The online poker industry is about to see some new competition as CoinPoker and Phenom Poker are gearing up to challenge the heavyweights in the field. CoinPoker, backed by Antanas “Tony G” Guoga, has been around since 2018 but has struggled to gain significant traction compared to traditional giants like GGPoker and PokerStars. However, recent high-profile cash games have helped boost its popularity, albeit still falling short in tournament traffic.
On the other hand, Phenom Poker is set to launch this year with a lineup of brand ambassadors including Alec Torelli, Brian Rast, Ari Engel, and Ben Heath. The platform promises unique features such as stud and open-face Chinese poker variants, customizable 3D avatars, and a new ERC-20 token for its rewards system.
Both CoinPoker and Phenom Poker utilize blockchain technology for their decentralized random number generator (RNG), aiming to enhance transparency and security. CoinPoker’s RNG software uses input from all players at a table to shuffle the deck, ensuring fairness in the game. Similarly, Phenom Poker’s decentralized model allows players to interact without the need for a third party.
However, these systems have faced criticism for not being truly decentralized as they do not operate entirely on-chain. Jason Mo, a prominent figure in both the poker and crypto worlds, raised concerns about the speed of Ethereum chains and off-chain processing, which could compromise the integrity of the shuffle process.
Legal issues may also arise for crypto poker sites, particularly concerning compliance with money laundering regulations. While CoinPoker has implemented a Know Your Customer (KYC) policy, concerns remain about its adherence to anti-money laundering requirements. Phenom Poker plans to enforce a strict KYC policy, requiring proof of age and address upon launch.
Despite the potential of these new platforms, they face an uphill battle in building a player base from scratch. Established sites like PokerStars and GGPoker, as well as offshore options like America’s Cardroom, continue to dominate the market. Phil Galfond’s experience with Runitonce.eu highlights the challenges of starting a poker site, emphasizing the need for patience and perseverance.
In conclusion, the emergence of CoinPoker and Phenom Poker in the crypto poker space brings fresh competition to the industry. While they offer innovative features and blockchain technology for enhanced security, they still face obstacles in gaining widespread adoption and competing with established platforms. Only time will tell if these newcomers can disrupt the online poker landscape and attract a loyal player base.