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NBA’s Kings Add Bitcoin Option
The NBA’s Sacramento Kings will be the first major sports franchise to accept Bitcoin virtual currency for team merchandise and tickets March 1 to make the fan experience more convenient.
Photo: reddit.com
“When I sold the NBA on keeping the team in Sacramento, my pitch included using the sports franchise as a social network to push the technology envelope,” Kings owner Vivek Ranadive told ESPN.com. “This is an example of that.”
Bitcoin purchases will go through BitPay, which processes the transactions and pays the Kings in actual cash.
BitPay also charges a flat fee while debit and credit cards charge a percentage per sale, so the Kings stand to make more money per sale, according to ESPN.
Drawbacks to Bitcoin owners is that the value fluctuates rapidly – up to about $870 at press time – and can be erased, but there’s reportedly no risk to the Kings.