Chips & Coins: An Inside Look at the World of High-Stakes Poker and Crypto
Crypto in Poker: What You’ll Learn
- Understand Cryptocurrency: Learn about the basics of crypto in poker and its increasing popularity in the world of online poker.
- Explore Benefits: Discover the unique advantages of using cryptocurrency in poker, such as privacy, low fees, and quick transactions.
- Safety Measures: Understand the key security aspects of using cryptocurrencies in poker, and how to safeguard your assets.
- How the Pros Feel: Casino.org interviewed pro poker players and WSOP bracelet winners to hear their views on using crypto in poker.
- Cryptocurrency in Poker Future: Delve into the future prospects of cryptocurrency in the poker world, understanding its potential impact on the way games are played.
It’s no secret that many high-stakes poker pros are fans of cryptocurrency. Players like Doug Polk have regularly offered their opinions on the industry on social media and YouTube. Phil Hellmuth has even served as an ambassador for a firm that aims to “revolutionize digital transactions.”
As crypto has swung up and down over the last few years, quite a few players have seen their portfolios ride that wave as well.
As the Trump administration embraces crypto, that has included an interesting link to the poker world as David Sacks was recently appointed as White House Crypto Czar.
The billionaire entrepreneur, author, and investor originally from South Africa has more than $48,000 in live tournament winnings and has also played in streamed cash games like Poker After Dark.
In the last two years, Bitcoin has surged from around a value of $16,000 to more than $100,000 in recent months (and now at more than $80,000 this week). What will be the effect on poker and the casino industry as a whole as tokens see their value rise?
Casino.org recently spoke with several players to get their opinion on where things are heading and how rising crypto prices affect life at the tables.
Image Credit: Wpadington/Shutterstock
Crypto’s Surge Could Have Positive Effect on Poker
Poker is currently experiencing a mini-boom and the World Series of Poker (WSOP) and other tours have experienced record fields over the last few years. When players are flush with cash, they have more money to gamble.
During down times, such as experienced at the WSOP after the federal crackdown on wide-open online poker in 2011, tournament attendance can suffer. Will the surge in Bitcoin and other cryptocurrencies see poker’s current hot streak surge even more? Some players believe that’s the case.
“I’d assume the rise in crypto prices are a good thing for the poker world and things like attendance at the WSOP this summer,” one poker pro who dabbles in virtual assets said. The player with more than $1 million in live tournament winnings asked that his name not be used. “Probably more so than equity prices since I believe a lot of online poker sites operate in crypto for transactions.”
Another multiple-time World Poker Tour champion with millions of dollars in winnings offered his own views on the industry. He labels himself a “holder” and believes in crypto as a long-term investment.
He’s not sure there is money to make in actively trading and says “being a successful trader in these markets is a full-time gig.” The player added that there is seemingly always an impending new event, coin, protocol, or something else affecting prices.
Image Credit: Yalcin Sonat/Shutterstock
How does this WPT champion think the surge in Bitcoin over the last year might affect poker? Beyond field sizes, he believes backers of high-stakes players may have more money for staking.
“In jurisdictions where players are allowed to use and register with crypto, the ease of liquidity and moving around money helps the field sizes,” he says. “It’s obviously much easier for players or backers to move around large sums from crypto wallets than sending wires and dealing in local currencies. There’s just less friction in crypto.
“Although most players aren’t holding huge amounts of crypto – obviously there are exceptions – I’d speculate that a lot of the backers and financiers in poker do. As crypto prices rise, these backers may take on more players or bigger pieces which makes poker tournaments larger.”
This crypto crypto investor says the poker world has everything from conservative holders to leveraged trading on meme coins.
“Dealing with the swings of poker has made players good candidates to handle the volatility of crypto, although in my opinion most get a bit carried away in the degeneracy and gambling on longshots,” he says. “Prediction-wise, there are a lot of things happening this year like political tailwinds and increased institutional adoption, but in reality nobody knows where it’s going. Hopefully up.”
Poker Players Drawn to Crypto With Some Reservations
Kane Kalas has more than $2.2 million in poker tournament winnings and says he knows many players who invest in crypto. In a card-playing career dating to 2010, this player originally from Philadelphia has noticed that Bitcoin rising is always good for the poker economy.
“Because Bitcoin prices are strongly correlated with stock prices – and capital asset prices in general – there are confounding variables here so you can’t automatically conclude this means that a bunch of poker players hold Bitcoin but there are other reasons I think this is true,” he says.
Kalas believes poker players aren’t just comfortable with high-volatility investments, but some actually prefer them. One of Bitcoin’s earliest use cases was facilitating deposits and withdrawals on gambling websites, including the best bitcoin casino sites.
Funding accounts on these platforms using cryptocurrency has been significantly easier and requires fewer hurdles than payment processing through traditional means, he adds.
“As a result, many poker players who have been using Bitcoin and other cryptocurrencies to deposit and withdraw to and from gaming sites for years have benefitted from the appreciation of crypto asset prices, giving those in the community a generally favorable feeling about holding crypto as an investment,” he says. “Many poker, sports betting, and gambling websites continue to facilitate cryptocurrency deposits and withdrawals to this day, making holding cryptocurrency pragmatic for poker players as well.”
Image Credit: Tatiana Maksimova/Shutterstock
Card players also tend to be libertarian-minded in general, fitting for a decentralized and permissionless medium of exchange – scratching an ideological itch for some, Kalas notes.
As an early adopter and investor in Bitcoin, Kalas has generally been bearish on crypto for the past several years. He admits that has led to a missed opportunity over the last year as the Bitcoin price climbed, but he has had some NASDAQ investments perform well in the meantime. While he remains a believer in BTC, that doesn’t extend to other tokens.
“My bearishness extends from my belief that nearly all cryptocurrencies other than Bitcoin have a fundamental value of zero,” Kalas says. “Tron, Stellar Lumens, Toncoin, Cardano … pick your favorite alt coin – I believe all of these coins will, one day, have market capitalizations of at or near zero. Most cryptocurrency projects provide little-to-no real world value and instead are simply vehicles of speculation. Bitcoin could be the exception here; it could have fundamental worth as a store of value.”
Nathan Gamble, of Dallas, Texas, has $800,000 in tournament winnings, including two World Series of Poker bracelets. Over the last four years, he has invested some in all aspects of crypto. He believes the industry’s potential, but largely watches from afar recently as his funding is now tied up in a more tangible investment – a wedding venue he helped start in New York three years ago.
The types of investors run the gamut in the poker world, Gamble says. Some have been coin holders since the beginning while others have gained and lost huge sums in the current meme coin epidemic.
Image Credit: Shutterstock
“The general consensus is that if you want to invest in your future in a smart controlled way, if you’re investing in the true technology, then Bitcoin is the answer,” he says. “There are a few smaller chains, ETH, SOL, et cetera, that have real use cases across the ecosystem. Anything else is pure gambling and is going to see large winners and large losers. The sentiment shifts dramatically between those who understand and believe in the technology and those that are looking to gamble on a bigger and brighter future.”
Gamble expects the crypto swings to continue in the coming few years – having the biggest impact on the world of high-stakes games that most players aren’t a part of.
“The world of poker and crypto are very interrelated at this point as they share a lot of the same skill set needed to succeed,” says Gamble, who stressed that he is not an expert and isn’t offering financial advice. “We’ve seen boom and bust cycles in Bitcoin over the past few years and its heavy impact on the poker world, I expect this time to be no different. The low-stakes games will remain relatively unimpacted, those at the mid-stakes will push their boundaries of what they were previously comfortable with, and the players at the top will play even higher.
“It’s important to note for a poker player that just because you have a lot of money from crypto, or any investment, that more money doesn’t mean more skill – you are still the same player you were when you went to bed yesterday. If you have newfound funds and want to preserve them or even expand your riches, move up in stakes when you have the skills necessary and not simply the bankroll.”
Crypto, the White House, & Gambling
Image Credit: Wright Studio/Shutterstock
The poker world isn’t the only gambling arena that is seeing some influence from the re-emergence of Bitcoin. While many offshore online gambling and poker platforms allow transactions using crypto, the industry has started to gain a toehold on some traditional and regulated gaming.
For example, Oklahoma’s Choctaw Casino recently announced a partnership with the casino crypto transaction firm Bitline and slot developer and fintech firm Everi Holdings to introduce a new cryptocurrency-based liquidity system. In a first for the industry, the tribal operation now allows gaming using crypto assets.
“We’re thrilled to be the first in North America to offer our guests another way to play,” Choctaw spokesman Thomas McDonald said. “Through our partnership with Everi, we are leading the way with innovative solutions to keep our guests’ funds accessible and secure.”
Bitline’s system streamlines asset verification and transfer, making for quicker and more secure transactions in the casino. Guests can now drop some BTC when playing their favorite slots at the property.
“This collaboration marks a historical moment for both the casino and blockchain industries,” Bitline CEO Richard Jones said when the system launched. “We’re stepping into an era where digital assets can enhance the gaming experience for everyone.”
Image Credit: Stokkete/Shutterstock
Will enough players bring that Bitcoin to the casino floor to make this worthwhile for properties? That remains to be seen but properties may be betting that offering these types of transactions may bring in younger players – and offer a chance to win some of their crypto.
The White House is betting big on crypto as well and David Sacks, the part-time poker player, will have a big role in that. The billionaire entrepreneur, author, and investor has been charged with regulating the industry and creating a crypto strategic reserve.
“I’m talking about Treasury and Commerce – they’re allowed to figure out strategies to accumulate more Bitcoin for the reserve if those strategies are budget neutral and don’t cost the taxpayer anything” he said recently. “So it’s possible that we could, I’m not saying that we will, but it authorizes them to acquire more Bitcoin if they can figure out a way to do it that doesn’t impact the federal budget or the deficit or taxpayers.”
Image Credit: DaLiu/Shutterstock
Headwinds on the Horizon?
The picture isn’t completely rosy for crypto, despite the recent upturn in prices. Swings in the price of Bitcoin can be massive and some investors shy away. Several recent hacking efforts and thefts have added to investors’ concerns about the industry.
FTX crypto exchange founder Sam Bankman-Fried was convicted of fraud and related crimes in 2023 after the company collapsed, costing users billions of dollars. He was found to have fraudulently used users’ funds in risky investments instead of separating those funds and is now serving 25 years in federal prison.
In February, North Korean hackers are believed to have stolen $1.5 billion in virtual assets from the Bybit cryptocurrency exchange. The country’s infamous government-linked Lazarus Group is believed to be responsible and works to bring in money to the regime through illicit means.
“Every minute matters for the hackers who are trying to confuse the money trail and they are extremely sophisticated in what they’re doing,” Dr Tom Robinson, co-founder of crypto investigators Elliptic, recently told the BBC.
Blackrock CEO Larry Fink believes tariffs from the Trump administration could make inflation stickier, keeping crypto prices down. Elon Musk recently issued his own crypto price warning that the current meme coin (tokens inspired by an Internet meme) craze is “foolish” and could drag down bitcoin prices.
Musk told podcaster Joe Rogan: “I mean it’s sort of like if you go to the casino, if you expect to win at the casino, you’re being a fool.”
Title Image Credit: Yalcin Sonat/Shutterstock
