The trend of betting sites masquerading as prediction markets continues with Crypto.com, which has launched a sporting event trading platform. Going live on Monday, the platform allows trading with USD and hundreds of cryptocurrencies.
“Sports Events Trading offers an entirely new platform for US users to engage nationwide at Crypto.com and in the Crypto.com app,” said Crypto.com co-founder and CEO Kris Marszalek in Monday’s announcement. “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.”
gives users the opportunity to bet on the outcomes of sporting events via a marketplace mechanic
Building on the popularity of event-trading sites like PredictIt, Kalshi, and Polymarket, which saw a surge in activity during the latest US presidential election cycle, Crypto.com’s Sports Events Trading gives users the opportunity to bet on the outcomes of sporting events via a marketplace mechanic, rather than with moneylines and point spreads.
If, for example, a user believes the Green Bay Packers will beat the New Orleans Saints tonight, they can buy “Yes” contracts (essentially like shares of stock) for the Packers or “No” contracts for the Saints. Contract prices can fluctuate from $0.01 to $99.99, depending on how the other buyers and sellers feel about the game. The team the market favors to win will have a higher “Yes” price.
Contract holders of the winning team will receive $100 for each contract they own. Contracts for the losing team zero out. Users can also play the market like they would with stocks, buying and selling contracts as the prices fluctuate without waiting for the event’s result.
Crypto.com says Sports Event Trading is a CFTC-regulated derivates product and is available in all 50 states.