DraftKings has revealed that they plan to allow cryptocurrencies as a source of funds for sports betting accounts of players in four specific states. The confirmation that crypto payment methods will be incorporated into the DraftKings platform came from the recent meeting of the Massachusetts Gaming Commission (MGC). Despite the fact that the state of Massachusetts does not permit crypto deposits, DraftKings intends to offer such options in Illinois, Kentucky, New Hampshire, and Vermont. Furthermore, the announcement was confirmed by the regulators of Vermont and Kentucky.
However, at the moment, it is quite uncertain what the crypto types DraftKings will partner with. Due to the popularity of these two cryptos, the experts expect DraftKings to work with Bitcoin and Ethereum, even though that has not yet been confirmed.
In any event, this is definitely great news for crypto proponents, but there is a small drawback – since any crypto profits are considered taxable income, then every conversion from crypto to cash that is beneficial will be subject to tax by the users.
It ought to be made clear that DraftKings will not be in the business of allowing players to bet directly with cryptocurrencies. Instead, the operator will roll out crypto-to-cash solutions whereby depositors can instantly turn their crypto into the fiat currency. Even though not all states permit crypto-to-cash options, the operators in some markets have allowed their customers to buy gift cards using crypto.
Some months back, DraftKings informed its customers that they would not accept credit cards as a means of payment for sports betting anymore. The move was part of the wider efforts to reduce gambling harm in the US and ensuring that customers, who get into trouble, do not keep on spending money that they do not have.
Nonetheless, DraftKings mentioned that it had other reasons for the decision, such as the company’s wish to protect its customers from cash advance fees and from having to pay higher rates of interest associated with credit card payments.
Editor-in-chief and creator Cole Smith of casinocurrencies.com, has extensive experience with casino payment systems, The site was created to provide an honest and trustworthy resource for online gambling players.