The famend sports activities betting and fantasy sports activities firm DraftKings joined the cryptocurrency trade; first, NFTs, now crypto funds.
Over the previous months to years, firms worldwide have begun integrating cryptocurrency funds into their platforms. Subsequently, offering extra fee choices and simplifying fee complexities, particularly internationally. Among the many tons of institutional manufacturers venturing into blockchain, crypto, and NFTs is DraftKings.
Draftkings is an American day-to-day fantasy sports activities and sports activities betting agency that allows customers to compete in weekly sports activities contests. By doing so, customers can win some rewards corresponding to money incentives and different bonuses.
The DraftKings NFT Market
Final yr July, DraftKings deployed an NFT market which would be the particular house of soccer icon Tom Brady’s NFTs from his NFT platform Autograph. Along with its competitions, the platform provided a CryptoPunk NFT as its star prize for the week’s fantasy contest.
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Additionally, in June final yr, at Nasdaq’s opening bell ceremony, Jason Robins, the CEO of DraftKings, and Mackenzie every wore a shirt with printed CryptoPunks. Their NFT platform offers numerous options and collectibles.
Lower than a yr after launching the NFT market, DraftKings is able to deploy a cryptocurrency betting and fee possibility. This new possibility will allow customers to enter bets on video games utilizing cryptocurrencies. Additionally, it can enable them to make funds on the platform utilizing cryptocurrencies.
In a latest interview, Jason Robins spoke up that he’s positive that the “individuals need it.” Along with that, it creates an enormous alternative for buyers available in the market. He additionally established that market situations to convey this to actuality have been already in place and that the corporate is working arduous to make this work.
The Challenges Of Cryptocurrency Betting On DraftKings
This gained’t be a seamless journey, as Robins doesn’t neglect the looming regulatory challenges. He notes that regulatory points may toughen issues for them. As well as, though sports activities betting is regulated, authorized, and permitted in lots of states within the US, a number of of them don’t settle for cryptocurrency fee choices.
Moreover, in Wyoming, the legislature signed a legislation that allows playing through cryptocurrencies, although sportsbooks are but to implement this selection. Robin additionally acknowledges this.
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Additionally, the CEO noticed different possible challenges the corporate may face. As an illustration, newbies inexperienced and unexposed with the operations of cryptocurrencies will pose a problem. These customers will have to be launched to sports activities betting with cryptocurrencies progressively.
Jason additionally believes that centralization could be useful in such a case. Subsequently, by educating newbies in cryptocurrency betting, DraftKings will help them with onboarding. He additionally believes that regulators will favor the concept. Nevertheless, inter-state laws will dictate the boundaries of authorized sports activities betting.
Featured picture from Pexels, chart from TradingView.com