Despite a massive correction in the cryptocurrency market in recent months, the U.S. sports betting community is finally rounding the corner in its acceptance of virtual coins for wagering activities.
As crypto becomes intertwined with more facets of daily life, proponents of virtual currencies in sports betting argue that the transition will be a vital tool in pushing bettors away from the offshore market. Barstool Sportsbook, for instance, recently began accepting cryptocurrency deposits into player gaming wallets via a third-party payment provider.
The option is available at Barstool in two states, including Colorado, where Gov. Jared Polis has designed a litany of creative methods for utilizing virtual currencies. Polis, who is up for re-election in November, drew headlines earlier this year when he became the first Democratic gubernatorial campaign to accept donations in crypto.
After Polis signed the Digital Token Act earlier this year, Colorado will make history as the first state nationwide to accept cryptocurrencies for tax payments. Eventually, this crypto initiative could be broadened to enable the state to accept virtual currencies for other services, such as driver’s license and hunting licensing fees.
Colorado Gov. Jared Polis, who's said the state will take tax payments in crypto, is now accepting donations in bitcoin, ethereum and even dogecoin @jaredpolis'https://t.co/NIc1U54b4Z pic.twitter.com/9OIEYGhJu0
— StateScoop (@State_Scoop) April 12, 2022