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Winning Poker Network Improves Crypto Processing

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About four months ago, we brought you the news that Americas Cardroom and the rest of the Winning Poker Network were about to go live with support for dozens of crypto-currencies. This is exactly what happened: Crypto deposits were added first followed by withdrawals several weeks later. We now have exciting developments to relate to you, involving significant improvements in the way the WPN conducts these transactions.

The Old Crypto Setup on the Winning Network

Crypto-Currency Icons

While the initial implementation of WPN crypto coin deposits and withdrawals was greeted with acclaim throughout the poker community, there were a few problems with it. First of all, transactions were limited to a $2,500 maximum. More troubling were the fees that the site was charging on altcoin deposits. Even in the case of Litecoin and Ethereum, which are famed for their sub-$1 miners fees, Americas Cardroom was taking an exorbitant juice before crediting users' balances with the dollar equivalent of their crypto deposits. Here's just one example from Twoplustwo:

Twoplustwo Post About High Litecoin Deposit Fees at ACR

The explanation for this situation doesn't lie in greed on the poker site's part. Rather, the system in use was converting all incoming crypto coin deposits into a single settlement coin and then calculating how much to add to the appropriate player balance. Throughout this process, third-party fees were extracted, which was reflected in the final deposit amount.

Recent Upgrades to the Cashier

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At present, the amount of money it's possible to withdraw via crypto has been increased by quite a bit from what it was before. There is some variation from coin to coin, but in most cases, it's in the ballpark of $5,000, which is about double the previous maximums.

The highest allowed deposit values have also been boosted, but with a twist: Some of the most popular of the crypto options now let you fund your account for as much as $25,000. Even better, the fees have been reduced considerably.

We decided to do a test deposit with Litecoin (one of the options with a $25K max) in the amount of $199 to compare our results on Feb. 12, 2018 with those of “lcky22” a month ago. Here we can see how much LTC the poker room wanted us to send:

Deposit Screen for Litecoin at Americas Cardroom

We looked on to obtain an up-to-date price for one unit of LTC:

Coinmarketcap LTC Price Data

After doing some simple math (1.22816763 LTC * $162.09/LTC), it turns out that the Litecoin we sent for our $199 deposit was worth about $199.07 – meaning that the fee on ACR's end was just $0.07!

In addition, we paid our Litecoin wallet's recommended fee, which was only $0.25, for total surcharges of well under one dollar. What a big difference from the experiences depositing customers had just a month ago.


What Has Changed?

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We recently had a face-to-face meeting with the team at the Winning Poker Network to discuss the recent changes to crypto processing among other matters. They revealed to us that they have altered their behind-the-scenes settlement procedures to make transactions with digital coins cheaper and faster. We don't really know all the specifics about this move, but it's likely that the WPN opted to change their settlement coin from Bitcoin to one with much lower overhead, and this is the reason they were able to cut fees so drastically.

The Future of Crypto-Currency and the Winning Poker Network

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The advantageous changes that the WPN has enacted with regard to its crypto-currency funding mechanisms should give it a competitive edge going forward. It already dealt in more altcoins than any of its competitors, but in some cases, it was impractical for customers to use these coins because of the high costs of transacting in them. Now that Americas Cardroom and the other network sites have lowered the fees involved, users are at liberty to select from among many low-cost payment channels.

There's still room for further enhancements though. The list of available crypto-currencies in the poker cashier fluctuates rapidly, and there are always a few of them that are listed as “Temporarily disabled.” This is probably a function of market volatility and the supply of each coin carried by the network's payments partner. We expect a more stable roster of options in the future as the network gets a firmer bearing on how to most effectively utilize all existing crypto possibilities.

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Use Crypto-Currency at the WPN Today

If you're a dabbler in crypto investments or an online poker enthusiast in search of speedy payments with low fees, then it might be time to open up an account on the Winning Poker Network and fund it with digital coins. When you make a deposit at flagship site Americas Cardroom, you'll receive a 100% up to $1,000 poker bonus that clears at a 20% rakeback rate and a complimentary $50 credit to your real money balance. Read our review of ACR poker for info on the games offered, active promotions, and other details on the poker room.

If you're looking for an alternate site on the Winning Network, then there are a few reputable companies to choose from: BlackChip Poker, True Poker, PokerHost, Ya Poker (non-US). For a list of other internet poker rooms that support crypto-currencies, take a look at our roundup of the best BTC poker sites, overview of Ethereum gambling destinations, and page describing how to use Bitcoin Cash for online gaming.