The Bitcoin Series: Part 4, What do Bitcoins mean for the US Poker Player?

This is the 4th article in ‘The Bitcoin Series’ where we have tried to discuss everything about Bitcoins and their relation with poker. In this article we will try to give you insights on how bitcoins came as a savious for the ardent poker player from USA who was looking to play online but didn’t have any source. Read on to find out more about what the status of bitcoins is for poker in USA.

Background

All poker players are aware of the debacle that Black Friday was and how it lead to major online poker sites shutting shop from the USA. Full Tilt Poker was busted by The US Authorities and players money got stuck. An inquiry into payment processors revealed that online poker sites, specifically FTP didn’t keep players funds in segregated bank accounts. This led to all major online poker sites stopping any US players from depositing which finally paved way for Bitcoin Poker popularity in the USA.

Currently only poker players from Nevada, Delaware and New Jersey can play on poker sites like wsop.com and Ultimate Poker which are allowed to function within their state. But other players who were keen to play were left with no option but to resort to unfair means and finally face the wrath of the US authorities. These bitcoin poker sites came as a relief to those players who weren’t able to play or who wanted to play with players from across the world. 

Play with the world

Primary bitcoin sites who took to this unchartered territory and offer bitcoin poker in the USA include Sealswithclubs, America’s Cardroom , Betcoin Poker and Infiniti Poker. The major woe that poker players in USA, even those from the 3 states where regulated gaming has started was that they could only play from other players within their own state. This meant little traffic and even lesser competition. Their aspiration to play with players from around the world was met at these bitcoin poker sites. These poker sites accept the virtual currency of Bitcoins thus getting USA and EU poker players on the same platform.

Still unregulated but growing

Current ‘dollar only’ websites in the states of Nevada, Delaware and New Jersey do not allow players from another geographical territory while these bitcoin poker sites have no such restriction. While the US still wonders whether to enable a regulated structure in the other states or stick with the physical casinos driven online sites model, the only relief if these bitcoin poker sites. Unlike Germany, USA has not accepted bitcoins as a form of currency. But discussions are on regularly to figure out the actual financial status of bitcoins. Despite being in the grey, bitcoin poker sites continue to function.

According to a Forbes Report published in 2012, Satoshi Dice and Seals with Clubs were registering huge earnings which were increasing at a rate of 70% Month on month. We compared the 24 hour peak traffic at SealswithClubs with that of the regulated WSOP.com and Ultimate Poker. The figures speak for themselves about how players are turning to bitcoin poker sites. 

Poker Traffic according to PokerScout.com as on 16th February 2014.

 For other articles in the Bitcoin Series, Click here—-Bitcoin Basics, Bitcoin poker Rooms, Bitcoins and India