Will Bitcoin Soon Be a Payment Option at PokerStars?

There have been a lot of rumors going around lately and if they prove to be true, PokerStars will start offering its players Bitcoin as an option for deposits and withdrawals. Although this seemed unlikely a year or so ago, the option is becoming more and more realistic, it seems.

Players have been appealing to PokerStars to make this happen for a while now, but until relatively recently, the biggest online poker room in the world hasn’t shown much interest in Bitcoin integration, most likely due to the volatility and lack of regulation connected to the cryptocurrency.

However, things are changing for Bitcoin as it is slowly becoming more popular, which should at least somewhat ensure its stability. On the trace of these changes and listening to vox populi, it seems that the online giant is also slowly coming around.

Reports from Bitcoin sites

In December of last year, bitcoinist.net reported that there were rumors that PokerStars' players would soon be able to use the cryptocurrency for deposits. The same article stated that the room was looking into several options to make this integration a reality.

Just a couple of days ago, a site called coinfire.io claimed that they received inside information from the company, stating that the Bitcoin integration was underway. In a quote from this alleged source, it was explained that the company has been working hard on finding a right way to proceed with the implementation of Bitcoin and are now finally on the brink of a solution.

Although there was no fixed date as to when this change would finally take effect, if these rumors are correct, it shouldn’t be long before players are able to start using Bitcoin as their preferred payment method, should they so choose.

Reactions from the community

Not long after the news broke, a thread was created on 2 + 2 forums where users chimed in with their opinions on the matter. Many of them do not see the advantages of having Bitcoin as a deposit/withdrawal option unless playing from the U.S.

As for the U.S. market, although the Bitcoin option would open the possibility in theory, in practice this is not a very likely scenario. Seeing that PokerStars are looking to enter the regulated market in the States, they are not very likely to jeopardize the progress that has been achieved by allowing Americans to play on their site again without proper regulation.

If that option is off the table, what really remains? Some posters have pointed out that transacting in Bitcoin could help PokerStars reduce operating fees significantly, allowing them to perhaps offer better bonuses or some sort of incentives for those who decide to use the cryptocurrency.

It could also help players who are not able to use major e-wallets with moving money around. Canadians, for example, have not been able to use Skrill for some time now, and this could be a viable option for substituting bank transfers.

Assessing the situation

At this point in time, it is hard to say how reliable the ‘inside source’ mentioned earlier in this article may actually be. Realistically speaking, there are both pro and con arguments for PokerStars to introduce Bitcoin as one of their offered payment methods.

Pros clearly include the fact that the market is evolving and PokerStars has always been a leader in the industry. They probably wouldn’t want to be left behind by avoiding Bitcoin. Other than that, every new deposit/withdrawal method means access to a greater number of customers, even if that number may not seem that big at present. Finally, reducing transfer costs is a legit business consideration and one that could have a big impact on the final decision.

On the flip side, it seems that cryptocurrency is still somewhat far from mainstream acceptance. This, in turn, means that it will remain quite volatile for at least some time, presenting a somewhat interesting dilemma for an operator wanting to offer this deposit/withdrawal method.

If PokerStars were, for example, to set up their own operator to handle the transactions and conversions, they would open themselves up to financial liability. They could, of course, enter an agreement with one of the already existing Bitcoin exchanges, but that would require finding a reliable and stable one that operates within regulations.

The third option would be to allow users to have Bitcoin stored in their accounts and only convert them when they sit down at the tables or buy-in to a tournament. This would transfer the entire risk onto players, but would probably not be regarded kindly by the regulatory authorities and lawmakers, especially in the states.

While there is certainly no doubt that PokerStars are looking into the whole Bitcoin situation and assessing their options in the matter, perhaps those looking forward to it should not hold their breath. There are, in all likelihood, still things that need to pan out before the company makes the move.

But maybe PokerStars will surprise us all.

Photo: www.nbcnews.com (Jim Urquhart)