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Underdog, Crypto.com Launch Sports Prediction Market

  • Underdog today announced a new partnership with Crypto.com
  • Sports event contracts will now be accessible to customers through Underdog’s platform
  • Users will be able to trade sports events contracts across all major sports leagues on Underdog’s app

Underdog and Crypto.com, a Commodity Future’s Trading Commission-registered exchange and clearinghouse, today announced a new partnership that will allow customers to access sports event contracts through Underdog’s platform.

The new partnership will allow users to trade and purchase sports event contracts across all major sports leagues, including the NFL and college football, the first of its kind between a CFTC-registered exchange and a gaming company.

“Prediction markets are one of the most exciting developments we’ve seen in a long time,” said Underdog founder and CEO, Jeremy Levine. “While still new and evolving, one thing is clear – the future of prediction markets is going to be about sports – and no one does sports better than Underdog.”

Sports Event Contracts Through Underdog’s App

Underdog is now the only gaming company to offer sports betting, daily fantasy sports, and prediction markets to its users. Each of these products will now be available through the Underdog app.

“We are thrilled to partner with Underdog to enhance the sports experience for customers nationwide with the ability to now trade using Underdog’s technology – all in one app,”” said Travis McGhee, Managing Director, Global Head of Capital Markets at Crypto.com. “We were the first to offer sports events contracts, and our technology partnership with Underdog will provide more access to CDNA’s innovative offerings.”

Underdog currently offers its daily fantasy sports products in 40 states, plus Washington, D.C., and Ontario. Underdog offers online sports betting in North Carolina, but also currently holds an Ohio sports betting license and has yet to launch in the Buckeye State.

Underdog has applied for a partnered online sports betting license in Missouri.

How Will States React?

Underdog is not the only sports betting and daily fantasy operator who expressed an interest in offering sports event contracts. FanDuel recently announced a partnership with CME Group, a leading derivatives marketplace, to develop new event-based contracts for FanDuel users.

While sports event contracts were not originally mentioned in the partnership, they will likely be a part of the partnership in the future. The companies did note that “further details of additional offerings” will be determined in the coming months.

DraftKings has also investigated possibly entering the sports event contract market, recently applying to enter the National Futures Association, which is an early step into entering the prediction markets.

However, a legal battle over sports event contracts is taking place right now. Robinhood and Kalshi have filed lawsuits in seven states to defend its offerings, facing backlash from state regulatory agencies to offer sports event contracts, which they equate to sports betting. The companies believe that state regulatory bodies do not have the right to intrude on the government’s “exclusive” authority to regulate prediction markets.

These companies believe the CFTC is the only regulatory body that can legally block contracts from being offered to customers.

An Ohio gaming regulator just this past week warned its licensed sports betting operators to not offer sports event contracts in the state. As Dustin Gouker reported in The Closing Line, the Ohio Casino Control Commission sent a letter to licensed sports betting operators that it will not condone operators offering sports event contracts to users without a license or proper vetting.

“If an Ohio sports gaming licensee chooses to offer sporting event contracts in Ohio through their own DCM or FCM (or those under common ownership or operated by a related entity) … the Commission will consider these choices as it evaluates the continued suitability of a sports gaming licensee, including key employee licensees, to maintain a license,” OCCC Executive Director Matthew Schuler wrote in the letter.

Underdog currently holds a sports betting license in Ohio, but has yet to launch in the state.

The post Underdog, Crypto.com Launch Sports Prediction Market appeared first on Sports Betting Dime.



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