The Venom $5M tournament breaks Guinness World Record for BTC payment

It’s quite common that in a very competitive industry like online gambling, the largest companies try to set new records to be recognized as “the biggest” in some particular area.

There’s no wonder why today some poker rooms hold a sign saying they hosted “the biggest poker tournament in history” or “the most expensive event”.

The Venom $5M

But, Winning Poker thought out the box and decided to break a very innovative record: largest cryptocurrency winning jackpot in an online poker tournament by sending a $1,050,560 Bitcoin payout just a few minutes after the Brazilian player Rafael “TheBigKid” Moraes won The Venom $5M tournament.

The Venom $5M tournament breaks Guinness World Record for BTC payment

With this massive event, WPN didn’t only set a Guinness World Record (something uncommon in the gambling industry) but also held one of the most successful games ever hosted by a US-facing poker room.

Locking backward, it was a very risky bet by WPN because the event has to draw the attention of players fulfilling some requisites:

  • players willing to invest almost $3k to get a chance of winning $1M via BTC in a poker tournament;
  • players with in-depth knowledge and interest in the cryptocurrency industry, as handling $1M in BTC is not a common thing.

Nevertheless, 2,553 players attended the call and even boosted the initial GTD prize pool of $5M to $6,3M. Interestingly, despite being a strongly US-focused network, only 25% of the players at the final table lived in the United States, while the other 80% came from Europe and Latin America.

Why is this important for the cryptocurrency industry?

Poker rooms have adopted payment methods such as Skrill or Neteller as a standard for the gambling industry; with credit cards, those are the most widely accepted payment systems by poker rooms. But, in 2019, several markets are going forward with gambling restrictions that include blocking transactions from those e-Wallets. Other countries don’t restrict gambling transactions, but processing a deposit or withdrawal is expensive.

To all of those players, cryptocurrencies like Bitcoin have become the best option to process gambling transactions; but, BTC is a new technology, and some sites don’t even know about its existence.

Therefore, a TOP-10 poker rooms announcing the largest payment ever made for a poker tournament in BTC is excellent news:

  • it proved that BTC could be used to process any payment to any country in just seconds;
  • confirms that BTC is reliable as any other payment method;
  • the BTC-related Guinness Record was covered not only by poker media but also by financial newspapers, magazines, etc.

What’s next for the cryptocurrency gaming market?

Right after making the $1M payment in BTC to the tournament winner, Winning Poker announced a new edition of The Venom to be played in December and adding $1M to the GTD prize pool, making it $6M in total, which may break the same Guinness Record established this year.

In addition to that, more poker networks added BTC and other cryptos to payment methods, crypto casinos and crypto poker rooms keep launching projects with their tokens, usually backed by large gambling companies.

Shortly, other gambling companies may follow the WPN steps, and cryptocurrencies may become an industry standard to handle payments.

Summary

Winning Poker shocked the market with The Venom $5M. It cleared the path to all poker networks looking to add cryptocurrencies to their cashiers:

  • players know that it’s possible to handle any payment via BTC, no matter the amount of money;
  • poker networks recognize cryptos as a solution for processing payments in all markets, including emerging ones.

With Bitcoin, payment methods are evolving too, for example, it’s possible now to buy and sell many cryptocurrencies in Skrill and Neteller, and only in 2020, after another The Venom, we will see how the market is adapting to the new era.

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