How Cryptocurrency has Revolutionised Online Poker – And Will Continue to do so

Posted by Harry Kane on Tuesday, June 4, 2024

While the halcyon days of online poker may have come and gone during the noughties, this iconic game of skill retains a global cult following to this day. In fact, it appears to be enjoying another surge in popularity online, reinforcing its status as the ultimate game of skill and strategy for aspiring gamblers.

Of course, technological advancement has played a critical role in making online poker more accessible and enjoyable in the modern digital age. One of the most transformative associated technologies is cryptocurrency, which leverages the power of blockchain and three different generations of tokens. But precisely what role has cryptocurrency played in revolutionising online poker?

The Rise and Rise of Crypto Poker Platforms

Make no mistake; the best poker sites that accepts crypto are optimally designed to deliver a more flexible and enjoyable user experience. This can manifest itself in several different ways, while they’ve undoubtedly continued poker’s incredible transformation from offline game of skill to online cult classic.

The rise of online and virtual poker initially revolutionised a game that was popularised in smoky back rooms and brick-and-mortar casinos. However, cryptocurrency is one of several technologies that has continued the game’s wider evolution, making it more accessible across a host of global markets.

Nowadays, there are thousands of licensed poker networks operating in different jurisdictions, a growing number of which accept a diverse selection of crypto tokens. This includes first generation tokens like Bitcoin, alongside scalable, third-generation coins such as Cardano (ADA), which have been designed to tackle the ongoing and underlying issues associated with BTC.

At the time of writing, the crypto gambling market size is estimated to be worth $250 million. Interestingly, crypto comprised 8.5% of the gross gaming yield (GGY) for global sports betting in 2021, with this market share growing markedly since the coronavirus pandemic. Overall, the crypto bet sum also grew by a further 20% between 2022 and 2023, while this trend shows no sign of abating anytime soon.

OK – But How has Cryptocurrency Changed Online Poker?

The question that remains, of course, is exactly how has the advent of cryptocurrency changed the online poker realm? In truth, it has impacted this vertical in a number of different ways, while there’s no doubt that it has played a seminal role in initiating the recent surge in online poker popularity. Here are some points to keep in mind:

• Access More Diverse Games’ Libraries and Integrated Payment Systems: Crypto has led to the development of more flexible and integrated payment systems, which make it easier to deposit and withdraw when playing poker variants. As a result, you can now access a broader and more diverse selection of poker variants at crypto casinos, while it’s also easier than ever to understand a game’s return-to-player (RTP) rate and unique rules. This information is stored immutably on the blockchain and made accessible at all times, alongside details of every hand that has been previously dealt and settled.
• Play Anonymously at all Times: Blockchain describes a decentralised ledger technology, which negates the need for financial intermediaries such as banks. As a result, you can directly access your chosen crypto tokens and wager without having to fund third party fees, allowing for a more seamless betting experience and quicker payout times. Most importantly, you don’t need to provide personal or identifiable details when registering (other than an email), enabling you to gamble with complete anonymity. In instances where poker rooms are integrated with Telegram, you may be able to register and deposit without even providing a verifiable email.
• Play More Securely and Transparently: If we accept that blockchain is completely decentralised, it stands to reason that cryptocurrencies should be more secure and transparent. For example, financial transactions and bankrolls are secured using public and private keys, which work to encrypt and decrypt information at all times. In terms of transparency, all poker hands, rakes and bets are record immutable on the blockchain, making it impossible for brands to manipulate games or obfuscate key information. Remember, results are already underpinned by random number generator (RNG) software, but blockchain lets you analyse results and outcomes over time.

The Last Word – What is Next for Crypto Poker Rooms and Casinos

There can be no doubt that cryptocurrency has revolutionised online poker verticals, particularly in terms of creating more integrated, transparent and anonymous betting experience. But what exactly does the future hold for the crypto poker marketplace and its development?

Well, we envisage more third-generation tokens being embraced by poker rooms and casinos, including aforementioned coins like Cardano. This will afford far greater flexibility to players, who can use more accessible and scalable tokens while benefitting from quicker withdrawals across the board.

Many of these third-gen tokens have greater versatility and a higher number of potential applications too. This enables players to benefit from multipurpose coins and blockchain technologies, creating a more immersive online experience across a range of different verticals and activities.

Over time, this will also translate into new and exciting poker rooms that feature a rising number of crypto-influenced features. For example, crypto-specific casinos that aim to minimise the house edge will start to emerge on a much larger scale, with these entities leveraging blockchain technology to create a fairer and more transparent gameplay experience.

Other functionalities may also be added, while the lines between poker gameplay and other iGaming verticals could blur further as the technology evolves. Regardless of precisely what the future holds, the emergence of crypto and blockchain-backed poker rooms is an exciting development, and one that continues to enhance the experience of players online!