Did you hear about the Binance charity poker tournament? As a poker player and cryptocurrency enthusiast, this is a must-play event!
You might raise an eyebrow when I say that, but let me tell you why.
Poker & Crypto a True Love Story
The majority of poker professionals own cryptocurrency. Not only does this highly volatile asset require a high-risk tolerance, as does poker. But Bitcoin and other crypto coins serve a purpose to the online gamble community. It’s an easy asset to trade for fiat currencies.
As online players play on several poker networks with different fiat currencies, it can become a struggle to get your poker profits to your bank account. It’s not a walk in the park to open bank accounts abroad. Just this week I got declined by several Thai banks to open an account.
So when you start winning a bunch of dollars, euros, Yuans, or Baths, you created a problem for yourself. How am I supposed to withdraw my money?
This is where crypto comes into play. There are several places to trade BTC for fiat money on poker clients with other players. This way one party gets the fiat he needs, while the other receives crypto to withdraw his profits, which he hopefully starts investing.
And let’s not forget that there are many Bitcoin Casino’s where you can play or cash out in crypto, like Seals with Clubs back in the days.
The Binance Charity Poker Tournament
On May 15th, one of the biggest exchanges in the world held a charity poker event in collaboration with the Pioneer’s club and Bitcasino.io. The event is organized for the #cryptoagainstcovid cause.
At the time of writing, they have already raised $150K, and Binance is matching all donations 2:1. On top of that, 100% of the players’ $100 entry fee will be donated.
I think it’s great that the crypto community is showing its giving side once again. But why I personally love this tournament is the opportunity to play against some of blockchain’s and poker celebrities, including, Charlie Lee (Litecoin), Brock Pierce (EOS), and WSOP main event winner Jamie Gold.
So Who Won The Event?
It wasn’t me. In fact, I couldn’t even join the tournament. I received an invitation the day before and figure I’d buy in when the events starts.
Ten minutes before the event, I boot up my laptop and I’m getting fired up to start playing against a few of my blockchain idols. However, the registration was already closed. Apparently it closed a few hours before the charity poker tournament started, so I was left with my only last option: “rail-bird”.
And the winner is…..
Charlie Lee, the founder of Litecoin, claimed the poker throne and donated all the profits to charity.
Can I Beat This Game?
In one word: impossible.
As the pricepool is fixed, the more entry’s the lower your ROI.
Even though the skill level of the cryptopreneurs is most likely lower than the average poker tournament, if the buy ins go to charity instead of the pricepool you’re not +EV.
But, we don’t mind donating a few bucks to the Binance Charity to help fight against COVID right?
Will Binance Host Another Charity Poker Game?
Don’t quote me on this, but I’ve heard rumors it will be a returning poker tournament. Keep an eye on this site to find the new dates and to register.
Next time, I’ll be sure to register my $100 a day before the tournament starts, and if you join aswell I’ll see you at the final table.