Key takeaways
- DraftKings plans to launch a cryptocurrency deposit feature, including Bitcoin.
- Users will convert cryptocurrency to cash for betting.
- Crypto will not be allowed directly for deposits or wagering.
- The feature will launch first in four states.
- Crypto-fueled gambling may boost risks for problematic user behavior.
DraftKings’ Plans for Bitcoin and Crypto
DraftKings plans to launch a cryptocurrency deposit feature in Illinois, Kentucky, New Hampshire, and Vermont.
The company seeks to let customers use cryptocurrency, converted into U.S. dollars, as explained in a January 2026 Massachusetts Gaming Commission hearing.
A gambler could convert their crypto to cash via a third party (e.g., Coinbase) and deposit it into their DraftKings account. The plan comes amid a so-called bear market for crypto in recent months.
This conversion process is relevant legally and could impact how quickly funds are deposited or spent, with potential implications for gambling-related harms.
It’s unclear if DraftKings plans to use the deposit feature for its so-called “prediction markets” gambling product, which it calls DraftKings Predictions. Rival Polymarket, another prediction market, is popular for its crypto options.
DraftKings Predictions offers some form of online gambling nationwide.
Crypto-to-Cash Deposits Harm Potential
DraftKings’ crypto deposit feature may change how some users interact with a high-risk product.
Sports betting apps already make spending straightforward. Introducing new methods—particularly those involving speculative assets—may expose users to risks such as increased volatility and financial losses.
Crypto’s volatility can result in changes to asset value alongside adverse sports betting outcomes. This scenario could affect a bettor’s behavior related to loss chasing.
DraftKings’ crypto move is arriving in a policy environment that’s tightening on credit cards. By the end of 2026, about 10 sports betting states could prohibit the use of credit cards for funding a betting account.
While regulators nationwide are restricting the use of credit cards, a leading sportsbook is testing whether a cryptocurrency deposit feature can become a widely used method.
Be skeptical of any claims of “innovation” in the crypto or sports betting sectors.
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