Crypto.com associates itself with an outsider to bring sports prediction markets to 16 states -

The fantasy and sports game operator Underdog has teamed up with Crypto.com to bring sports prediction markets to 16 states.

The first deployment is largely concentrated in the fields of the United States where legal sports betting has not been adopted. The partnership between Underdog and Crypto.com highlights the growing interest in the sports prediction markets, the giant of Kalshi predictions offering more and more sports markets and pressure on the CFTC to regulate the sector.

Underdog is the first sports game platform to enter the arena of the rapidly growing prediction market. It offers merchants a platform to buy and sell on the results of sporting events, with the chances that change depending on market movements. Above all, there is no bookmaker to define the chances.

“The prediction markets are one of the most exciting developments that we have seen for a long time,” said Jeremy Levine, founder and CEO of the Oppressed Jeremy Levine. “Although still new and scalable, one thing is clear: the future of the prediction markets will concern sport, and no one does better than sports than the oppressed.”

Underdog and Crypto.com enters a flourishing sector of sports prediction markets

Already, Robinhood, Kalshi and Polymarket prediction market operators offer sports event markets, while Fanduel, belonging to Flutter, recently announced that he would associate with the CME group to offer contracts for financial events. The CEO of Draftings, Jason Robins, also told CNBC that there was also an interest in entering the sector.

The attraction of these companies seems to come from the possibility of responding to the sports bettor in states where game regulators and tribal casinos postpone legal sports betting. For example, California and Texas do not allow sports betting, but can engage in sports prediction markets – for the moment.

There is increasing pressure on the CFTC to determine if the prediction markets count as betting. In the current state of things, operators of the prediction market seek to gain a foothold while they can still, before any potential regulations.

Star image: crypto.com

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