It has been a little over a month since Virtue Poker went live for real money, with the platform opening for business on May 28.
As such, the company opened an important chapter in a new breed of igaming websites in the crypto space – those focused on poker.
While poker is intrinsically less popular than say casino games, Virtue Poker has been able to leverage the game's niche appeal and offer new growth avenues.
Powered by the Ethereum blockchain, and recently launched on the Binance Smart Chain, Virtue Poker is showing a way forward for yet another segment in which crypto and gaming intersect.
While other platforms have chosen to operate in the casino and sports betting space in relative “grey areas”, Virtue Poker has gone after a licensed offer and has focused on building trust with the community from the very start.
Relying on a regulated and licensed offer
Few crypto gaming websites have approached the space with as much dedication as Virtue Poker. Although operating in a “niche segment” with presently limited scope, Virtue Poker has gone for the right call from the very start.
The company has obtained a license from the Malta Gaming Authority (MGA) and it has received a license from Gaming Labs International (GLI) for its peer-to-peer shuffling protocol that involves all players at a given table to participate in the shuffling process.
All of this put together, positions Virtue Poker as the most reliable poker platform to accept and use crypto currently on the market, and given how committed the platform is, that is not likely to change. Virtue Poker also utilizes a multi-token wagering system that enables it to use both VPP and ETH tokens to stake.
Crypto gaming vs DeFi farming
One interesting comparison was offered by Osher Deri who juxtaposed DeFi farming with gaming at Virtue Poker. DeFi farming, Deri argued, seems to show a great annual percentage rate, a metric that is used to indicate how much an investment may yield in a single year.
While some of the numbers listed in his example run into the hundreds, Deri argues that what Virtue Poker offers in the form of a rakeback bonus may actually be better. Virtue Poker runs with a 210% rakeback bonus that allows consumers to consistently generate funds for players.
The argument stands to reason. The distinct skill-based nature of poker as a game makes it a much more reliable “investment” in the sense that if you have the skill to outplay your competitors – you stand to win assets that translate into better real money value. On the other hand, DeFi farming still seems to have a speculative nature.
More importantly, Virtue Poker is defining the future of crypto gaming in a way that should incentivize any new entrants in the igaming space to follow the same model.