Crypto poker plays out in much the same format as any other online poker room, although crypto may be used for deposits and withdrawals or even as the balance currency in some cases. This guide explains how crypto poker works in practice, from choosing suitable crypto poker rooms to selecting the right wallet and blockchain network.
Crypto poker sites use different payment systems, and not all of them process funds in the same way. For example, some poker rooms may convert a crypto deposit into another account currency, while others may keep balances in crypto. Different sites can also have different requirements for account verification, fees, minimums, supported blockchains, and withdrawals.
One of the first things players should check when getting started with crypto poker online is how a particular site handles these payment and account requirements.
What Is Crypto Poker?
In its essence, crypto poker represents poker played online, which is based on crypto as a payment method. Poker itself doesn’t change–the same game formats, the same poker rules, the same blind and buy-in structures, and the same poker tournaments are used as at other online poker rooms. The difference is in the way of depositing and withdrawing funds from the account.
In some online poker rooms, the only function of crypto is to be used as a deposit and withdrawal method. A player deposits money into his/her account in Bitcoin, stablecoins, or any other crypto supported by the poker room. In some cases, a balance is further converted into the main currency of the poker room. Some crypto poker rooms keep balances in crypto.
This distinction is important for understanding how crypto poker works, since it influences the way the balance is displayed and managed, as well as how price fluctuations may affect it.
| Model | How it works |
| Crypto used for payments | Crypto is sent to the room and may be converted into another account currency |
| Crypto-denominated balance | The account balance remains held or displayed in crypto units |
How to Choose a Crypto-Friendly Poker Room
Choosing a crypto poker room comes with a couple of necessary factors to consider. Even though the room uses crypto currency, it does not mean that it would be right for everyone. Consider the following factors before picking a crypto poker room:
- Player eligibility: See whether the room allows players from your country, as well as other restrictions that could impact you as a player.
- Games and stakes: Make sure that there are sufficient cash games and tournaments with appropriate stakes, which cater to your needs.
- Cryptos and networks: See what cryptos and blockchains the site supports to avoid any problems when making deposits.
- Min/Max deposits/withdrawals: See the minimum and maximum deposits and withdrawals allowed by the site depending on the payment method used.
- Verification: Although some rooms dealing in crypto poker games could require less verification, you would have to complete the account verification to withdraw money from there.
- Crypto balance currency: Check whether deposits will remain in crypto or be changed to another currency on your account.
- Balance currency: It’s important to see whether deposits remain in crypto or become another currency on the account.
- Withdrawal conditions: Analyze processing, transfer options via different networks, limitations, etc., that need to be fulfilled before withdrawal.
It turns out that by analyzing these factors, one can understand that choosing rooms just because they deal in crypto games isn’t enough. If you want to know more, check our crypto poker guide.
Wallets, Coins and Blockchain Networks Explained
The concepts of wallet, assets, and blockchain network are essential in ensuring safe use of crypto poker. The payments might seem straightforward to the cashier, but the players should understand where their money is coming from, what assets are accepted, and the network that the poker room works on.
Custodial and Self-Custody Wallets
In the case of a custodial wallet, a third party controls the wallet. In this case, a third party like an exchange or payment platform is in control of the private keys. A self-custody wallet is different from the custodial wallet because the person in control of the private keys is the owner.
In some crypto poker rooms, players can have their funds held within their poker accounts upon deposits. It is important to note that such a move does not imply that the poker room follows the same custody process as the wallet that sent the funds.
Players must never disclose private keys or recovery phrases to poker-room support.
Bitcoin and Stablecoins
Both Bitcoin and stablecoins can be used for crypto poker online, however, they operate differently. Bitcoin may appreciate or depreciate in value during the time period when the funds are kept in the poker room, whereas stablecoins follow an asset’s value, which is usually a fiat currency such as the US dollar.
The mentioned aspect is important to take into consideration when reviewing how the poker room manages the balance. While one website may maintain the balance in crypto, the other will convert the deposited funds into another account currency upon receipt.
The Asset Is Not the Network
One of the most important things to understand about how crypto poker works is that the crypto itself and the blockchain network are not the same thing.
For example, if a poker cashier accepts a token on Network A, the player must send that token using Network A. Choosing Network B just because it has lower fees does not make the transfer compatible. An unsupported network can delay the payment or make recovery difficult.
Before making a transfer, players should check:
- the supported asset;
- the supported network;
- the deposit minimum;
- the destination address;
- and whether a memo or tag is required.
For a broader comparison of operators and supported payment options, see our crypto poker sites guide.
How to Deposit Crypto at a Poker Site
Creating a crypto poker deposit can be easy, but it all depends on the room, the currency, and the blockchain used. The instructions must be followed according to those provided currently in the cashier rather than using a pre-existing address or outdated deposit methods. The steps involved are as follows:
- Open the cashier and select the option for crypto deposits.
- Select the crypto that is supported by the website.
- Select the blockchain used for the transaction where there are options.
- Determine the deposit minimums, as well as other limitations provided on the website.
- Confirm the deposit address and check if there is a need for the memo or tag.
- Deposit the funds using the same crypto and blockchain network as provided on the website.
- Await the confirmations as required by the website.
It is not necessary that the total amount present in the poker account will always coincide with the total crypto amount that has been deposited in the same unit. It is very important to confirm the asset, the network, the address, and the minimum amount to deposit before actually making the deposit.
Fees, Conversion and Processing Times
Incurring costs associated with the use of crypto for poker includes more than one item, and these costs do not necessarily arise from the poker room. It is important to distinguish between poker room rake and crypto payment fees because the former is not related to payments at all.
The most important cost items that need to be checked include:
- Blockchain/network fees: Fees charged by blockchain when performing a transaction. The amount may vary based on the network and level of activity.
- Operator fees: Fees that some crypto poker rooms may impose on deposits and withdrawals, but not everyone does that.
- Exchange fees: The exchange rate/spread for crypto deposits that are converted into another account currency.
- Poker rake: It is charged through cash game or tournament fees and is unrelated to payment costs.
The processing period can also be variable. The crypto poker deposits may require confirmation from the blockchain, and a withdrawal from crypto poker can also involve the review of the user’s account or the operator’s approval before the transaction takes place.
Common Mistakes and How to Avoid Them
Almost all deposit mistakes happen due to inputting a payment parameter wrong or thinking that crypto transfers have no peculiarities. Taking a few safety measures before making a payment will help to avoid these troubles.
- The wrong blockchain network: Both crypto and its network should be compatible with the poker room. Otherwise, the transaction will either take more time or will not be reversible.
- Sending to a wrong address: Usually, crypto transactions cannot be undone. It is critical to confirm the receiving address before sending any assets.
- Accepting an inappropriate crypto: While the wallet of a poker player can support various cryptos, a poker room may work with only a limited number of assets. It is required to consult the cashier of the poker room before the transfer.
- Missing memo/tag/transaction ID: A transaction may require an additional memo, tag, or transaction ID. In case the cashier asks for it, the user must send it.
- Concerning the absence of KYC in crypto poker: The fact of the nonexistence of KYC in crypto poker is far from being a rule. The requirements might differ depending on the platform operator, country, account history, and withdrawals.
- Giving the private key or the recovery phrase: It is unnecessary for the poker support to have access to the private key or the recovery phrase while processing a payment. Under no circumstances should a private key or a recovery phrase be provided.
In case there is any problem with deposits, the players should give the transaction ID, asset, network, amount, and the cashier’s current status to the support team.
