Poker tables are the latest to be added to the play-to-earn space, with Virtue Gaming’s online poker platform joining said space.
The betting platform, which is backed by ConsenSys, is the only Blockchain-based poker game that’s licensed by the Malta Gaming Authority. The project seeks to revive online gambling communities which haven’t been active since way back in 2006’s Unlawful Internet Gaming Enforcement Act had integrated them into the same network.
Under the “play-to-earn” title, amateur players will have the option to play in real-money tables with house chips, and if they win enough hands, will allow them the opportunity to be paid out a percentage of their winnings.
After the promotional period ends, any and all cash prizes are to be paid out in Tether (USDT).
This model is crafted with the goal to attract professional gamblers by way of incentivizing amateur players to join the platform, as historically professionals can make the most money on platforms that contain large pools of non-pros.
According to a statement given to CoinDesk, a Virtue Gaming representative talked about their plans on using the market budged in order to provide promotional funds that’ll focus more on building a community, instead of advertising their website.
During a press release, Virtue Poker CEO Ryan Gittleson said “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,” and that “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.”