Crypto.com launched a sports prediction market in the US on Monday amid increasing betting on real-world events among digital asset owners.
The offering leverages Crypto.com's popularity among American sports fans and serves a growing product for crypto traders who want to bet on the outcomes of real-world events, company spokesman Matt David told Decrypt.
“Sports are an integral part of our brand, from F1 to UFC to Crypto.com Arena, and this is a great opportunity to engage those sports fans on the Crypto.com app,” said David.
Crypto.com's sports platform kicks off with the Super Bowl, advertised as the “big game” on the site, with users able to bet on one of the NFL teams still in the hunt for the season's final playoffs.
US-based Crypto.com customers can bet on sporting events using any digital asset supported by the trading platform, including the exchange's native Kronos token.
The first sports betting offering coincides with the launch of Crypto.com American Trust CompanyProviding security services to customers in the US and Canada.
Prediction markets will rise
Digital asset owners have flocked to prediction markets such as Polymarket and Kalshi in recent months to bet on real-world events, especially after the US election sparked speculative fervor among traders.
Kalshi, a US-based trading platform, has made huge deposits by betting $132 million on the US presidential election alone. Launch support for USDC last month.
Meanwhile, Polymarket, which is not available to merchants in the US, is a The transaction volume was recorded at 3.6 billion dollars Related to the 2024 US election.
But sports betting is not particularly popular on Kalshi or other trading platforms that accept crypto in the US. This gives Crypto.com an opportunity to serve crypto holders who enjoy sports betting.
Sports betting in America is a large and growing market. In the year In 2024, sports betting revenue will reach $14.30 billion, up from $0.48 billion in 2018, according to Statista. Data Published in May.
Crypto.com has gained popularity with American sports fans due to its large investments in sports partnerships on the state side. The company He reportedly paid $700 million. In the year to secure the naming rights to the NBA Lakers' home arena in Los Angeles in 2021.
And more importantly, the exchange has anointed most of its competitors in sports-related sponsorships. The trading platform, along with the now-shuttered FTX, will account for 35.9% of all athletic sponsorships signed between 2021 and 2024, according to CoinGecko. Data It shows.
Edited by Andrew Hayward.
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