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Professional Rakeback this week identified some of the causes for Bitcoin and other crypto-currency-based online poker rooms struggles to close out 2017 at a time when Bitcoin is inching towards the $20,000 mark.
Now accepting most forms of crypto-currencies
SwCPoker (formerly Seals With Clubs) and Nitrogen Poker own a good portion of the “crypto-currency only” online poker market share, and are therefore most affected by disruptions in the Bitcoin ecosystem.
Professional Rakeback points to high transaction fees, exorbitant rake and lack of microstakes games as the primary root causes.
In regard to the high transaction fees, it’s easy to see $20 turning to $40 just to try out one of these websites whereas the likes of Americas Cardroom, which offers a wide assortment of crypto-currency options in addition to traditional funding, will tack on free bonus money for new depositors, up to $1000 in fact.
As for the high rake, Professional Rakeback writes:
Despite a few previous attempts to rationalize the rake schedules in effect at crypto poker sites, they have quickly become out of date as Bitcoin soars through the ceiling. Nitrogen actually charges as much as 5 mBTC (~$92) at some stake levels. SwCPoker is better in this department with a maximum rake taken of 0.001 BTC (approximately $18.40): a figure that would be appalling at a mainstream internet poker site but is relatively hospitable compared to its main rival.
Adjusting the rake chart and dividing Bitcoins into 10,000 pieces rather than just 1,000 would help to solve the problem of not being able to spread microstakes games, PR concludes.
They also note that, by tying themselves so closely to a single crypto network, SwC and Nitrogen are restricting their own flexibility and scope. Those two sites, unlike Americas Cardroom, are yet to offer Bitcoin Cash, Ethereum, Litecoin, and other popular altcoins that have lower miners fees.
- Ace King, Gambling911.com
