Underdog launches prediction markets in the US with Crypto.com

Key points:

– Underdog and Crypto.com have announced plans to launch prediction markets in the US

– This new process of placing wagers on sports matches has been controversial as an emerging vertical

Underdog and Crypto.com will launch sports event contracts in the US under a prediction markets model.

Jeremy Levine, Underdog Founder and CEO, said: “Prediction markets are one of the most exciting developments we’ve seen in a long time.

“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.”

This is a similar move to FanDuel, although it’s worth noting that while FanDuel is moving into the wider prediction market arena, Underdog is going straight in with sports events contracts.

These have been controversial, with some in the industry drawing parallels between sports events contracts and sports betting.

However, Underdog aready has some licences across the US to offer sportsbook and fantasy sports products. Its regulatory status in other areas is more of a question mark.

Through its sports events contracts, players at Underdog can “trade their opinions on sports events contracts across all major sports leagues, including NFL, college football, NBA, MLB, and more.”

Good to know: The branch of Crypto.com involved in this deal is a CFTC-registered exchange and clearinghouse and an affiliate of Crypto.com

Travis McGhee, Crypto.com Managing Director and Global Head of Capital Markets, said: “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.

“We were the first to offer sports events contracts, and our technology partnership with Underdog will provide more access to CDNA’s innovative offerings.”

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Megan Elswyth

Business Journalist

Megan Elswyth is a business journalist and Staff Writer at Gambling Insider, where she has been reporting since February 2023. She specialises in researching complex commercial topics, analysing industry trends and interviewing senior executives to deliver insightful journalism for a professional B2B audience.

Megan’s coverage spans financial reporting, regulatory developments, SEC filings and key business developments shaping the global gambling and iGaming landscape. Her work combines rigorous analysis with clear storytelling, helping readers understand the financial, strategic and operational dynamics driving the industry forward.

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