Underdog Partners with Crypto.com to Launch U.S. Sports Prediction Market
In a bold move set to shake up the American sports betting scene, Underdog has announced a new collaboration with Crypto.com to introduce sports event contracts to its platform. This development signals a significant step into the rapidly evolving world of sports predictions, blending fantasy sports with cryptocurrency-based contracts.
Underdog, renowned for its fantasy sports and daily fantasy games, is expanding into sports predictions via a strategic alliance with Crypto.com. The platform will operate under a federally compliant framework, enabling nationwide access—though the legal landscape remains somewhat murky.
Underdog’s latest venture adds a fresh vertical to its offerings, aligning predictions alongside its existing sportsbook and fantasy leagues. The partnership with Crypto.com, a prominent cryptocurrency exchange, brings CFTC-registered contracts into the mix, allowing users to wager on the outcomes of various sporting events.
This initiative positions fans to trade predictions on major leagues such as the NFL, NBA, MLB, and college football. While similar in concept to FanDuel’s recent foray into predictions, Underdog’s approach uniquely emphasizes sports contracts, a space that’s still navigating regulatory uncertainties.
Critics have pointed out the parallels between sports event contracts and traditional sports betting—currently legal in 39 U.S. states—raising questions about the legal boundaries of this new market. However, the company promotes its offering as “federally compliant,” with the potential for nationwide availability.
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Jeremy Levine, Underdog’s CEO, expressed confidence about the future: “While the market is still maturing, one thing is clear – sports prediction markets are here to stay, and nobody does sports better than Underdog.”
Crypto.com entered the sports contract arena late last year, and in February, the CFTC scrutinized their Super Bowl contracts to assess regulatory compliance. This partnership aims to leverage Crypto.com’s experience to broaden access and innovation in sports event trading.
Travis McGhee, Crypto.com’s Managing Director, added, “We pioneered sports event contracts, and our collaboration with Underdog will unlock more opportunities for fans to engage with our cutting-edge offerings.”
As this new chapter unfolds, sports enthusiasts across the U.S. can look forward to more ways to engage, predict, and potentially profit from their favorite games—though legal uncertainties remain a key consideration moving forward.
