Crypto.com has recently launched Sports Events Trading, a platform that allows users to engage in sporting event contract trading using USD and various cryptocurrencies. This unique financial product is the first of its kind in the U.S. and offers users the opportunity to trade their predictions on the outcomes of sports events.
In a statement, Crypto.com co-founder and CEO Kris Marszalek expressed excitement about the launch of Sports Events Trading, highlighting its innovative approach to sports betting. The platform operates as a marketplace where users can buy and sell contracts based on their predictions for sporting events, as opposed to traditional betting methods like moneylines and point spreads.
Drawing inspiration from popular event-trading sites such as PredictIt, Kalshi, and Polymarket, Crypto.com’s Sports Events Trading allows users to purchase “Yes” contracts for teams they believe will win and “No” contracts for teams they think will lose. The prices of these contracts can range from $0.01 to $99.99, depending on market sentiment. Winners receive $100 for each contract they hold, while contracts for losing teams become worthless.
One of the key features of Sports Events Trading is its similarity to stock trading, allowing users to buy and sell contracts based on market fluctuations without waiting for the event’s outcome. This dynamic approach adds an element of strategy and excitement to sports betting, making it an attractive option for both seasoned traders and casual bettors.
Crypto.com emphasizes that Sports Events Trading is a CFTC-regulated derivatives product, ensuring compliance with regulatory standards and providing users with a secure and transparent trading environment. The platform is available to users in all 50 states, making it accessible to a wide range of individuals interested in sports betting and financial trading.
Overall, Crypto.com’s Sports Events Trading represents a novel approach to sports betting, combining the thrill of predicting sports outcomes with the dynamics of financial trading. By offering a regulated and user-friendly platform, Crypto.com aims to revolutionize the way sports fans engage with their favorite events and create new opportunities for profit and entertainment.