Crypto.com announced Tuesday on X that its users will be able to buy contracts to predict the outcomes of several additional major U.S. sporting events. When the service debuted in late December, it only featured contracts on the outcome of the Super Bowl.
Crypto.com recently launched the first-ever sports event trading product in the U.S.
This comes two weeks after the platform launched the first-ever sports event trading product in the U.S., currently available in all 50 states. This allows U.S. users of Crypto.com and its app the ability to participate and trade their own prediction on the outcome of sports events.
A spokesperson for Crypto.com said users will be able to buy “contracts” to determine if teams will win or lose the NFL conference championship, certain college bowl games, and the college football national championship.
“Sports Events Trading offers an entirely new platform for U.S. users to engage nationwide at Crypto.com and in the Crypto.com app,” said Kris Marszalek, co-founder and CEO of Crypto.com, in a company release.
“This unique financial product allows users to trade their prediction on the outcome of a sports event. It’s a fundamentally new concept for sports, and we’re thrilled to be the first regulated platform in the U.S. to offer it to our users.”
Sports betting service awards users $100 for each contract that has a correct outcome
Furthermore, the service allows users to purchase “contracts” for various prices. Ten contracts with the correct prediction would award the user $1,000, according to the company.
Since the service is regulated by the Commodity Futures Trading Commission (CFTC), Crypto.com can offer the contracts immediately to users residing in any state in the nation.
Although the service isn’t subject to the sports betting tax rates that operators have to pay in each market they’re licensed, Crypto.com is still obligated to meet certain requirements by the CFTC to ensure a regulated market for its traders.
Crypto.com is expected to continue offering contracts on NFL playoff matchups, college bowl games, and the college football national championship.
After Super Bowl LIX, users can expect the company to likely offer contracts on the March Madness basketball tournaments, such as offering predictions on the sweet 16, final four, and national championship.
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