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, corporations worldwide have begun integrating cryptocurrency funds into their platforms. Due to this fact, offering extra cost choices and simplifying cost 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 comparable to money incentives and different bonuses.
The DraftKings NFT Market
Final 12 months July, DraftKings deployed an NFT market which would be the particular dwelling 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 12 months, 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 varied options and collectibles.
Lower than a 12 months after launching the NFT market, DraftKings is able to deploy a cryptocurrency betting and cost possibility. This new possibility will allow customers to enter bets on video games utilizing cryptocurrencies. Additionally, it would enable them to make funds on the platform utilizing cryptocurrencies.
In a current interview, Jason Robins spoke up that he’s certain that the “folks need it.” Along with that, it creates an enormous alternative for traders available in the market. He additionally established that market situations to deliver this to actuality had been already in place and that the corporate is working exhausting to make this work.
The Challenges Of Cryptocurrency Betting On DraftKings
This received’t be a seamless journey, as Robins doesn’t neglect the looming regulatory challenges. He notes that regulatory points would possibly 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 cost choices.
Moreover, in Wyoming, the legislature signed a legislation that allows playing by way of 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 would possibly face. As an example, 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 step by step.
Jason additionally believes that centralization can be useful in such a case. Due to this fact, by educating newbies in cryptocurrency betting, DraftKings will help them with onboarding. He additionally believes that regulators will favor the thought. Nevertheless, inter-state laws will dictate the boundaries of authorized sports activities betting.
Featured picture from Pexels, chart from TradingView.com