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  • ETH Merge to Make Crypto Poker Payments More Efficient, CoinPoker Ready for Change

    ETH Merge to Make Crypto Poker Payments More Efficient, CoinPoker Ready for Change

    The Ethereum (ETH) Merge is expected to take place on September 15 and usher in a new era for the blockchain, something that could improve the crypto poker ecosystem.

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    Crypto poker sites accepting Ethereum, such as CoinPoker, are likely to benefit from the upcoming ETH Merge as transaction speeds increase. (Image: Twitter/CoinPoker_OFF)

    The Ethereum blockchain’s long-awaited shift from proof-of-work to proof-of-stake will take place this week and, among other things, reduce transaction fees.

    Although the benefits of the ETH Merge will only be realized once the process is complete, some crypto experts believe it could revolutionize the blockchain. With lower fees and faster transactions promised, ETH 2.0 should provide crypto poker players with a better overall experience.

    CoinPoker set to benefit from ETH Merge

    CoinPoker, one of the largest cryptocurrency gaming sites, notified its customers of the Merge this week. An email explained that the event won’t have “any impact” on player balances or rewards.

    However, as the Ethereum blockchain switches to a new way of working, CoinPoker will suspend its ETH-based cashier. That means players won’t be able to deposit or withdraw Ethereum tokens until the Merge is complete and CoinPoker’s software has been upgraded.

    It should be business as usual from a player’s perspective once the ETH Merge is complete. Specifically, making deposits and withdrawals to crypto gaming sites like CoinPoker will be the same as it was before. Underneath the hood, the way transactions are processed will be different.

    The main reason for changing the way Ethereum operates is to make transactions more efficient. The blockchain has used the proof-of-work system to validate transactions since it launched in 2015. As the number of users has grown, the length of time it takes to process transactions has increased.

    Slower transaction times have also resulted in higher fees (known as gas). These changes have made Ethereum less efficient and in need of an upgrade. That upgrade is taking place this week and will see transactions verified by the less resource-intensive proof-of-stake system.

    What are Proof-of-Work and Proof-of-Stake?

    Blockchains such as Ethereum are decentralized networks. That means they don’t have a central authority validating transactions like a bank or PayPal do.

    Instead, they rely on a consensus mechanism. Once members of the network agree (create a consensus) on the validity of a transaction, it gets processed. Establishing a consensus is done via proof-of-work or proof-of-stake.

    Proof-of-Work

    Proof-of-work is a verification system that involves powerful computers racing to solve a complex math problem. These computers are known as miners and the first one to solve the equation gets to update the blockchain with the last verified block of transactions. The block that gets verified by the miner is linked to the previous block.

    It also becomes the block onto which a new one connects. The miner who completed the proof-of-work and verified the block of transactions receives a reward in the form of crypto tokens. Bitcoin uses the proof-of-work system.

    Proof-of-Stake

    The proof-of-stake system doesn’t use miners. Instead, it uses validators who stake some of their crypto tokens in exchange for the chance to validate a new transaction. The network randomly selects a validator to process the next block of transactions.

    Validators with larger stakes in the network are more likely to be selected than those with smaller stakes. However, the process is random, which means no single validator acts as a central point of authority (control).

    The validator processes the transaction and other validators confirm that it’s been processed correctly. This ensures everything is legit and each transaction is correct. The validator who processes the transaction creates the next block and gets rewarded for it.

    Ethereum Merge to make poker transactions more efficient

    The ETH Merge has been two years in the making. A separate blockchain (Beacon Chain) was created to test out the proof-of-stake system and verify its stability. Ethereum is now ready to merge with Beacon Chain and enter a new phase in its evolution.

    Because proof-of-stake doesn’t require miners, it’s more energy-efficient. Estimates suggest it will reduce the blockchain’s energy use by 99%. This change will also make transactions faster which, in turn, will reduce gas fees.

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    ETH payments on CoinPoker should be more efficient. (Image: CoinPoker)

    All being well, crypto poker players won’t have to wait as long for their deposits and withdrawals to be verified. More significantly, a more efficient ecosystem could inspire traditional online poker sites to explore the uses of Ethereum and, potentially, integrate ETH payment options.

    This might not happen in the immediate future, but it’s possible. Ethereum, and other blockchains are continually evolving and, the more efficient they become, the more poker operators and, in turn, players are likely to use cryptocurrencies.

    So, while the ETH Merge may only impact crypto sites like CoinPoker right now, it could have a far greater impact on the industry over the next few years.

  • Virtue Poker Launches NFTs, Owners Can Win 5% of Phil Ivey’s WSOP Action

    Virtue Poker Launches NFTs, Owners Can Win 5% of Phil Ivey’s WSOP Action

    Cryptocurrency gaming site Virtue Poker has announced a series of new innovations, including NFTs and a chance to win a piece of Phil Ivey’s WSOP prize money.

    phil ivey
    Virtue Poker is giving players the chance to win a piece of Phil Ivey’s WSOP action with its new NFT collection. (Image: Virtue Poker)

    The price of Bitcoin, Ethereum, and other tokens might be bearish, but Virtue Poker’s executives are hoping to generate some bullish momentum with Ivey’s help.

    The game’s most iconic player partnered with the crypto poker site in 2017. As part of his role, he’s spearheading a unique promotion that will see one player get a Phil Ivey NFT. The NFT owner will also get 5% of Ivey’s action in the $50K WSOP Players Championship.

    Virtue Poker taps into NFT craze

    Non-fungible tokens have gradually been finding their way into poker over the past 12 months. In addition to blockchain-based artwork from crypto site Poker Dogs Club, mainstream operators, including Partypoker, the WSOP, and PokerGO, have all released NFTs.

    Ivey himself has also backed an NFT project from Ethernity Chain. The American pro now has a second NFT project with Virtue Poker.

    Known as Virtue Poker Dogs (not to be confused with Poker Dogs Club), the collection of 500 NFTs will be available for pre-purchase on June 3. Each Virtue Poker Dog costs 150 GOLD, which are reward credits with a 1:1 ratio to the USD (i.e. 1 GOLD = $1 worth of value).

    Players can own up to five NFTs and they’ll be issued before the end of the summer. Along with owning a limited-edition Virtue Poker Dog, anyone who purchases an NFT will receive the following benefits:

    • Free site credits
    • Access to special events, including celebrity tournaments
    • A passport to the Virtue Poker Metaverse (once complete), which will offer 2D and 3D digital gaming experiences

    Finally, anyone who reserves one of Virtue Poker’s NFTs before June 22 will go into a draw to win a piece of Phil Ivey.

    The winner (drawn at random on June 22) will receive a special Phil Ivey Virtue Poker Dog NFT complete with a digital signature from the man himself.

    Your chance to own a piece of Ivey

    The winner will also get 5% of Ivey’s action in the $50K WSOP Players Championship, which gets underway on June 26. Daniel Cates won the event last year, banking just short of $1 million. If the event’s numbers are similar this year, the Ivey NFT winner could receive $50K, which would be enough for their own buy-in for next year’s Player’s Championship.

    Of course, Ivey would have to go deep in the high-stakes event for that to happen.

    Although he often spends the majority of the WSOP playing cash games, Ivey has been playing more tournaments since he won the WPT Heads-Up Championship in August 2021. In fact, he’s notched six top-5 finishes in super high roller events, including two outright wins, over the last 10 months.

    He’s already off to a winning start at the 2022 WSOP, finishing seventh in Event #2, the $100K High Roller Bounty event. If Ivey can maintain that sort of form, the owner of his Virtue Poker Dog NFT could get a lot more than a digital token.

  • Tony G Wins $4.3 Million on CoinPoker, Raises $10K to Help Ukrainians

    Tony G Wins $4.3 Million on CoinPoker, Raises $10K to Help Ukrainians

    CoinPoker continues to push the envelope, this time with the help of more high-stakes action and a $10,000 donation to those affected by the war in Ukraine.

    tony g
    CoinPoker has parlayed the success of its high-stakes games into a $10,000 donation for the people of Ukraine. (Image: Twitter/TonyGuoga)

    The crypto poker site made waves in February when Tony G won a pot worth more than $7 million. After a brief hiatus, CoinPoker’s big-money Pot-Limit Omaha game was back again this week.

    Five of the game’s six players had seven-figure stacks and, once again, Tony G was in the mix. This time, he hit the nut flush to bust two players and rake in a pot worth $4.3 million.

    Tony G takes down another big one

    The seven-figure pot (see tweet below) stands as one of the biggest ever in online poker. With the board showing 7♦ T♦ 5♣, G called a bet from number29 with an ace-high flush draw. High-stakes pro Laszlo Bujtas, aka omaha4rollz, raised enough to put the unknown player, number29, all-in.

    Number29 called, prompting G to put Bujtas all-in. The Hungarian called and, with that, the cards were revealed. Bujtas had a set of sevens, number29 had a set of tens, and G had, among other things, a flush draw.

    The J♦ on the turn put G in front. Bujtas was drawing dead at this point because G had the remaining seven. Only a 10 or paired board could help number29. That help never arrived as the 4♥ completed the board to give G a winning flush and a pot worth $4.3 million.

    CoinPoker parlays attention into fundraiser for Ukraine

    CoinPoker launched in 2017 and quickly became one of the go-to sites for crypto gaming fans. However, for all the innovations it’s made using blockchain technology, it’s the recent string of high-stakes games that have garnered attention.

    With the poker community at large now taking notice, the owners of CoinPoker are using the attention to raise money for the people of Ukraine.

    Tony G is one of the site’s owners and, through his charity, the A Guoga Support Fund, he’s working to help those affected by Russia’s military strikes. Using CoinPoker as a platform, G set up two online charity tournaments.

    Money raised through buy-ins was added to direct donations made to a dummy account on CoinPoker. Those efforts raised $8,996. CoinPoker has rounded up the donation to $10,000, all of which will go to the A Guoga Support Fund for Ukraine.

  • Russian Banking Chaos Hits Poker Players, Tony G Launches Fundraiser for Ukraine

    Russian Banking Chaos Hits Poker Players, Tony G Launches Fundraiser for Ukraine

    The war on Ukraine continues to claim casualties on the ground and the digital sphere as Russia’s banking system goes into meltdown.

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    Sanctions on Russian banks is affecting offshore transfers, but the poker community is fighting to help people in Ukraine. (Image: Twitter/@TonyGuoga)

    The European Union, UK, and the US were among the political powers that agreed to remove Russian banks from the international payment system, SWIFT, this week. The sanction froze the assets of Russia’s central bank, caused the stock exchange to close, and sparked mass ATM withdrawals across the country.

    The Russian ruble’s value is in freefall and, in response to the sanctions, Vladimir Putin’s government has banned international bank transfers. This means Russian poker players can’t make deposits or withdrawals to sites using offshore payment processors.

    Payment sanctions exacerbate Russian poker problems

    The Russian regulatory landscape for poker was in a state of flux long before Putin authorized attacks on Ukraine. PokerStars transferred Russian players from its EU network to one linked with Casino Sochi in November 2021.

    More recently, Partypoker exited the Russian market after its efforts to run a site located in Sochi failed to gain any traction. Now, with bank transfers out of Russia banned, the options for local players have been reduced even further.

    Players won’t even be able to use unlicensed offshore sites because, without a way to process payments, no one can make deposits or withdrawals. The only possible option right now would be cryptocurrency poker sites that accept Bitcoin et al.

    Even if Russian poker players don’t use cryptos to play online, they can still donate to relief efforts. Because cryptocurrencies aren’t processed through traditional banking methods, Putin’s restrictions don’t affect payments from inside or outside of Russia. As such, members of the gambling community are using Bitcoin et al to help people in Ukraine.

    Gambling community rallies to help Ukraine

    Like so many outside of poker, Tony G has set up a fundraiser for the people of Ukraine. The money raised will help Ukrainian asylum seekers find shelter and safety in G’s native Lithuania. As well as bank transfers to his charitable foundation, Tony G is accepting Bitcoin and Ethereum payments.

    Also scrambling to help Ukrainians this week is crypto gambling site, SportsBet.io. Anyone, regardless of whether or not they’re a registered user, can donate money in one of three ways:

    • BTC donation address: bc1qwqwf3fkpzz3xermaqq7w44klpexxy3jh28prcw
    • ETH/USDT-ERC20 donation address: 0xD6947787acf7A387E4C92EE296E4Ca96c291f802
    • USDT-TRC donation address: TYLpRsChiDHXKhb8SbDv3FZvVSvZoU6Eao

    SportsBet.io will match all donations made up to March 3 to help relief efforts in Ukraine.

    Russian attacks continue to cause widespread misery, concern, and devastation in Ukraine, as well as the world at large. Poker remains a minor issue, but the fallout from Putin’s war is having far greater consequences than anyone would have imagined.

  • Did Tony G Really Win $7.75 Million in One Hand? Record Online Poker Pot Explained

    Did Tony G Really Win $7.75 Million in One Hand? Record Online Poker Pot Explained

    If you read this week’s Big Winners rundown, you’ll have seen that Tony G won a pot worth $7.7 million. However, because CoinPoker games don’t use standard currencies, there was some confusion over how much the pot was actually worth. We’ve got the answer.

    tony g
    Tony G entered the record books last week by winning a cash game pot worth more than $7 million. (Image: Twitter/TonyGuoga)

    CoinPoker is a crypto site. That means it doesn’t accept fiat currencies such as USD, EUR, and GBP. Instead, players can send money from a crypto wallet to their CoinPoker account.

    At present, CoinPoker processes payments in five cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Polygon (MATIC), and CoinPoker Token (CHP).

    coinpoker cashier
    A screenshot of the CoinPoker deposit page. (Image: CoinPoker)

    These tokens can be used for deposits and withdrawals, but the one used on cash game tables and for tournament buy-ins is Tether (USDT). This game of PLO was being played at $10K/$20K stakes, with a $2,500 ante — significantly higher stakes than the $1k/$2k game in which Tony G set the previous record with a $1.8 million pot that would end up being chopped.

    But just how big this pot really was remained uncertain.

    Tether symbol causes confusion

    The symbol for Tether is ₮. This is where some of the confusion surrounding Tony G’s $7.7 million pot might stem from. Tether’s symbol looks similar to the one used for the Indian Rupee: ₹.

    Distinguishing between the two, particularly when the symbols are only a few pixels, can be tricky (see the tweet above). What’s more, USDT isn’t a fiat currency and, unless you’re versed in the fundamentals of crypto, it won’t be obvious how much ₮1 is worth.

    Unlike Bitcoin et al, Tether (USDT) is a stablecoin. This means its value is linked to a fiat currency and, therefore, stable. To put it another way, the token’s value is tethered to that of another.

    USDT is linked to the value of USD. You can think of it as the crypto equivalent of the US Dollar. That means ₮1 is worth $1. So, the pot you can see Tony G winning in the video above was worth more than ₮7 million or, in USD, over $7 million.

    House money?

    CardsChat spoke to a CoinPoker representative via the messaging app Telegram. They confirmed that the onsite table currency is USDT, which is linked to the value of USD at a 1:1 ratio.

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    A CoinPoker rep confirms the record-breaking pot. (Image: Dan Smyth)

    That means Tony G won the largest pot in online poker history. What’s more, it thrusts CoinPoker into the spotlight as the new place to play high stakes poker.

    There is the question of whether or not the money is real. The cash on the table is certainly real and Tony G really did win the pot. Do some of the players have a deal whereby they receive a percentage of their losses back due to astronomical sums of money involved?

    Even in the biggest boom days of online poker, 7-figure pots were rare. The nearly 7-fold jump from the previous record set last month leaves some speculating if this money could be just a marketing expense, with little actually at risk.

    The reality is something we may never know. One thing we do know, however, is that Tony G won more in a single hand than Joe Hachem got for winning the 2005 WSOP Main Event ($7.5 million). And he’s got the screenshots to prove it.

  • Poker Dogs Club and Partypoker Launch NFT Products

    Poker Dogs Club and Partypoker Launch NFT Products

    The crossovers between poker and crypto technology keep on coming, and the latest innovations opening the door to new ideas are NFT play-to-earn games.

    poker dogs club
    Poker Dogs Club and Partypoker are the latest companies to enter the Metaverse and embrace NFTs. (Image: Poker Dogs Club)

    One such project is called Poker Dogs Club. Backed by 1998 WSOP Main Event winner, Scotty Nguyen, this startup has created its own space in the Metaverse. An integral part of its digital platform is 7,777 poker-themed NFTs. The digital artwork was minted on Jan. 30, which means people can now buy an NFT and become part of the Poker Dogs Club.

    All members get access to a variety of perks, including free poker games, more than $200,000 in tournament prizes, and the prospect of their NFT increasing in value.

    Join an NFT club

    The project may seem somewhat complex for those not versed in the nuances of NFTs and the Metaverse. However, the fundamental premise to grasp is that owning a Poker Dog Club NFT makes you a member of an exclusive community.

    Each Poker Dogs Club NFT costs 0.069 ETH ($190– price correct on Feb. 1). Anyone who buys an NFT will be able to play private games within the Poker Dogs Club Metaverse. To put it another way, Poker Dogs Club is a virtual ecosystem where members can interact, play games, and earn rewards.

    poker dogs
    You can now buy a Poker Dogs Club NFT. (Image: Poker Dogs Club)

    The set-up is similar to PokerFi with regards to the way people can earn rewards by owning an NFT. And, based on the popularity of NFTs right now, buying into Poker Dogs Club could also be seen as an investment.

    Of course, there are no guarantees that the digital artwork will increase in value. However, the potential is there, based on the current market conditions.

    Partypoker enters Metaverse

    The NFT trend in poker isn’t confined to startups. Poker Dogs Club is providing a door into the Metaverse with its play-to-earn games, but that isn’t the only option, as Partypoker is also launching its own collection of NFTs.

    Working in partnership with Theta Labs, Partypoker will showcase some iconic moments in its history via the medium of NFTs. There will also be a special collection of digital artwork called PokerApes. These characters will have unique traits and a “Partypoker twist.”

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    Partypoker has created its own range of NFTs. (Image: Partypoker)

    NFTs from Partypoker and other operators are bringing the Metaverse into view. This, in tandem with crypto poker sites such as CoinPoker, are creating new opportunities for players and NFT enthusiasts.

    With Partypoker embracing this new technology, PokerStars and other sites are likely to follow sooner rather than later. When that happens, the prospect of grinding MTTs in the Metaverse and trading poker NFTs will become a more tangible prospect for players who, at present, may remain wary of the Metaverse.

  • PokerGO Jumps on the Crypto Bandwagon

    PokerGO Jumps on the Crypto Bandwagon

    PokerGo is joining the latest tech trend by partnering with StormX, one of the largest crypto cashback companies in the world.

    StormX/PokerGo
    PokerGo has partnered with crypto cashback provider StormX in a deal that further strengthens the industry’s links with new technology. (Image: StormX.io)

    The bond between betting and cryptocurrency has been slowly strengthening over the past five years, and the pace at which poker brands are embracing new innovations has rapidly increased in the last 12 months. PokerGo’s Jan. 11 announcement continued that trend, introducing StormX as the poker site’s official cryptocurrency partner in a multi-year deal that will include branding opportunities and unique promotions.

    PokerGo embracing next-generation tech

    The partnership will begin with StormX acting as the official sponsor of PokerGo’s Stairways to Millions event, which kicked off today at the Aria in Las Vegas. This, however, is a mere precursor to what the two have planned.

    PokerGo plans to host special events where subscribers can win, among other things, cryptocurrency tokens. The finer details of these plans are yet to be announced, but will possibly take advantage of StormX’s various products, including crypto staking and a cashback service.

    “Cryptocurrency is very much a part of the global poker community and this exciting new partnership opens up a variety of opportunities that allow us to provide enhanced value to our loyal audience,” PokerGo President Mori Eskandani said in a press release.

    Users install the StormX extension for Google Chrome and, through it, they can make purchases at thousands of online stores, including Nike, DoorDash, and Uber. Each purchase made via StormX earns the user cashback, which is paid out in crypto. PokerGo could take advantage of this by offering subscription packages and other products through StormX that allow poker fans to earn cashback when they make a purchase.

    Partnership creates new opportunities

    Having the ability to run crypto giveaways and cashback incentives gets to the crux of this partnership. Charlie Lee, the founder of Litecoin, said in 2018 that cryptocurrencies and poker are a perfect match. Since then, various crypto-based poker sites have launched, including CoinPoker, Virtue Poker, and the metaverse-focused PokerFi.

    The latest partnership between PokerGo and StormX might be slightly different, but it’s another facet of an ever-expanding ecosystem. Triton, for example, partnered with crypto exchange Kraken in October. While that deal currently represents little more than a marketing opportunity for Kraken, it does provide the opportunity for some interesting innovation moving forward.

    PokerGo has already teased a series of cryptocurrency giveaways, but this may only be the start of what’s to come. Crypto is an emerging industry but, as the latest partnership shows, poker companies are already looking for ways to unlock new opportunities.

  • Renato Maia and PokerFi Take Gaming into the Metaverse

    Renato Maia and PokerFi Take Gaming into the Metaverse

    Online poker, like many other industries, is moving into the metaverse. Although crypto and gambling have formed a loose bond over the last decade, PokerFi is aiming to take things to a new level.

    Renato Maia
    Brazilian pro Renato Maia is aiming to bring the metaverse and NFTs to gaming with a new platform called PokerFi. (Image: AMB Crypto)

    The new platform, which is the brainchild of Brazilian poker pro Renato Maia, launched its own cryptocurrency in October 2021. These tokens are currently valued at $0.0006 and, once the poker site is live, they can be used to enter games and earn rakeback.

    However, that’s not the only thing Maia has created. The platform’s next innovation will be a digital land auction that will take place on Jan. 12.

    PokerFi to offer NFTs and more

    Crypto poker sites aren’t new; Phil Ivey has links to a site called Virtue Poker. However, PokerFi is aiming to be more than a gaming platform. The startup’s roadmap outlines a grand plan to offer Non-Fungible Tokens (NFTs) as well as digital land that people can buy.

    NFTs and the metaverse are two emerging technologies. NFTs can be described, in simple terms, as digital signatures. In other words, they’re unique digital assets that exist on a blockchain and can’t be changed. Most common NFTs currently take the form of images and can be worth upwards of $1 million, based on their desirability and rarity.

    PokerFi’s NFTs will take the form of artwork, including the company’s logo and player images. They’ll have utility on the platform for things like tournament buy-ins. PokerFi NFTs will also earn the holder a share of the network’s profit.

    PokerFi founder Maia is also aiming to create a space in the metaverse. The term metaverse made the headlines in 2021 when Facebook founder Mark Zuckerberg hailed it as the future of digital technology (see video below).

    The metaverse is a 3D digital world where people can engage in a variety of activities. For example, Star Atlas is a metaverse game on the Solana network. Players can buy starships, land, and equipment using a native token known as $ATLAS.

    PokerFi metaverse brings digital casinos to life

    PokerFi is aiming to offer something similar. People will be able to purchase land within the PokerFi metaverse starting on Jan. 12 and, as with other metaverse projects, PokerFi’s native tokens and NFTs will be the currency used to purchase virtual assets (see tweet below).

    Landowners can use tokens to build their own digital casinos that they can rent out, sell, or run as a business (i.e. people can play games inside the digital casino).

    Crypto has already found its way into poker, and because of that, a platform like PokerFi seems like a natural progression.

    That said, Maia’s plans for PokerFi are certainly ambitious and are designed to take advantage of the hype surrounding the metaverse and NFTs right now. Whether he succeeds or not remains to be seen, but even PokerFi fails to gain any traction, it may be the start of a new era in online poker.