DraftKings, a well-known sports betting and fantasy sports firm, has entered the cryptocurrency market.
Companies all across the world have begun to integrate cryptocurrency payments into their systems in recent months and years. As a result, additional payment options and payment difficulties will be simplified, especially globally. DraftKings is one of the many institutional brands dabbling in blockchain, crypto, and NFTs.
Draftkings is a daily fantasy sports and sports betting company based in the United States that allows users to compete in weekly sports contests. Users may earn benefits such as monetary incentives and other bonuses by doing so.
DraftKings launched an NFT marketplace in July of last year, which will be the exclusive home of Tom Brady’s NFTs via his NFT platform Autograph. A CryptoPunk NFT was presented as the star prize for the week’s fantasy contest, in addition to the platform’s other competitions.
Jason Robins, the CEO of DraftKings, and Mackenzie both donned shirts with printed CryptoPunks during Nasdaq’s opening bell ceremony in June of last year. Their NFT platform offers a variety of items and features.
DraftKings is preparing to debut a cryptocurrency betting and payment option less than a year after opening the NFT marketplace. Users will be able to place wagers on games using cryptocurrencies with this new option. They will also be able to use cryptocurrencies to make payments on the platform.
Jason Robins stated in a recent interview that he is confident that “the people want it.” Furthermore, it opens up a huge window of opportunity for market investors. He further established that market conditions were already in place to make this a reality, and that the firm is working hard to make it happen.
This won’t be a smooth ride, as Robins isn’t oblivious to the coming regulatory hurdles. Regulatory issues, he says, may make things more difficult for them. Furthermore, while sports betting is regulated, legal, and accepted in many jurisdictions in the United States, a few of them do not accept cryptocurrencies as a form of payment.
In addition, Wyoming’s legislature passed a bill allowing for cryptocurrency gambling, however sportsbooks have yet to implement this option. Robin is aware of this as well.
Other potential problems that the company may encounter were also noted by the CEO. Newcomers who are unfamiliar with cryptocurrency operations, for example, will have difficulties. These customers will need to be progressively exposed to cryptocurrency-based sports betting.
In this scenario, Jason feels that centralization would be beneficial. As a result, DraftKings will assist newcomers with onboarding by teaching them about bitcoin betting. He also thinks the approach will be well received by authorities. The bounds of legal sports betting, on the other hand, will be set by interstate rules.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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