Crypto.com launches sports event trading platform for U.S. users
Crypto.com has introduced an innovative product that merges sports and cryptocurrency, unveiling its first-ever sports event trading platform exclusively for U.S. users via its application. This platform enables participants to trade predictions on sports event outcomes, with the inaugural offering centred on the upcoming Super Bowl. Users can predict which team will clinch the NFL championship in the app, with various teams listed alongside their probabilities, enabling straightforward selection.
Crypto.com market expansion
This new platform’s launch, strategically timed ahead of the holiday season, aims to attract an audience and build momentum during a period of heightened consumer engagement. Operating under the oversight of the Commodity Futures Trading Commission (CFTC), Crypto.com adheres to stringent regulatory requirements, ensuring a compliant trading environment for its users, such as UpDown Options and Strike Options.
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🔒 CFTC-regulated… pic.twitter.com/gUaHyycOnf— Crypto.com (@cryptocom) December 23, 2024
Crypto.com co-founder and CEO Kris Marszalek said, “Sports event trading offers an entirely new platform for U.S. users to engage nationwide at Crypto.com and in the Crypto.com app. 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.”
Industry reactions
Gaming industry analyst Chris Grove published a post highlighting its significance, suggesting it should capture the attention of stakeholders in the U.S. regulated online betting market. Grove posted, “This 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.”
PlayerProps.ai Founder and CEO Trevis Waters stated, “All 50 states are crazy. Just not sure if that’s a ‘crazy good’ or a ‘crazy bad’ yet.”
ClutchBet’s technology expert David Belovitch hinted at the possibility of regulatory backlash. He added, “They can call it what they like but it is sports betting. Rogue cowboy stuff.”
U.S. sports betting ecosystem
Crypto betting hasn’t gained much traction in the U.S. sports betting scene, making Crypto.com’s offering quite unique. Like sweepstakes casinos, which are still hotly debated, this new development is expected to spark further discussions about the legality and classification of online gaming activities.
The company’s new project comes amid efforts to make crypto a more attractive payment method for consumers as the sector hits record highs, with bitcoin, the most popular cryptocurrency, topping $108,000 last week. As crypto adoption grows, remaining abreast of regulatory changes is also something that could be vital for consumers and merchants.
