Crypto.com Adds More Options To Its Sports Prediction Market Menu
The platform is stepping more boldly into the sports wagering space under the governance of the CFTC
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Crypto.com is continuing its march into the world of sports betting, announcing on social media Tuesday that in addition to offering markets on the Super Bowl — titled “The Big Game” at the website — users can now wager (or “predict the outcome,” as the social media posts say) on who will win the NFC and AFC championships, the remaining college bowl games, and the college football national championship game.
This comes on the heels of Crypto.com’s pre-Christmas announcement about getting into the world of sports betting via the buying and selling of “contracts” on the Super Bowl.
For instance: The Detroit Lions are the current “favorites” at Crypto.com, and as of press time Wednesday morning, users could buy Lions contracts — effectively betting on them to win the Super Bowl — for $25.75. If they win the Super Bowl, users would collect $100. If they don’t win the Super Bowl, users would collect nothing.
It’s not quite that straight-forward, however; people can buy and sell in and out of their positions for as long as the market remains live.
These “bets” are governed by the Commodity Futures Trading Commission (CFTC), and are virtually identical to other trading products offered by Crypto.com.
As it stands, this is considered legal in all 50 states.
Sports and more
“Sports Events Trading offers an entirely new platform for U.S. users to engage nationwide at Crypto.com and in the Crypto.com app,” Kris Marszalek, co-founder and CEO of Crypto.com, said in a release announcing the product on Dec. 23. “This unique financial product allows users to trade their prediction on the outcome of a sports event. It’s a fundamentally new concept for sports, and we’re thrilled to be the first regulated platform in the U.S. to offer it to our users.”
When launched two weeks ago, it was met with both hot and cold reactions throughout the industry, with gaming analyst Chris Grove noting in a LinkedIn post that the news should be “rocketing through the inbox or chat app of every analyst, every C-suite, every investor, and every stakeholder with an interest in the U.S. regulated online betting market.”
Crypto.com’s first two derivative markets governed by the CFTC are called UpDown, in which users predict the price of coins, and Strike Options, which allows users the opportunity to buy options on the price of coins.
According to Crypto.com’s website, the ability to trade over 5,000 stocks is coming soon.
