The US sports activities betting {industry} has but to completely embrace cryptocurrency, however no less than one huge title within the house is advocating for its adoption.
DraftKings co-founder and CEO Jason Robins chatted with cryptocurrency publication Decrypt final month about migrating extra folks to crypto. His essential thought on the publication’s gm podcast is to make cryptocurrency extra user-friendly for most of the people.
“The kinds of issues [we need] to grow to be mainstream fly immediately within the face of decentralization,” Robins stated on the podcast. “If you happen to don’t have some kind of centralized management, it’s onerous to guard folks from themselves.”
Robins and DraftKings will not be alone working to develop crypto within the US sports activities betting {industry}, as others are additionally trying to assist. Regardless of some momentum, nonetheless, there are nonetheless loads of roadblocks in the way in which of full-scale sports activities betting adoption of crypto.
A major cause operators could be hesitant to just accept cryptocurrency within the US is the market volatility of crypto, stated C.J. Fisher, co-chair at Fox Rothschild‘s Gaming Apply Group. There are a number of different velocity bumps to US sports activities betting adoption of crypto, stated David Yermack, chair of the finance division at New York College Stern Faculty of Enterprise.
“You don’t have the recourse to settle disputes if one thing goes mistaken,” Yermack stated of many crypto makes use of. “Lots of people merely don’t perceive it. In the end, there are bottlenecks that solely so many individuals use it.”
Moreover, sports activities betting regulators could be cautious of crypto. It may result in conventional cost suppliers elevating issues concerning the {industry}, based on Jeff Ifrah, managing companion at Ifrah Regulation. There are additionally interstate monetary regulatory hurdles that would grow to be a difficulty, Ifrah stated.
Permitting crypto utilization might be vital because the authorized US sports activities betting {industry} battles the offshore sector. There are offshore sportsbooks that function completely in cryptocurrency and that may create confusion for US bettors who can’t establish which books are authorized.
Some bettors may consider cryptocurrency just isn’t the identical as different government-issued cash, Ifrah stated. That results in a perception it’s OK to gamble with these sportsbooks not regulated within the US.
Each assumptions are incorrect, based on Ifrah. For now, it seems sufficient points are taking over US sportsbook brainpower that Ifrah stated widespread crypto utilization could be no less than three to 5 years away out there.
In Wyoming sports activities betting laws handed in 2021, the language permits sportsbooks to just accept “digital, crypto and digital currencies.” The inclusion got here as no shock to Wyoming gaming regulators, stated David Carpenter, Wyoming Gaming Fee challenge supervisor for on-line sports activities wagering.
Carpenter is bullish about crypto potential however is aware of it can seemingly take time. Nevertheless, because the least populous state within the union, Wyoming’s rules haven’t but proved industry-changing.
“The delay in establishing cryptocurrency as a full methodology of cost will seemingly come from the urge for food of the operators who haven’t had the chance to function in such a cryptos-friendly market,” Carpenter stated. “It’s seemingly the operators will probably be hesitant to undertake the cost methodology till it turns into extra extensively accepted in bigger markets.”
Wyoming’s blockchain aspirations seem to stretch past sports activities betting. State lawmakers started work to make the state a pleasant blockchain market in 2018. The authorized adjustments set the state as much as grow to be a haven for crypto firms a lot the identical approach Delaware is for LLCs, Ifrah stated.
“Wyoming noticed a possibility to grow to be the primary pleasant crypto state and ran with it,” Ifrah stated. “Wyoming is being good, kind of like South Dakota being first to loosen up bank card guidelines within the Nineteen Eighties.”
Different states together with Nevada are additionally taking a look at permitting cryptocurrency in sports activities betting rules. The Nevada Gaming Management Board has requested for {industry} proposals relating to crypto, based on The Nevada Unbiased.
Ifrah stated crypto acceptance might be a profitable buyer acquisition instrument for sportsbooks. There’s an overlap between the core demographic of crypto customers and sports activities bettors: usually younger and male.
There is also the same intersection with core sports activities followers that cryptocurrency exchanges picked up on. Cryptocurrency firms entered a large number of partnerships with sports activities organizations, together with:
FTX aimed to enter the sports activities betting {industry} and entered negotiations final yr to purchase PlayUp for $450 million. These negotiations emerged in a lawsuit towards former PlayUp US CEO Dr. Laila Mintas, who allegedly labored to tank the deal.
The crypto trade was already known to be eyeing the US sports activities betting {industry}.
In November 2021, FTX invested in BetDEX, a blockchain sports activities betting startup based by former FanDuel executives.
DraftKings has loads of motivation to affect the adoption of cryptocurrency. In August 2021, the corporate launched DraftKings Market, which is supposed to be a “mainstream digital collectibles ecosystem.”
“The NFT increase has reinvented the collectibles {industry} and pushed pleasure to early-adopting audiences worldwide—together with the DraftKings neighborhood,” stated DraftKings co-Founder and President Matt Kalish stated in a launch. “DraftKings Market will sit on the heart of this technological and cultural phenomenon, offering our immense current buyer base with an simply accessible expertise that rivals all legacy marketplaces.”
Earlier than March Insanity, the corporate dropped its Faculty Hoops Assortment. It additionally tied the digital collectibles to DraftKings every day fantasy sports activities and sports activities betting merchandise. Within the fall, DraftKings will launch an NFT-based fantasy sport in partnership with the NFL Gamers Affiliation, based on Beth Beiriger, DraftKings SVP of market operations.
US lawmakers are beginning to focus on nationwide rules for cryptocurrency. There’s a not too long ago proposed bipartisan US Senate invoice aimed toward crypto regulation, however there isn’t any timeline for it to grow to be legislation.
PayPal introduced this week it can enable customers to switch cryptocurrencies to different folks, in addition to exterior exchanges and wallets. The web banking firm first supplied prospects the flexibility to purchase and promote crypto in 2020.
Moreover, in New York this month, the New York Division of Monetary Providers awarded PayPal a “BitLicense.”
With just over two weeks left until Donald Trump takes office, there are prospects that the relationship between the cryptocurrency industry and the banking sector, which has been at odds, could change positively.
According to The Block, a cryptocurrency-focused media outlet, TD Cowen predicts that under the Trump administration, banks may see an improvement in their relationship with the cryptocurrency industry.
Jaret Seiberg and the Washington Research Group stated in a report, “Banks have the responsibility to comply with Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) regulations and manage risks such as liquidity and concentration,” adding, “If the Trump administration takes power, it is inevitable that the relationship between traditional finance and the cryptocurrency industry will change positively.”
However, they also mentioned that some banks may still take a cautious stance. They said, “Some banks may still see risks in increasing relationships with cryptocurrencies,” and “this could be targeted by new banks.” Additionally, stablecoins (assets linked to the value of fiat currency) were highlighted as the cryptocurrency sector that banks would be most interested in, as banks hold cash, making them advantageous for issuing stablecoins.
In the U.S., there has been ongoing conflict between the cryptocurrency industry and the traditional financial sector, particularly banks. There have been conspiracy theories suggesting that banks have implicitly enforced cryptocurrency-related sanctions, known as Operation Chokepoint 2.0. Some cryptocurrency figures have claimed that banks have tried to restrict access to traditional financial services for the cryptocurrency industry.
Brian Armstrong, the founder of Coinbase, commented on Operation Chokepoint 2.0, saying, “It actually happened. Unethical and un-American actions occurred under the Biden administration,” and “We are currently gathering evidence from victims through the Freedom of Information Act (FOIA).”
N Rotteveel/iStock Editorial via Getty Images
Bitcoin (BTC-USD) fell back to below the $100K mark on Tuesday after stronger-than-expected U.S. economic data led investors to further scale back their expectations for interest-rate reductions by the Federal Reserve.
The cryptocurrency gapped down 5.8% to $96.2K, a day after
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Here is the list of the seven best cryptocurrencies to buy now and build a future-proof portfolio:
Let’s now review each of these best cryptocurrencies to buy now and reap colossal returns in the upcoming new year.
5thScape (5SCAPE) is an innovative cryptocurrency that aims to revolutionize the virtual reality (VR) industry by integrating VR with blockchain technology. The project is building a decentralized metaverse that merges gaming, education, healthcare, and real estate. Through its immersive ecosystem, 5thScape offers users the chance to engage in groundbreaking VR experiences, making it a standout project in the crypto space.
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Key Features: 5thScape offers a multi-sector approach, allowing its token holders to enjoy real-world utility in various industries. Its decentralized platform includes applications for VR gaming, educational tools, and healthcare solutions, expanding its use beyond just gaming. The 5SCAPE token holders can earn staking rewards and influence decisions through decentralized voting, giving them a direct stake in the platform’s development. Upcoming VR games, including “Immersive Kick-Off” and “Epic Arena,” promise to attract a wide audience, further enhancing its value.
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Presale Prices and Token Details: Currently in its presale phase, 5SCAPE tokens are priced at $0.00438 per token. As the token is slated to list at a higher price, early investors stand to make a substantial return on their investment, with projections of up to 100% gains at launch. The presale provides a unique opportunity to secure tokens before the full-scale launch of the platform this month.
Market Potential and Future Outlook: With the metaverse expected to reach $947 billion by 2030, 5thScape is well-positioned to capture a significant share of this growing market. Its expansion into multiple industries, alongside its innovative VR offerings, positions it as a top contender for future growth, making it an exciting investment opportunity. Invest in the 5SCAPE tokens now before their price skyrockets on market debut. This is the only chance.
LuckHunter is an innovative Metaverse casino that merges blockchain technology with immersive virtual gaming experiences. By combining the transparency and security of blockchain with the limitless possibilities of the Metaverse, LuckHunter offers players the chance to interact in dynamic virtual spaces, play traditional casino games, and experience futuristic gaming. Through its native LHUNT token, users can stake rewards and participate in a decentralized ecosystem.
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Key Features: The LuckHunter platform allows users to rent, lease, or purchase customizable casino tables and properties, creating an interactive environment that enables both play and passive income generation. Blockchain transparency ensures secure, fraud-free gameplay, while the Metaverse integration provides players with an engaging, immersive experience that traditional online casinos cannot match.
Presale Details: LuckHunter’s presale provides an exciting opportunity for early investors. LHUNT tokens are being sold at $0.00138 and early investors can earn up to 400%. Token holders gain early access to a groundbreaking platform within the rapidly growing online casino gaming space.
Market Potential and Future Outlook: With the global online gambling market projected to reach $227 billion by 2028, LuckHunter is well-positioned to capture a significant share by leveraging Metaverse and blockchain innovations. Its focus on DeFi, secure gaming, and immersive experiences places it at the forefront of this industry’s transformation.
Ethereum (ETH) is a decentralized platform that enables smart contracts and decentralized applications to run without the risk of fraud or downtime. As the second-largest cryptocurrency by market capitalization, Ethereum has been at the forefront of the decentralized finance (DeFi) revolution and continues to play a central role in the development of blockchain-based solutions.
Key Features: Ethereum’s smart contract functionality enables the development of decentralized applications that can execute automatically when certain conditions are met. This has made Ethereum the go-to blockchain for DeFi, NFTs, and other blockchain-based solutions. Ethereum 2.0, which is set to improve scalability and reduce energy consumption, adds further value to the network.
Market Potential and Future Outlook: Ethereum has established itself as the leader in the smart contract and dApp space, with a large and diverse ecosystem. The ongoing transition to Ethereum 2.0 and its expansion into Layer 2 solutions ensures that Ethereum will maintain its leadership in the blockchain space. Its continued growth in DeFi and NFTs makes it an essential token for any crypto portfolio.
Polkadot (DOT) is a multi-chain blockchain platform designed to enable interoperability between different blockchains. The project focuses on creating a decentralized web where different blockchains can interact and share information, solving one of the biggest challenges in the blockchain space—interoperability.
Key Features: Polkadot allows different blockchains to connect and communicate via its relay chain and parachains. This interoperability makes it easier for developers to build decentralized applications that work across different platforms. Polkadot’s scalability and flexibility allow for the creation of customized blockchains tailored to specific needs.
Market Potential and Future Outlook: Polkadot’s ability to provide seamless interoperability between blockchains is highly valued in the growing blockchain ecosystem. As the DeFi and NFT sectors expand, Polkadot’s unique position to link various blockchains will likely drive its adoption. The platform’s innovations in scalability and cross-chain compatibility make it a strong contender for long-term growth.
Solana (SOL) is a high-speed blockchain platform designed for decentralized applications and crypto projects. Known for its fast transaction processing and low fees, Solana is one of the most popular blockchains in the DeFi and NFT spaces, offering scalability without sacrificing decentralization.
Key Features: Solana’s Proof-of-History consensus mechanism allows it to process thousands of transactions per second, making it one of the fastest blockchains in the world. Its low fees and high throughput have made it a preferred platform for DeFi applications, NFT marketplaces, and other decentralized services.
Market Potential and Future Outlook: As the demand for decentralized applications continues to rise, Solana is well-positioned to capture a significant share of the market. Its scalability, speed, and low transaction costs make it a strong competitor to Ethereum and other blockchain platforms. With ongoing developments and partnerships, Solana is expected to continue expanding its reach in the crypto ecosystem.
Race to a Billion (BDJ) is a gamified crypto platform that allows users to predict Formula 1 race outcomes and earn rewards. The token leverages the global appeal of motorsports and the growing interest in crypto betting platforms, offering fans a unique way to engage with their favorite sport while earning tokens for their predictions.
Key Features: The BDJ token is integrated into a prediction market where users can stake tokens and predict race outcomes. Winners receive rewards, which can be redeemed for other cryptocurrencies or used within the platform for future betting opportunities. The tokenomics of BDJ are designed to create a sustainable reward ecosystem, with high potential for growth as the platform attracts a larger audience of both crypto enthusiasts and sports fans.
Market Potential and Future Outlook: With Formula 1’s immense global following, Race to a Billion is poised to attract a large number of users who are passionate about the sport. The combination of sports fandom and cryptocurrency creates a compelling use case for BDJ, positioning it as a top pick for investors looking for exposure to the emerging sector of sports-related crypto platforms. The platform’s gamified approach also offers a unique twist that sets it apart from other crypto projects.
Bitcoin (BTC) is the world’s first cryptocurrency, created by an anonymous figure known as Satoshi Nakamoto in 2009. As the most valuable cryptocurrency by market capitalization, Bitcoin revolutionized the way we view money and transactions. It operates on a decentralized network, making it immune to central authority control, and offers a secure, transparent way to transfer funds globally.
Key Features: Bitcoin’s main feature is its decentralized nature, supported by a proof-of-work consensus mechanism. This ensures that transactions are verified by miners and recorded on the blockchain, making it resistant to fraud. Bitcoin also offers low transaction fees compared to traditional banking systems and has a capped supply of 21 million coins, creating scarcity and increasing its potential value over time. As a store of value, Bitcoin has often been referred to as “digital gold.”
Market Potential and Future Outlook: Bitcoin continues to lead the crypto market and has gained mainstream adoption as a hedge against inflation. With increasing institutional investments and adoption by large companies, Bitcoin’s future looks promising. As a pioneering cryptocurrency, it remains a core asset in any crypto portfolio and a key player in the financial ecosystem.
In conclusion, these seven best cryptocurrency to buy now are primed for significant growth, with each offering unique features and groundbreaking potential. From 5thScape’s immersive VR ecosystem to LuckHunter’s innovative Metaverse casino, these tokens present opportunities for investors seeking substantial returns. Whether you’re looking for DeFi innovations, gaming transformations, or next-gen financial solutions, these projects stand at the forefront of the crypto revolution. Don’t miss out on these high-potential investments—act now and secure your place in the future of cryptocurrency. Invest today and position yourself for massive gains in 2025!
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