DraftKings Enables Crypto-to-Dollar Deposits Via New Conversion Tool

US-based betting giant DraftKings plans to introduce a new payment method across several states, allowing users to fund accounts via cryptocurrency-to-fiat conversion. The move was reported by SBC Americas, citing regulatory statements made during a Massachusetts Gaming Commission meeting.

The initiative does not involve the direct acceptance of cryptocurrency for wagering.

Under the proposed mechanics, users transfer digital assets which are automatically converted into US dollars before being credited to their betting accounts. Consequently, all wagers are placed in USD, with cryptocurrency serving solely as the funding source prior to conversion.

The new feature has received approval in Illinois, Kentucky, New Hampshire, and Vermont, where regulators confirmed the model complies with existing requirements.

However, the authorities in Massachusetts — where DraftKings is headquartered — have taken a different stance. Since December 2025, the state has prohibited the use of funds derived from cryptocurrency conversions for gambling, citing risks associated with digital assets.

While such funding methods remain uncommon in the US market, DraftKings is the first major operator to deploy this model across multiple jurisdictions.

Industry analysts at Gambling Park note that DraftKings is utilizing this conversion model as an alternative deposit solution in states with more flexible regulatory frameworks.