Since the initial mainstream launch in 2017, cryptocurrencies have become some of the most disruptive digital assets.

Despite their speculative nature, these tokens are highly valuable with a market cap of nearly $3 trillion.

Outside of being used for investments and as a means of payment, though, cryptos have found success in the iGaming landscape.

A recent Science Direct study on crypto interrelations found that gamblers exhibit more pronounced cryptocurrency involvement than other demographics. Having said this, among all gambling and iGaming sectors, online poker is known to be the most receptive to cryptocurrencies. Some reports even note that the online poker industry is an early crypto adopter, with the Winning Poker Network (WPN) even embracing these tokens as early as 2014.

That said, because crypto poker is still relatively new, it lacks any solid cross-regional regulations. Instead, how crypto poker plays out depends on the area and poker provider. Across the US, California has become one of the most promising venues for crypto poker, considering that the state is widely recognized as having the most meaningful digital asset penetration, with up to 27% of residents owning crypto.

How crypto poker works in California

In California, cryptocurrencies are regulated under the Digital Financial Assets Law (DFAL) of 2023. As such, they can be used as secure banking methods on participating platforms. This includes sites that offer online poker in California. The country’s leading online poker site, Americas Cardroom, which has been around since 2001, notes that cryptocurrencies are particularly popular because they provide quick and hassle-free transactions. In particular, this includes timely and efficient deposits and withdrawals that are not challenged by meddlesome third parties that pad fees and processing times.

Additionally, Californian crypto poker players can enjoy more flexibility given that they can choose between dozens of recognized tokens. On the provider mentioned above alone, players have the option to choose between over 60 cryptocurrencies, including Bitcoin. What’s more, crypto poker players in California can look forward to unique perks. This includes special bonuses of up to 200% and the opportunity to join prestigious tournaments. For instance, Americas Cardroom’s Venom tournaments are known for having some of the biggest prizes in online poker. This year’s iteration of the flagship competitions alone boasted over $10 million in guaranteed prizes. Back in 2019, this poker event offered more than $1 million worth of cryptocurrency as a grand prize. This shows that crypto poker offers Californian players some of the most significant gameplay and prize benefits.

What does the future of crypto poker look like in the state?

Among all other states, California is one of the most keen to adopt digital innovations. For example, when examining how AI in America is expanding, recent surveys reveal that 3 in 5 respondents say this tech has helped improve their lives. As it happens, PPIC polls note that almost 50% of Californians have a positive outlook on AI.

Such open-mindedness toward otherwise sensitive innovations extends to crypto. For instance, California is home to Silicon Valley and has more crypto companies than any other state. These companies are not just limited to American pursuits either, with foreign parties like the Seychelles-based crypto exchange OKX even opening their headquarters in the state. This high level of crypto acceptance bodes well for crypto poker, as this means the broad use of the tokens is unlikely to be shut down.

Additionally, California’s iGaming landscape is rich in supporters. To illustrate, earlier this April, reports showed that tribal-run establishments and famous sportsbooks, including DraftKings and FanDuel, may collaborate to further sports betting in California. Both of these sports betting providers are globally respected and known for offering some of the most comprehensive betting markets. This collaboration is in light of a widespread demand to legalize online and physical avenues for this activity. The presence of such support from public and private stakeholders bodes well for crypto poker, too, since this indicates that there is definitely a strong market interested in these sectors.

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