- Crypto.com has partnered with prediction market platform Underdog, marking a major expansion of its offerings beyond crypto trading
- Users can trade contracts based on predicted sports outcomes (ranging across NFL, college football, NBA, MLB, and more) using a market-driven model instead of fixed odds
- This isn’t the first time Crypto.com had dabbled in sports, since the company first launched its Sports Event Trading product nationwide in late 2024, under the CFTC’s
Crypto.com has partnered with prediction market platform Underdog to launch sports prediction markets in 16 US states, marking a major expansion of its offerings beyond crypto trading.
How Does the New Sports Prediction Market Work?
Users can trade contracts based on predicted sports outcomes (ranging across NFL, college football, NBA, MLB, and more) using a market-driven model instead of fixed odds. It’s a fusion of finance and fandom, where supply and demand set the price of a prediction.
This isn’t the first time Crypto.com had dabbled in sports since the company first launched its Sports Event Trading product nationwide in late 2024, under the oversight of the CFTC (Commodity Futures Trading Commission). That was one of the first federally regulated platforms of its kind.
Related: Truth Social to integrate CRO payments in massive Trump Media, Crypto.com deal
As for Underdog, it has become the first fantasy sports operator to formally enter prediction markets. For Crypto.com, the expanded reach and Underdog’s sports infrastructure create a powerful combination.
Still, not everything was smooth for the cryptocurrency company. Earlier this year, Ohio regulators ordered Crypto.com (alongside Kalshi and Robinhood) to cease sports prediction offerings within the state over legal concerns. In some other states, the legal footing of these products remains a gray area.
What the launch means for Crypto.com and the crypto industry
Aligning with Underdog ties crypto exposure to fan engagement, potentially migrating users into Crypto.com’s exchange and DeFi products.
Users can trade contracts using fiat or any of over 400 supported cryptocurrencies, further integrating crypto with real-world use cases.
Plus, due to the earlier launch with Sports Event Trading Regulatory, Crypto.com achieved regulatory legitimacy via CFTC when it comes to sport related endeavors.
With these sport-related launches, Crypto.com is likely getting more people interested in crypto, since sport fans and bettors can engage with crypto-backed markets, particularly in states where conventional sportsbooks are not yet licensed.
Outside of sports, Crypto.com recently has joined forces with Trump Media & Technology Group to form Trump Media Group CRO Strategy, a digital asset treasury firm valued at $6.4 billion. Also, in June, Crypto.com secured a MiCA license in the EU and expanded services in North America and Canada through institutional trading and dealer approvals.
Related: September Macro Outlook for Crypto: Why Data is Key
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
