- Crypto.com has introduced a “sports event trading product” that would let users in the United States to place bets on athletic events such as the Super Bowl, following in the footsteps of well-known prediction site Polymarket.
- More than $1 billion has been wagered on Polymarket, which gained notoriety during the U.S. presidential election, in an effort to forecast which NFL club would win the upcoming Super Bowl.
During the U.S. presidential election, Polymarket made the prediction market famous, and Crypto.com wants a piece of it.
By allowing users in the United States to wager on the outcome of specific sporting events, the bitcoin exchange is launching its own prediction platform-style business. People can wager on things like which team will win a particular sporting event, such the Super Bowl in the National Football League, just like they can on Polymarket.
The Crypto.com App and Crypto.com Web both offer Sports Event Trading, a derivatives trading service governed by the CFTC. It gives you a simple Yes/No choice based on your belief on the likelihood of a sporting event’s result.
Over $3 billion in wagers on the US presidential election were handled by Polymarket. A Frenchman who placed a wager on Donald Trump’s victory won around $80 million. Over $1 billion had already been wagered on the platform as of Monday in an effort to forecast the outcome of the upcoming Super Bowl in February.
Crypto.com increased its market share in the United States earlier this year. Coinbase and Kraken are the two largest rivals of the exchange there. Crypto.com seems interested in leveraging the increasing popularity of prediction platforms to increase retail user engagement, as evidenced by the installation of the new sports event trading platform.
From Formula One to the UFC to the Crypto.com Arena, sports have played a significant role in our brand.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
