tl;dr
Crypto.com launched a sports prediction market in the U.S. for crypto traders to bet on real-world events, starting with the Super Bowl. The platform allows bets using digital assets supported by Crypto.com, coinciding with the launch of its U.S. trust company offering custody services. This move ta...
Crypto.com has launched a sports prediction market in the U.S. for digital asset holders, allowing crypto traders to bet on real-world events, starting with the Super Bowl. The platform enables bets using digital assets supported by Crypto.com, and coincides with the launch of its U.S. trust company offering custody services. This move taps into the trend of digital asset holders using prediction markets to bet on real-world events, particularly after the speculative activity surrounding the U.S. election.
The company's popularity with U.S. sports fans, driven by substantial sports partnerships and sponsorships, positions it well to engage crypto holders interested in sports gambling. The sports platform debuts with Super Bowl betting, leveraging Crypto.com's appeal to sports enthusiasts in the U.S.
US-based customers of Crypto.com can bet on sports events using any digital asset supported by the trading platform, including the exchange's native Cronos token. The rise of digital asset holders using prediction markets for real-world events provides an opportunity for Crypto.com to cater to sports betting enthusiasts in the U.S., as sports betting is not as popular on other trading platforms.
Prediction markets, such as Polymarket and Kalshi, have seen significant betting volumes, with Polymarket recording a record $3.6 billion in trading volume related to the 2024 U.S. elections. However, sports betting is not particularly popular on these platforms in the U.S., presenting an opportunity for Crypto.com to serve crypto holders who enjoy gambling on sports.
Sports betting in the U.S. is a substantial and growing market, with sports betting revenue reaching $14.30 billion in 2024, up from $0.48 billion in 2018. Crypto.com's significant investments in sports partnerships and sponsorships have bolstered its appeal to U.S. sports fans, making it well-positioned to tap into the intersection of cryptocurrency and sports gambling.
Overall, Crypto.com's foray into the sports prediction market in the U.S. represents a strategic move to engage crypto traders and sports enthusiasts, leveraging the company's popularity and the increasing trend of digital asset holders participating in real-world event betting.