FanDuel Is Now Allowing People to Use Bitcoin as a Way to Deposit Funds

  • FanDuel is now the first major US sports betting operator to accept bitcoin deposits
  • BitPay will be the processor for bitcoin deposits on FanDuel's online platforms
  • The operator already rewarded winners of a daily fantasy football contest with bitcoin in 2018
  • Since its acquisition by Paddy Power, FanDuel is looking to expand in other US states 
bitcoins scattered around mobile phone displaying the bitcoin symbol
Sports betting operator FanDuel will now be accepting bitcoin as a deposit method from its users. [Image: Shutterstock.com]

Embracing bitcoin

Sports betting operator FanDuel will now start accepting bitcoin as a deposit method. This will allow users to deposit cryptocurrency to their accounts through their desktop or mobile devices. 

The new payment method makes FanDuel the first major licensed sportsbook operator in the US to accept bitcoin deposits.

FanDuel does have some history when it comes to bitcoin. In 2018, the operator held a contest for fantasy football which was paying out the winners through bitcoin. 

the first major licensed sportsbook operator in the US to accept bitcoin deposits

This new deposit method will be supported by BitPay, a payment service provider for bitcoin. BitPay was founded in May 2011 and has its headquarters in Atlanta, Georgia.

the perfect time to introduce bitcoin payments to FanDuel

The BitPay press release said the start of the NFL season is the perfect time to introduce bitcoin payments to FanDuel. It added that BitPay wants to give bitcoin users the ability to use their cryptocurrency funds to bet on the operator’s daily fantasy sports and sports betting offerings. 

FanDuel’s acquisition

FanDuel is constantly looking at ways to stand out from the other major sportsbook operators in the US.

Shortly after the ending of the federal ban on sports betting in May 2018, FanDuel was acquired by European bookmaker Paddy Power. Since then, FanDuel has been using Paddy Power’s expertise to take over a significant chunk of the US sports betting market. 

Continuing growth

Currently, FanDuel has sportsbooks operating in New Jersey and Pennsylvania. These states happen to be the largest gambling markets in the country outside of Nevada. 

In July 2018, FanDuel partnered with the Meadowlands Racetrack in New Jersey as well as with the track’s retail sportsbook operator. In September of the same year, FanDuel inaugurated its online sportsbook in New Jersey. This has been the best-performing sportsbook in the state ever since.

FanDuel launched its mobile sports betting app in Pennsylvania in July 2019. This saw it become the first online sports betting operator in New Jersey and Pennsylvania. FanDuel is now looking at expansion in other US states.

Bitcoin and gambling

Over the past number of years, cryptocurrencies have been seeing a lot of success. These digital currencies are garnering mainstream attention, particularly the likes of bitcoin. 

A number of gambling platforms outside the US have been accepting bitcoin as a deposit option for some time, while some online operators solely support payments via cryptocurrencies.