After staking a large portion of the MATIC tokens in its reserve, DraftKings becomes a network validator of Polygon. This decision from the sportsbook operator follows its partnership signed with Polygon last October. With this move, the betting platform becomes the first-ever public trading platform to take an active position in a blockchain project. DraftKings joins Zero Hash in its venture to become a polygon validator. The job of the validators on Polygon is to produce blocks, validate consensus and commit checkpoints.
Sports betting is seen as an exciting way to earn money from something one is passionate about. This is exactly why it enjoys such popularity around the globe. Nowadays, betting on your favorite sport is made much more accessible than ever before with the arrival of online platforms and mobile apps. DraftKings is one of the most popular online sportsbooks operating in the USA. However, sports betting is not limited to fiat money alone, as several trustworthy sportsbooks allow wagers in cryptocurrencies. If you would like to explore more about sports betting, check out this list of best crypto sports betting sites and choose your preferred bookmaker to earn huge rewards.
It is evident that after the crypto boom of 2021, the trend of using cryptocurrencies for betting and gambling-related activities has become popular. DraftKings’ decision is seen as a sign of the platform’s goal to explore and optimize demand for sports betting from cryptocurrency markets. Nonetheless, there are several other reasons why this betting platform reaches out to the DeFi sector. Firstly, the NASDAQ listed platform has not been doing well lately in the share market. The market for sports betting is already competitive, with huge networks like MGM trying to dominate the field.
Sportsbooks like DraftKings are turning towards blockchains where new developments like NFTs and metaverse have made global connectivity effortless like never seen before.
This move by DraftKings expects to fortify the infrastructure for a web3 boom in the sports betting business. Operating in blockchain governance will give the company enough experience to figure out comprehensive strategies to tackle the competitive atmosphere of betting. This will allow DraftKings to utilize the numerous tools and web3 infrastructures found on the blockchain. Polygon has already allocated $1 billion for a bold vision known as the “Zero-Knowledge cryptography”. This is expected to bring blockchain scaling to a new level. When it drops, DraftKings would be one of the first beneficiaries of this technology.