Winning Poker Network Accepts Bitcoin for Deposits
The Winning Poker Network (WPN) has announced that players may use Bitcoin as a method of deposit, bringing more credibility to the virtual currency.
WPN is currently ranked second among U.S.-friendly poker rooms and networks behind Bovada. Anchored by Americas Cardroom and Black Chip Poker, WPN made significant strides in attracting players over the past year or so.
Much of that attraction comes from speed and efficiency in processing withdrawal requests of players. Adding Bitcoin as a deposit option may attract even more players as the digital currency seems to be slowly gaining acceptance in the online poker industry.
SealsWithClubs, Switch Poker, WinPoker and Infiniti Poker are currently Bitcoin-friendly. Of those four, only SealsWithClubs and Infiniti Poker accept U.S. players. Infiniti Poker’s hard launch just kicked off a week ago, while SealsWithClubs has been around since 2011.
Bitcoin deposits at WPN will be converted to U.S. dollars and players wishing to cashout who used that deposit method must also withdraw in USD. That may change in the future, however, as a Bitcoin withdrawal functionality is reportedly in the works.
A WPN Bitcoin deposit will receive USD at the current exchange rate. Players will not be exposing themselves to the risk involved in Bitcoin’s fluctuating value. This differs from SealsWithClubs, as player account balances at that site rise and fall according to the latest Bitcoin rate of exchange.
The decision by WPN to add Bitcoin deposits may be the start of a trend among poker rooms and networks. It is seen by some as quite significant due to WPN’s ranking in the worldwide market, which finds the network 23rd in cash game traffic per the latest tabulations by PokerScout.
Bitcoin is not currently regulated and is traded nearly anonymously. Those factors make it somewhat appealing as an online poker payment processing option. However, that appeal is also in demand by the criminal element who value Bitcoin as a means by which ill-gotten money can be laundered.