With the Supreme Court in the US allowing sports betting, there is one cryptocurrency that we should pay close attention to: UnikoinGold.
What's Going on with Esports Betting?
The Supreme Court struck down a 1992 federal law on Monday that effectively banned commercial sports betting in most states. This has opened the door to legalizing the estimated $150 billion in illegal wagers on professional and amateur sports that Americans make every year.
While the court ruling does not change the legality of sports betting anywhere, the individual states are now free to pass statutes that would legalize sports gambling within their borders. Some states, such as New Jersey, West Virginia and Pennsylvania, have already taken steps to legalize and regulate sports gambling. Other states, such as New York and Massachusetts, may soon follow.
How is UnikoinGold Affected by This?
First, a bit of a background about the cryptocurrency.
Unikrn, the company behind UnicoinGold, was established in November of 2014. They run a fully-regulated and licensed esports bookmaker, and have a close relationship with Australia’s largest betting company, Tabcorp. In 2015, they raised a total of $10,000,000 from the likes of Ashton Kutcher and Mark Cuban.
UnikoinGold, on the other hand, has not been getting much love since its January 2018 crash.
UKG/USD Price Action
Unlike most other cryptocurrencies which at least corrected some of the losses in the past few months, UnikoinGold (UKG) has been consolidating below the $0.50 resistance level, unable to form any form of an uptrend towards the all-time-high levels above $2.00.
This could be because the cryptocurrency ranks pretty low on the market cap list. With almost $28 million in market capitalization, UKG ranks 319 and has been down 5.34% on Thursday at the time of writing.
*This article was originally published on Invest Diva:
https://www.investdiva.com/investing-guide/unikoingold-supreme-court-sports-betting/