Crypto.com and Underdog launch legal sports prediction markets in 16 states, blending trading technology with fantasy and sportsbook services.
A major step in the future of sports and finance has arrived. Underdog, a fast-growing fantasy and sports gaming company. It has partnered with Crypto.com Derivatives North America (CDNA) to launch legal sports prediction markets across 16 U.S. states. This campaign will focus mainly on states that have not yet legalized sports betting, such as California and Texas.
New Sports Prediction Market Merges Trading and Gaming
The news, released on Tuesday, is a big step forward in digital gaming. According to the companies, the goal is to provide millions of Americans with a federally compliant platform for engaging in sports predictions. This will be achieved via the Underdog app, which will incorporate CDNA’s trading technology into an easy-to-use trading interface.
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Importantly, this partnership makes Underdog the first sports gaming operator to bring its products to the U.S. prediction market space at scale. Unlike a traditional sport betting market, prediction markets are closer to a trading market. Participants purchase and sell contracts that are based on the results of sporting events. Prices are influenced by the market and there is no bookmaker in the traditional sense.
This new space holds significant potential, as Jeremy Levine, founder and CEO of Underdog, pointed out. He said prediction markets are “one of the hottest developments” of the recent years. He also said that although the industry is in its infancy, its future is clearly linked to sports, and Underdog is well placed to be at the forefront of it.
Through this offering, users will be able to trade outcome-based contracts for events in NFL, college football, NBA, MLB and other major leagues. Prices will change in real time and fans can act instantly based on what they see in the game. This creates a dynamic experience that merges financial trading with sports involvement.
New Partnership Aims to Enhance U.S. Sports Betting Experience
Travis McGhee, Global Head of Capital Markets at Crypto.com, also expressed excitement about the partnership. He said the collaboration is to “improve the sports experience for customers across the country.” By combining prediction markets with the Underdog app, the companies aim to make sports betting more accessible and innovative for sports fans.
Notably, Underdog runs on proprietary technology that powers both fantasy sports and sportsbook operations. With the launch of prediction markets, it becomes the only company to have all three services, fantasy, sports betting, and prediction markets, within one app. This makes for an uninterrupted user experience unlike anything available in the U.S. gaming right now.
In addition, Underdog has several gaming licenses in a number of states. The company is also known for its fair gaming practices, and it has robust customer protection measures in place. According to its press release, the same rules will apply to its new prediction markets, which will be safe and fair for all users.
In conclusion, the partnership between Underdog and Crypto.com is set to transform the way Americans engage with sports and digital markets. As additional states contemplate regulation, this model can act as a catalytic framework for future legal structures surrounding prediction-based gaming. Over the next few months, we will see how sports fans react to this new form of engagement.
