Sports betting company Underdog has partnered with Crypto.com to offer sports event contracts.
Summary
- Crypto.com and Underdog partner to take on the sports prediction market
- The new offering, accessible through Underdog, will be CFTC-regulated
- So far, Polymarket was the biggest name in prediction betting
Prediction markets are going mainstream. On Tuesday, Sept. 2, Underdog and Crypto.com Derivatives North America announced the launch of a regulated sports prediction offering. The partnership will make Crypto.com’s CDNA sports event contracts available on Underdog’s platform.
According to Underdog, whose technology is behind the contracts, this will offer Americans a regulated and secure way to bet on sports outcomes. At launch, the offering includes betting on outcomes in major sports leagues, including the NFL, NBA, and college football.
“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.”
Prediction markets are on the rise
Prediction markets, which enable users to bet on a wide variety of outcomes, are becoming increasingly popular. Although historically dominated by Polymarket, Underdog is not the only entrant in this field. Notably, on Aug. 27, The Clearing Company raised million in a seed round to build a regulated and permissionless prediction market. Investors included Union Square Ventures, Coinbase Ventures, Compound, and more.
“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.”
