The online poker industry has tried its best to avoid the cloud of fraudulent financial transactions as the regulations that control the online payments have a number of loopholes.
Both online gambling companies and online players have manipulated these loopholes in the past for personal gain before being prosecuted by authorities, thereby bringing disrepute to the online gambling industry.
Credit card companies in New Jersey have been skeptical of collaborating with online gambling providers as they are concerned about online security measures that govern these websites.
As a result, both online gambling providers and players are constantly looking for an online payment system that allows them to deposit and withdraw funds seamlessly.
Most online gambling providers rely on e-wallet providers such as Skrill and Neteller as they help to facilitate easy financial transactions. Bitcoins, an online currency has also been gaining popularity over the past 11 months and a few online gambling providers are considering using bitcoins as part of their online payment system. However, since Bitcoins is relatively new and there are many risks associated with using a new payment system, most of the major online gambling providers have not been keen on using Bitcoins.
Michael Mizrachi, a three time WSOP bracelet winner who has won prize money in excess of $14 million has decided to launch his own online poker room that will use bitcoins. The 33 year old poker pro has decided to officially launch his GetLuckyPoker.com. Mizrachi’s website has been in beta testing for a number of months and he believes it’s the right time to go live and promote the website. Mizrachi has hired his brothers along with few of his poker mates to act as ambassadors for his poker room promotion.
In a statement, Mizrachi said
I have decided to make my own luck. I am opening my own online poker site. We will have a few pros on there. It will be called GetLuckyPoker.com and we will be using bitcoins. Hopefully, that works. We will have Badeci, Badugi, Deuce to Seven.. as many games as we can get up on there. Hopefully, it will be up before the beginning of January and it’s going to be exciting.
While the majority of gambling providers prefer not to use bitcoins, Michael Mizrachi is happy to take the plunge and experiment with bitcoins. The poker pro believes that business is similar to poker and requires you to take calculated risks, which is exactly why he launched a bitcoin friendly poker room.