iGaming Business – North American NBA basketball team the Sacramento Kings has become the first major professional sports franchise to announce that it is to accept the Bitcoin virtual currency.
The team confirmed that purchases made using Bitcoin would be processed through virtual currency payment processor BitPay.
Customers can use the virtual currency to purchase official team merchandise and tickets in the Kings Team Store.
Vivek Ranadivé, the Kings’ majority team owner, acquired the franchise earlier this year and implemented a new business philosophy called ‘NBA 3.0’.
The new strategy focuses on investments in technology, globalisation and community partnerships, with the Bitcoin arrangement forming part of this strategy.
“We are maniacally focused on creating the most seamless experience for our fans in all facets,” Ranadivé said. “With BitPay, we are able to implement a technology that allows our fans to make Kings-related purchases without physically reaching into their wallets.
“A major tenet of the NBA 3.0 philosophy is about utilising technology for the betterment of the fan experience, and this is yet another step in that process.”
Tony Gallippi, Bitpay’s co-founder, added: “We make it easy for businesses like the Sacramento Kings to accept Bitcoin as a form of payment both in-person and online.
“As the first professional sports team to accept bitcoin, the Sacramento Kings continue to show that they are at the intersection of sports and technology.”
