It’s been rough for PokerStars in their attempts to get back into the US online poker market. First, they were denied by the state of Nevada and banned for a minimum of 10 years for violating the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006. And so far they’ve been shut out of New Jersey, which is still waiting to review their application.
Amaya Gaming, with its clean reputation, thought that they could speed up the process by purchasing PokerStars and their parent company, Rational Group. But states with regulated iGaming markets continue to attach the “bad actor” clause to Stars. So what options are left? How about a move to the Bitcoin world, which we’ll discuss below.
PokerStars is giving serious consideration to Bitcoin
Rumors circulating around the internet claim that Stars is in the “advanced stage” of implementing Bitcoin as one of their payment solutions. This means that US players would finally be able to get back on the world’s largest online poker site for the first time since Black Friday. Furthermore, they wouldn’t have to deal with all the regulation and red tape surrounding the American iPoker market.
Legality of the situation
While it might seem like the US has had a stranglehold on their iGaming market since Black Friday, they can’t technically regulate Bitcoin. That’s because this cryptocurrency isn’t controlled by a central bank or government. And since Bitcoin transactions are anonymous, people can theoretically use it to do anything they want without government involvement. However, the cryptocurrency has previously drawn attention from Congress over its potential to aid money laundering.
Potential for reduced rake
With regulated online poker markets becoming the norm across the world, many poker sites are seeing increased expenses due to licensing fees and taxes. However, Bitcoin could be a great aid in this department because it helps sites like PokerStars get around these expenses. An added bonus is that Stars wouldn’t have to pay fees to banks and online payment solutions, thus giving them the ability to charge less rake.
Getting a head start in a new market
The Bitcoin iPoker community is a pretty small one, with SealsWithClubs, Breakout Coin (BRO), and GetLuckyPoker leading the charge right now. But assuming the cryptocurrency remains unchallenged, it could continue growing larger and larger. And PokerStars’ move to Bitcoin would give this market a huge surge and put Stars at the forefront of this movement.
However, it’s worth reiterating at this time that these are only rumors. And one must ask if Stars would further jeopardize their chances of entering US states with regulated iGaming by going the Bitcoin route. But the answer to this question could be ‘maybe’ if they have to wait any longer.