Do poker rooms wait for the BTC price to rise before processing withdrawals?

Discussion in 'Bitcoin Poker' started by PokerGod, Aug 16, 2017.

  1. PokerGod

    PokerGod Member

    Many of you are probably aware the the price of bitcoin has been hitting all time highs over the past few week. Some people are even saying that the price could break $10,000 this year. Rather than leaving all of my poker bankroll sitting in my player account, I prefer to withdraw in to my bitcoin wallet so I benefit from the increasing price of bitcoin and other crypto-currencies. My issue is that withdrawals from Americas Cardroom can be a little slow over the past couple of months and they seem to be processed just when the price hits an ATH. I have a sneaky suspicion that these poker rooms are buying the dips and then sending you the bitcoin when the price spikes. This way they make a nice profit for just holding your coins for a few extra days.

    There has been a couple of occasions recently where I've ended up getting about 10% less bitcoin because the payouts weren't processed within 24 hours, which is pretty frustrating. Anyone else notice this behaviour? Do any casinos or sportsbooks engage in similar tactics?
  2. Dara

    Dara Member

    This would be a very risky thing to do because the price could moon also and they would end up owing people an extra 20%.
  3. do bookmakers pay you from their cold storage or do they buy and sell on exchanges multiple times per day to keep up with demand?
  4. Terry

    Terry Member

    my guess is they have to buy hourly from multiple exchanges, the price of all crypto's fluctuate so much they would be crazy to hold too much BTC at any one time.

    or maybe they just pay withdrawals from deposits that they receive.
  5. NKOTB

    NKOTB Member

    this week the price was totally crazy. it was rising and falling over $1,000 per hour which is totally nuts when you consider that this time last year a single bitcoin was worth only about $800.
  6. BeastyBoy

    BeastyBoy Member

    They probably would have gone bankrupt if they had tried that in the last month because the price went from $19,800 is December to below $$6,000 is January so it would have cost them a fortune in BTC for every stalled withdrawal. I doubt they would be that reckless with their companies finances.

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