PokerStars Makes Preparations to Accept Bitcoin Deposits

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According to a report on Gambling Compliance, “PokerStars and major Asian-facing operators are among those pushing for Bitcoin’s acceptance.” In addition, Chris Grove of Online Poker Report reported that several reliable sources have confirmed to him that PokerStars is indeed “in the advanced stages of developing the internal infrastructure necessary to integrate BTC into the platform.” PokerStars, however, has not yet given a specific date within which it will start accepting bitcoin deposits.

Advantages of PokerStars Accepting Bitcoin

PokerStars is the biggest and most reputed online poker room in the world, and the credibility of bitcoin will increase if it starts accepting bitcoin. The online poker community will sit up and notice it. In addition, it may inspire other operators to start accepting deposits in bitcoins too. With the market position PokerStars has, it would instanly be able to start tapping into the already existing Bitcoin poker market.

The biggest advantage is that PokerStars will be able to cut operational costs if it starts accepting bitcoins. This will enable it to run more lucrative promotions and offer bigger bonuses and rewards for loyalty.

Bitcoin makes it easier for operators to expand into grey markets. Chris Grove told PocketFives: “The big advantage of Bitcoin, some would argue, is that when you look at markets that don’t have a strong payment processing framework, it allows you to enter those markets. That’s the long-term play: it broadens the map of markets they can participate in.” Accepting bitcoins will make it easier for PokerStars to enter unregulated online poker markets such as India and China.

PokerStars NJ May Not Accept Bitcoin

On second thoughts, PokerStars NJ may accept bitcoins much later. Currently, Amaya’s application for an NJ online poker license is being heavily scrutinized. If PokerStars NJ starts offering bitcoin, an unregulated cryptocurrency, it will be subject to criticism.

This, however, does not mean that the US federal government is not considering the regulation of bitcoin. If the federal government starts regulating the currency, PokerStars NJ will not hesitate to include bitcoin as a banking method.

Why PokerStars Must Accept Bitcoin

There are several reasons PokerStars must include bitcoin on its banking page. It will attract more players at the international level as it is very easy to deposit and withdraw funds through bitcoins, especially in countries that have unfavorable online poker laws.

In addition, poker rooms that allow players to wager in bitcoins do not require too much rake. This leaves them free to offer bigger bonuses, invest in marketing strategies, and run lucrative promotions. This is because bitcoin transactions do not require any third party and are either free or carry a nominal fee.

Ever since Amaya Gaming acquired PokerStars in June 2014, the online poker room has undergone a number of changes. Ever since the acquisition, PokerStars has raised its rake, changed its policies of currency exchange, made promotional lineup alterations, and even changed its roster of sponsored pros. Although some experts say that these changes would have been introduced even if the acquisition hadn’t taken place, others are of the opinion that the $4.9 billion acquisition deal has accelerated the implementation of these changes.

December 30, 2014: • No Comments

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