The bustling play-to-earn space is adding poker tables to the mix with the release of Virtue Gaming’s online poker platform.
The ConsenSys-backed betting platform, which also runs Virtue Poker, is the only blockchain-based poker game of its kind licensed by the Malta Gaming Authority. The project is looking to revive online gambling communities that have been dormant since the 2006 Unlawful Internet Gaming Enforcement Act by integrating them into the same network.
The platform’s “play-to-earn” title comes from promotions that allow amateur players to play in real-money tables with house chips. If players win enough hands, they are entitled to be paid out a percentage of their winnings.
Cash prizes will be paid out in tether (USDT) after the promotional period ends.
The model, which incentivizes amateur players to join the platform, is designed to attract professional gamblers, who historically make the most money on platforms with large pools of non-pros.
A representative of Virtue Gaming told CoinDesk the company plans on using its marketing budget to fund the promotions, focusing more on building its community than advertising the site.
“Virtue Gaming’s innovative patent pending play-to-earn model allows us to create a global poker network for the first time in over a decade,” Virtue Poker CEO Ryan Gittleson said in a press release. “This new gaming model can now be used to disrupt the industry, allowing U.S. players to play the game they know and love against players from all over the world.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.