LSB Feature: The Future Of Sports Betting And Cryptocurrencies

The Portland Trail Blazers have become the first NBA team to partner with a cryptocurrency company by way of StormX.
The UFC has partnered as a whole with Crypto.com.
Wyoming has allowed within its laws for regulated sportsbooks to accept cryptocurrencies as payment on wagers.

CHEYENNE, Wyo. – Cryptocurrencies are not yet accepted at regulated sportsbooks in mass, but this may potentially change in the near future.

Not only has Wyoming become the first market to fully allow cryptocurrencies like Bitcoin to be used to bet on sports, but major sports leagues and teams like the UFC and the NBA’s Portland Trail Blazers have begun partnering with crypto-based entities.

This could be seen by some as an example of gaming markets slowly embracing cryptocurrency in a way that the rest of the country already has. Cryptocurrencies and regulated sports betting are clearly moving in the direction of coexisting in the United States and no longer being a partnership seen through purely global industries.

Sports And Crypto Partnerships

The Portland Trail Blazers became the first NBA team to seal a partnership with a cryptocurrency company after signing a multi-year promotional deal with StormX.

StormX is a crypto cashback provider and chrome extension service with the goal of making crypto easier and more accessible for everyone to use, including those hesitant of this type of currency.

Through this partnership, StormX has become the exclusive blockchain partner of the Trail Blazers and will see their logo branded on the team’s new jerseys.

“We are extremely excited to have our team wear such a groundbreaking, revolutionary company on the front of our jerseys,” said Chris McGowan, President & CEO, Portland Trail Blazers and Rose Quarter. “StormX is a fresh, energetic company with Pacific Northwest roots that can educate and motivate Rip City around cryptocurrency and earning Crypto Cashback. I look forward to taking these next steps together as partners.”

The UFC also has joined up to ride the crypto wave, partnering with Crypto.com for a fight kit deal that would market the cryptocurrency trading site during major UFC events through advertisements geared toward viewers of the bouts.

The Crypto.com logo will be visible on shorts, top bras, walk-out hoodies, and other apparel worn by athletes during these major fights.

This particular deal is said to be worth over $175 million over the course of 10 years and Cryto.com will own the rights to the UFC’s Cryptocurrency Platform Partner sponsorship department.

“This is just the beginning of a long relationship with UFC, and we’re looking forward to what we will build together,” said Kris Marszalek, Crypto.com co-founder, and CEO.

The Dallas Mavericks have begun accepting Dogecoin as a payment method for purchasing tickets at the stadium. This is the first NBA franchise to accept cryptocurrencies as a payment method for tickets to games.

“The Dallas Mavericks are a long-time enthusiast of cryptocurrency, opening up new opportunities for the team to sell tickets and merchandise to its global MFFL fan base,” said Stephen Pair, CEO of BitPay. “BitPay believes that with continued cryptocurrency adoption, the industry is reaching an inflection point that will forever change consumer confidence, trust and pave the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”

With sporting franchises embracing cryptocurrencies and sports betting surging nationwide through regulated state industries, major markets are likely to embrace cryptocurrencies in the future. While blockchain is still not an option to be used to wager in most regulated markets, this could change as sports wagering continues to be more accepted across the U.S.

Regulated Sportsbooks and Cryptocurrencies

The Wyoming sports betting market officially accepts cryptocurrencies like Bitcoin at regulated state sports betting operations following the signing of HB 133 into law.

This expands the amount of deposit and withdrawal options for Wyoming sportsbooks in a way that is only available at international licensed sports betting sites.

Bigger markets like New Jersey and Pennsylvania are likely waiting to see the success in the Wyoming betting market to potentially move forward in adding cryptocurrency as an option within their own markets.

Texas lawmakers have let HB 2070, which would have brought regulated sports betting to the Lone Star State as well as allow these regulated sportsbooks to accept crypto, to die in the 2021 session. North Carolina has pushed SB 688 to expand their local sports gaming market and allow for cryptocurrencies to be accepted.

Initially, regulated sports gaming industries were adamantly opposed to the use of crypto. However, as more markets have embraced cryptocurrency, the sports betting world seems to be headed to the crypto side of things.

Popular sportsbook DraftKings has shown interest in wanting to accept crypto as a banking method, but they are restricted by the laws of the industries in which they operate.

“I think cryptocurrency is really interesting and will likely transform some entire industries and portions of others,” said Jason Robins, Co-Founder and Chief Executive Officer of DraftKings. “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.”

To sum it up, sports betting fans may not be too far away from seeing cryptocurrencies as an option for betting on sports at regulated markets in the United States in the future. But Wyomingites have been the first to get the invite to the sports wagering with cryptocurrency party. Who’s up next?

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Giovanni Shorter

Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.