PokerStars Reportedly Working On Bitcoin Integration

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Monday, December 8th, 2014 | Written by Lucy Brown

According to a recent article currently circulating online, PokerStars could soon introduce a Bitcoin services for its millions of customers. If true, it would be great news for members of the bitcoin community, and potentially could lead to US players gambling on the world’s biggest poker room once again, having originally been cut off from PokerStars by the Internet Gambling Enforcement Act (UIGEA) which stops banks from allowing payments to gambling sites. As Brian Corlisse from pokersites.com, explains:

“Because the currency isn’t overseen by a government and doesn’t exist outside of the internet, it would, technically, be legal for operators to use it as a real money gaming option.”

Bitcoin A Fast And Cheap Option

Interest in Bitcoin and other crypto-currencies as a means of depositing and withdrawing funds into online gambling accounts has accelerated over the past few months, as more and more new operators enter the market. Up until now, many countries across the world have tried to reign in the online poker industries by controlling financial transactions, but Bitcoins need no intermediate financial institution to transfer funds, and can be completed simply via a computer or a smartphone. Not only is the whole process a lot faster and cheaper than other payment processing methods, but players will also remain anonymous, while their bankrolls will stay out of the reach of the various authorities. As Bitcoin analyst Steve White, explains:

“If done right, pokers sites that accept only Bitcoins allow for the player to manage the wallet rather than the poker room. The poker rooms don’t necessarily act as a bank and they can charge very little rake because they don’t have processing fees. The poker room offers the site to play on and the way for managing the bankroll is up to the player- they can deposit, play and withdraw in the same day holding their own rolls in a secure and encrypted manner.”

Crypto-Currencies Attracting Increasing Interest

Unsurprisingly, Bitcoin has attracted increasing interest from a gambling industry blighted by uneven legislation and restrictions, and currently sealswithclubs.eu, whose motto is “No Banking, Only Bitcoin,” is the world’s largest bitcoin site and has been offering poker and other gambling games for several years now. Another leading Bitcoin site is called Breakout Coin (BRO), which has the backing of a number of notable poker professionals, including 10-times WSOP bracelet winner Johnny Chan, 1996 WSOP Main Event winner Huck Seed, as well as Jennifer Harman, Todd Brunson and Ted Forrest. Meanwhile, high-stakes grinder Michael Mizrachi launched his own Bitcoin site called GetLuckyPoker.com this month, and has recruited his three brothers and a number of friends to help promote the site. Commenting on his new crypto-currency site, Mizrachi said:

“We are all gamblers. We aren’t afraid of losing. We all think that bitcoin will rise up. It’s new to me, but I will take the risk, and feel like it has a good shot to be a success.. You have to take risks. I have had some good businesses, and some not so good. It’s the risk you take.”

PokerStars Bitcoin Functionality In “advanced stage”

According to Online Poker Report’s Chris Grove, not only is PokerStars considering introducing Bitcoin gaming, but the poker room’s Bitcoin integration is already at an “advanced stage.” While Bitcoin rumours crop up sporadically, with many intended to serve the interest of Bitcoin companies, there also exists some pretty compelling reasons why this time the rumours may not be so far fetched.

In addition to the points already mentioned regarding easier global cash-outs, diminished rake, and reduced costs of fraud, PokerStars has always been a pioneer in the poker industry and may now be trying to establish Bitcoin as an alternative currency for the online gambling industry. As a quote which appeared on bitcoinist.net stated recently:

“PokerStars and major Asian-facing operators are among those pushing for Bitcoin’s acceptance as three prominent gambling hubs hold advanced talks to allow it as a payment method.”

PokerStars currently already offers several currencies options on the site, and the addition of another in the form of Bitcoin would present no problem. Furthermore, the crypto-currency opens up the possibility for PokerStars to build its own internal exchange, and accrue benefits by leveraging its vast cash holdings to handle the exchange rate. There is also a question of the inevitable surge in Bitcoin’s price if the rumours are confirmed.

While PokerStars players will continue using dollars, pounds and euros online in the meanwhile, members of the poker community will now eagerly be awaiting any signs from PokerStars that it is about to offer a new and exciting Bitcoin service.