The renowned sports betting and fantasy sports company DraftKings joined the cryptocurrency industry; first, NFTs, now crypto payments.
Over the past months to years, companies worldwide have begun integrating cryptocurrency payments into their platforms. Therefore, providing more payment options and simplifying payment complexities, especially internationally. Among the tons of institutional brands venturing into blockchain, crypto, and NFTs is DraftKings.
Draftkings is an American day-to-day fantasy sports and sports betting firm that enables users to compete in weekly sports contests. By doing so, users can win some rewards such as cash incentives and other bonuses.
The DraftKings NFT Marketplace
Last year July, DraftKings deployed an NFT marketplace which will be the special home of football icon Tom Brady’s NFTs from his NFT platform Autograph. In addition to its competitions, the platform offered a CryptoPunk NFT as its star prize for the week’s fantasy contest.
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Also, in June last year, at Nasdaq’s opening bell ceremony, Jason Robins, the CEO of DraftKings, and Mackenzie each wore a shirt with printed CryptoPunks. Their NFT platform provides various features and collectibles.
Less than a year after launching the NFT marketplace, DraftKings is ready to deploy a cryptocurrency betting and payment option. This new option will enable users to enter bets on games using cryptocurrencies. Also, it will allow them to make payments on the platform using cryptocurrencies.
In a recent interview, Jason Robins spoke up that he’s sure that the “people want it.” In addition to that, it creates a massive opportunity for investors in the market. He also established that market conditions to bring this to reality were already in place and that the company is working hard to make this work.
The Challenges Of Cryptocurrency Betting On DraftKings
This won’t be a seamless journey, as Robins doesn’t neglect the looming regulatory challenges. He notes that regulatory issues might toughen things for them. In addition, although sports betting is regulated, legal, and permitted in many states in the US, several of them don’t accept cryptocurrency payment options.
Furthermore, in Wyoming, the legislature signed a law that permits gambling via cryptocurrencies, though sportsbooks are yet to implement this option. Robin also recognizes this.
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Also, the CEO observed other probable challenges the company might face. For instance, newbies inexperienced and unexposed with the operations of cryptocurrencies will pose a challenge. These users will need to be introduced to sports betting with cryptocurrencies gradually.
Jason also believes that centralization would be helpful in such a case. Therefore, by educating newbies in cryptocurrency betting, DraftKings will assist them with onboarding. He also believes that regulators will favor the idea. However, inter-state regulations will dictate the boundaries of legal sports betting.
Featured image from Pexels, chart from TradingView.com