A cryptocurrency trading platform debuted a new product Monday that could change the US sports betting industry.
Crypto.com unveiled its “sports event trading product” on Monday, allowing users to predict sports event outcomes. The Singapore-based company is calling the sports event offering part of its derivative offering, different from the fixed-based odds offered by US sports betting sites.
“Sports Events Trading offers an entirely new platform for U.S. users to engage nationwide at Crypto.com and in the Crypto.com app,” Crypto.com co-founder and CEO Kris Marszalek said in a statement. “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.”
US sports event trading
Crypto.com announced the product through a chance to win $1 million for users who sign up and make their first sports trade.
The first offering allows users to select “yes” or “no” with varying prices on 19 NFL teams competing for the Super Bowl.
The product is available in all 50 states through the company’s federally regulated Commodity Futures Trading Commission platform.
Election betting similarities
This year, election betting took off in the US following an October ruling by a federal appeals court.
Bettors wagered more than $900 million during the election season, according to MarketWatch.
There is a US House and US Senate bill aiming to ban election wagering.
Other US sports betting aspirations
Crypto.com is not the first financial firm to indicate interest in the world of sports betting.
Stock trading platform Robinhood is also looking to begin offering some form of sports betting.
Robinhood CEO Vladimir Tenev mentioned the sports betting market at an investor day earlier this month. Robinhood offered election markets this year.
