DraftKings CEO, Jason Robins, recently stated that the company has looked into cryptocurrencies as a form of payments during a sponsored event on Wednesday. He said that, due to regulation in the gambling industry, companies are confined to certain approved payment types.
“We’ve looked into how we might utilize this form of payment, right now, we’re not able to offer it on our products. The payment methods we can accept are determined by the individual state regulators and, as of now, crypto is not an approved payment type in any of the states where we’re live,” said Robins on how payment options are regulated.
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Robins added that digital assets would likely transform entire industries and some sections of others and that the space is very interesting.
“I think cryptocurrency is really interesting and will likely transform some entire industries and portions of others,” said Robins.
Robins did not specify which cryptocurrencies that company has considered as a form of payment, but if regulations were to permit such a payment method then leading cryptos, like Bitcoin, would likely be in the mix.
Robins was also asked about NFT’s and if DraftKings would have any interest in such a market. Robin’s said the company is always trying to look ahead and that they will explore the option.
“As a sports and entertainment company we are constantly looking ahead to what is next as it pertains to consumer trends and if we feel our customers would benefit from a new product offering we will for sure explore it.”
Robins serves in an advisory role for Tom Brady’s Autogropgh NFT marketplace. He was asked another question on NFT’s and DraftKings during the Q&A and said the company is trying to research and stay on top of it.
“We’re always researching and staying on top of new innovations, especially when they sit at the intersection of sports and technology.”
In 2020, the global gambling market was a nearly $500 billion industry, even after much of it was forced online due to the pandemic. This is expected to grow into 2021 to a figure closer to $700 billion.
Should regulations become accepting of Bitcoin and other cryptocurrencies as a form of payment for gambling, it could open the asset class up to more mainstream use.
Cryptocurrency is a form of money that has become native to the internet over time as well. With more transactions and gambling happening on our phones and laptops, its use seems like a natural transition.