- Odds to be first pro league to offer Bitcoin-based contracts
- Spencer Dinwiddie's efforts
- Bitcoin favorites and longshots
Brooklyn Nets shooting guard Spencer Dinwiddie will miss the reboot of the 2019-20 NBA season due to testing positive for coronavirus. However, I get the sense that the “tech guy with a jumper” – as his Twitter bio states – will make the most of his free time. For the better part of the last year, Dinwiddie has made headlines for his efforts to tokenize his NBA contracts or in layman’s terms, he wanted a portion or all of his future contracts to be investable via a custom cryptocurrency similar to Bitcoin. While the league office was hell bent on nipping Bitcoin sports contracts in the bud, most reports suggest he was successful (although the pandemic clouded clarity) and that investors can buy shares that provides Dinwiddie contract monies up-front rather than year-to-year. At the end of the day it’s pretty ingenious.
For those who are unfamiliar with cryptocurrencies like Bitcoin, they are defined as a highly-encrypted, safe digital form of currency which can be directly transferred between parties and operates outside of the world’s central banks. Bitcoin was created back in 2009 and investors watched a single BTC token’s value soar from less than $10 to nearly $20,000 in late-2017. These days most online casinos offer generous welcome bonuses to those players who make deposits via Bitcoin and accept other various forms of cryptocurrency.
In fact, the bookmakers over at Bovada’s sportsbook have cooked up a unique prop bet related to the topic.
|League||Odds to Offer Bitcoin Sports Contracts|
So, let’s take a look at the likelihood each of these league’s powers-that-be would be so open to the idea of replacing dollars and cents with crypto in the near future.
The NBA +200
Thanks to the Net turned trail blazer Dinwiddie’s efforts to-date, it would make sense that the NBA would be the favorite to allow teams to compensate players in Bitcoin. Aside from the fact that the league office pushed back on Dinwiddie’s attempts to create his OWN cryptocurrency, commissioner Adam Silver is one of the more progressive minds within the world of sports. His open door and open dialogue policies recently allowed players to elevate racial equality efforts to a national platform as some teams will nix the names on the back of the jerseys in favor of the word “EQUALITY”. Silver understands the status quo is archaic and antiquated and if anybody is going to give Bitcoin contracts the green light in the near future, it’ll be the NBA’s outside-the-box thinking leader.
The NFL +220
Roger Goodell may live for the boos on NFL Draft night, but he’s been applauded for introducing progressive programs and commentary the past year. Whether these goodwill gestures, like hiring Jay-Z to amplify the league’s social justice programs, are legit or phony is up for debate. However, because NFL contracts are not fully guaranteed, there remains a chance athletes could pressure Goodell & Co. to open up their minds to the idea of Bitcoin-backed contracts where outside parties could invest in their talents. Granted this becomes an NFLPA (Player’s Union) vs. NFL labor talking point that could get dragged out for the better part of this decade.
MLB and MLBPA +250
Unlike most leagues, there is no salary cap in Major League Baseball and, instead, participate in revenue sharing to keep things on a more “equal” playing field as it were. Most deals are fully guaranteed, but as we just witnessed the past few months, the MLB and MLBPA (Player’s Union) failed to get on the same page in terms of pro-rated salaries for a shortened season. So, to think that baseball’s old guard and America’s pastime are eager to look towards the future of financial transactions is foolhardy.
Though it would be very interesting to see how many investors line up to back Mike Trout’s $426.5 million contract versus Bryce Harper’s $330-million deal. Harper is a more marketable brand, but Trout’s talents lap those of Harper’s, despite both being highly touted prospects.
The NHL +400
For those wondering about the state of the NHL in terms of popularity, check out this tweet regarding NHL Draft lottery rules:
Who else blacked out while Bettman explained the draft lottery?!
— David Pagnotta (@TheFourthPeriod) May 26, 2020
It’s way more likely that an elite Euro soccer league introduces Bitcoin contracts before the NHL. For some fans, they’re just happy the NHL survives and advances to see another season, abridge or not.