Crypto.com launches Polymarket-style sports prediction market in the US
Quick Take
- Following the lead of popular prediction platform Polymarket, Crypto.com has launched a “sports event trading product,” which will allow users in the U.S. to wager on sporting events like the Super Bowl.
- Polymarket, made famous during the U.S. presidential election, has already generated more than $1 billion of wagers attempting to predict which NFL team will win the next Super Bowl.
Crypto.com wants a piece of the prediction market made famous by Polymarket during the U.S. presidential election.
The cryptocurrency exchange is kicking off its own prediction platform-type of service by offering users in the U.S. the chance to bet on who will win certain sporting events. Like on Polymarket, people can bet on, for example, what team will win a specific sporting event like the National Football League's Super Bowl.
"Sports Event Trading is a CFTC-regulated derivatives trading feature available in the Crypto.com App and on the Crypto.com Web," the company said in a blog post. "It presents you with a straightforward Yes/No decision based on whether you believe an outcome of a sporting event will occur."
Polymarket handled over $3 billion in bets on the U.S. presidential election. A French national won nearly $80 million by betting on Donald Trump to win. As of Monday, the platform had already generated over $1 billion of wagers attempting to predict which team will win the next Super Bowl held in February.
Earlier this year, Crypto.com grew its market share in the U.S. The exchange's two biggest competitors there are Kraken and Coinbase. With the addition of the new sports event trading platform, Crypto.com appears to be interested in taking advantage of prediction platforms' growing popularity to help boost retail user activity.
"Sports have been an important part of our brand from F1 to UFC to the Crypto.com Arena," the company's Chief Communications Officer Matt David said.
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