fair games. You can mitigate the risk factor by playing at crypto poker sites that have been operating for years and have a strong reputation.
Also, as poker is a form of gambling, you should only play using the money you can afford to lose. We also recommend keeping as little crypto on the site as possible, if you hit a big score, you should immediately cash out!
What Is the Future of Crypto Poker?
The major issue facing crypto poker is regulatory uncertainty. A lot of crypto poker sites are operating in a gray area and, at any moment, could face the backlash of governments. We could potentially see a situation where government agencies block these sites and even levy criminal charges against the operators.
Also, if more countries move to legalization and allow the mixing of player pools across borders, the appeal of crypto sites would definitely decline. Could you imagine if online poker was legal in all US states and players from across America could compete against each other? That would cause a huge decline in crypto poker player numbers.
Currently, governments haven’t shown much interest in clamping down on crypto poker sites, and it’s going to be a long time before online poker is fully legalized. Also, when you factor in the additional benefits crypto poker sites have, like anonymity and fast payment processing, it’s clear that over the next 5 to 10 years, crypto poker is only going to grow!
