Blockchain Is Going to Change Sports Betting in the United States
With the legalization of sports betting in the United States in 2018 and the fall of PASPA, it immediately became clear that the sky was indeed the limit. As it turned out, opportunities abounded, and many of those opportunities had to do with how sports betting is going to be leveraged across the country.
Clearly, many industry analysts speculated that sports franchises and the Big Leagues would drop their formal objecting to sports gambling, and that happened with the NFL, NBA, MLB, and NHL embracing sports gambling in one form or another. The franchises that play in those competitions followed suit and struck numerous lucrative and mutually beneficial partnerships.
Yet, we haven’t heard much about how blockchain is tipped to completely change the sports betting scene in the United States, a fact that is now becoming more apparent. There have been at least two major developments that point to the fact, and we examine them both.
Wyoming Argues the Case for Blockchain Adoption in Sports Betting
In August, Wyoming became the latest sports betting state in the US. As an accomplishment, this event is not particularly outstanding. Yet, one thing immediately struck home with observers, and that was the fact that the state allowed digital currencies, such as Bitcoin to be used in placing wagers.
Effectively, Wyoming has enabled a form of sports betting that no other state would even dare touch, and that is precisely what makes it interesting. At the same time, adoption has been moribund, as sportsbooks are still a little cautious of how this could impact them.
While caution is always advisable, the potential for blockchain-driven innovation is outstanding. Clearly, the focal point of this innovation – for the time being at least – lies in boosting cash payments and creating an economy behind sports betting that enables consumers to deposit and withdraw money quickly.
Blockchain also makes it possible to use cashless payment technologies that are also proving an important part of the industry. Yet, blockchain innovation hardly ends there, and while Wyoming has set a way forward, DraftKings is already blazing trails.
DraftKings Branches Out to Other Sports Experiences
DraftKings is, without doubt, one of the biggest sports betting operators in the United States. The brand’s clout has been well-documented even in pre-PASPA terms as DraftKings was given an exemption to operate as a daily fantasy sports operator, which is its primary focus.
However, after PASPA was struck down and sports betting became a fact, DraftKings demonstrated a willingness to put behind any DFS operations in states where this may become a conflict for the acquisition of a sports betting license.
DraftKings has always identified itself as a tech giant such as Amazon more so than a sports betting company. That is why it launched a unique proprietary NFT place in collaboration with Tom Brady’s Autograph.
NFTs are a unique use of blockchain technology where the ownership of each non-fungible token is uniquely inscribed in a piece of digital code that is paid for and handed over to a user on the Internet. These NFTs are one-of-a-kind in some cases or highly limited in supply, and that is what makes them special.
While this is a type of blockchain use that does not directly relate to sports betting, it surely is a way for fans to find another reason to engage with their favorite athletes, teams, and sports in general.
Moving forward, blockchain is bound to play an even bigger role in sports betting and sports in general. Whether it has to do with payments or NFTs, more states are going to approve blockchain in their sports betting legislation.
