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FanDuel will utilize Bitpay to process Bitcoin transactions
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VIP customers will not have to worry about fluctations in Bitcoin price
- Company previously dabbled in Bitcoin with contest offered in 2018
One of the world's largest sports betting and daily fantasy sports sites, FanDuel, is set to begin implementing the cryptocurrency Bitcoin as a funding method. The announcement was made last week just days before the start of the 2019 NFL season.
FanDuel VIP Clients will not suffer from Bitcoin’s price volatility as those making a BTC deposit will be able to “maintain” the value for the duration of processing the payment.
The Bitcoin transactions will be handled through Atlanta-based Bitpay, considered the largest global blockchain payments provider.
Bitcoin users who sign up as a first-time FanDuel customerand deposit a minimum of $10,000 receive an additional 10% deposit, up to a $2,000 bonus.There is no charge to Bitcoin users to make a deposit.
“NFL Football is one of the most popular sporting events to watch and the start of the footballseason makes it a perfect time to introduce Bitcoin to these fans,” said Sonny Singh, BitPay’sChief Commercial Officer. “We wanted to have the option in place for Bitcoin users to depositcryptocurrency into their FanDuel accounts and take advantage of the daily fantasy sportsgames."
The company had already dipped its toes in the Bitcoin waters in 2018 by offering a daily fantasy football contest with the cryptocurrency.
Bitcoin now accounts for over 70% of all transactions made with gaming sites that cater to so-called "grey markets". This includes sportsbooks located in jurisdictions like Costa Rica, Antigua, Panama and Curacao that still cater to the US market, many of which now offer anonymous betting options by simply providing a valid email account and, in some cases, a text number.
- Aaron Goldstein, Gambling911.com
