With an estimated 560 million cryptocurrency users globally, these decentralized digital tokens are fast becoming some of the most in-demand financial diversifiers.
While a growing number of industries are slowly but surely embracing crypto, one sector that has consistently supported digital token use is iGaming. In fact, according to studies published on ScienceDirect, the number of gamblers who use crypto specifically is surging. Crypto-gamblers are also observed to use these tokens more actively than others who may also own them.
It’s worth noting that within the iGaming industry, online poker is recognized as an early adopter. Forbes even notes that sophisticated crypto poker has been around since 2014 via the Winning Poker Network (WPN), years prior to than when cryptocurrencies hit the mainstream in 2017.
The reason why online poker has been a long-time champion of crypto is not just to get ahead of the trend but for the very real benefits that it offers. If you’re curious to learn more about these benefits and how they’ve elevated online poker, read on.
Better cybersecurity features
Traditionally, online poker players are required to submit their personal information before being able to sign up for games. This includes providing sensitive information such as complete names and banking details. While iGaming sites are usually secured with stringent cybersecurity measures, the fact that this info is out there may pose vulnerabilities against more capable hackers.
This is where cryptocurrencies come in. On the US’ number one online poker site, ACR Poker, cryptocurrencies are among the secure financing options open to players. These tokens are decentralized, so they result in faster and more cost-efficient transactions that can bypass the usual delays and fees that come with dealing with third-party banking entities. Players can also choose from up to 60 different tokens, including Bitcoin and Tether, which can help them better manage their bankrolls. As crypto transactions are also completed on the blockchain, they’re less at risk of being manipulated.
Lastly, since opening a crypto account can be done anonymously, it eliminates the need to supply personal data. Embracing such innovations is part of why ACR Poker is a key global market player, according to Prophecy Market Insights. Considering that up to 46% of people admit to fearing being hacked, it’s no surprise that the security of crypto is attractive.
More player incentives
One of online poker’s biggest draws is its exclusive promotions. For instance, our article, Explaining Free Bonuses on Poker Apps, notes that there are multiple types of unique rewards for online poker players today. Many of these have been around for years, like rakeback bonuses. These can be traced as far back as 2004, which means it’s been used to attract and sweeten the deal for players even during the online poker boom in the 2000s.
Nowadays, though, there are also newer bonuses related to crypto. For instance, this is the case in CoinPoker, which is described as the world’s biggest online poker room. Here, crypto poker players can enjoy perks like a 150% welcome bonus and a 33% rakeback. At most, players can even receive upwards of 2,000 USDT when utilizing these bonuses. With these incentives, it then becomes much more appealing for players to sign up in the hopes of padding their bankrolls and reducing any risk. Naturally, this also benefits poker operators themselves as it swells their overall player pool.
Enhanced marketing opportunities
Although a rather niche sector, online gaming is still heavily reliant on effective marketing efforts. After all, players are becoming more discerning, and the sheer number of poker platforms today means that it’s easy for operators to get drowned out by the competition. Fortunately, the widespread buzz around crypto has helped shed a spotlight on various poker platforms by association.
A recent example of this was when subscription-based poker content provider PokerGO partnered with StormX. Famously, StormX is a crypto startup that made headlines a few years ago for being the first digital token company to become an NBA team sponsor. In 2022, they worked with the aforementioned poker stakeholder to host the StormX Invitational Poker Tournament. An invite-only tourney with big-name participants, such as poker legend Phil Hellmuth, Litecoin founder Charlie Lee, and numerous other celebrities and influencers from various fields. This marked the first of numerous globally streamed events that tapped different investors, entrepreneurs, poker elites, and even fans. Overall, this helped promote the poker operator and online poker space as a whole, even among those who may typically not be reached by the usual, more targeted poker marketing initiatives.