07
Jul
2020

Cryptocurrency sports betting takes off despite Floyd Mayweather kerfuffle

Floyd Mayweather

TMT

Floyd Mayweather was recently told to step away due to controversy, although the vast majority of cryptocurrency betting options are gaining vast interest.

Punters are lining up to place wagers on a wide range of events.

The sector is a multi-billion-dollar industry. Hence the interest from Mayweather, who was caught up in an investigation that was ultimately nothing to do with him.

Speaking about the Mayweather case and how the fighter was drafted in, Enforcement Division Co-Director Stephanie Avakian said: “These cases highlight the importance of full disclosure to investors.

“With no disclosure about the payments, Mayweather and (another investor, DJ) Khaled’s ICO promotions may have appeared to be unbiased, rather than paid endorsements.”

Enforcement Division Co-Director Steven Peikin added: “Investors should be skeptical of investment advice posted to social media platforms.

“They should not make decisions based on celebrity endorsements.

“Social media influencers are often paid promoters, not investment professionals. The securities they’re touting, regardless of whether they are issued using traditional certificates or on the blockchain, could be frauds.”


FLOYD MAYWEATHER

Never charged with any wrongdoing, Mayweather will certainly think twice before getting involved down the line, even just on social media.

The final judgment read: “Mayweather agreed to pay $300,000 in disgorgement, a $300,000 penalty, and $14,775 in prejudgment interest.

“Khaled agreed to pay $50,000 in disgorgement. Also a $100,000 penalty and $2,725 in prejudgment interest.

“In addition, Mayweather agreed not to promote any securities, digital or otherwise, for three years. Khaled agreed to a similar ban for two years.

“Mayweather also agreed to continue to cooperate with the investigation.”

The explosion of cryptocurrency sports betting has wholly modernized and transformed online betting to the point where it is fast becoming the preferred bitcoin sports betting currency.

It seems that more and more people are seeking out the use of cryptocurrency. This is in order to have better and more varied gaming experiences.