A popular cryptocurrency exchange company is getting into the prediction outcome business. Crypto.com recently announced “Sports Event Trading,” the first regulated sports outcome market to be offered across all 50 U.S. states.
Crypto.com customers can purchase contracts that are similar to placing wagers at a sportsbook’s futures market. Users can buy prediction bets with U.S. dollars or more than 350 types of cryptocurrency.
The site says the market is a derivatives product regulated by the Commodities Futures Trading Commission and has “not been endorsed” by any professional football league or team. This new way of wagering on the Super Bowl is akin to event-outcome site Kalshi, which needed a court ruling to offer bets on 2024 Election Day despite objections from the CFTC.
It became an instant sensation and generated more than $400 million in purchased contracts during the election.
How it works
The trading interface displayed on Crypto.com offers the opportunity for customers to select Kansas City to win the Super Bowl for the cost of one “Yes” contract at $29.75. The customer would receive $100 in return if the Chiefs win “The Big Game.”
If you think the reigning Super Bowl champs won’t do it again, you can purchase a “No” contract for $78.25 for a $100 return if correct. The “Big Game” market also lists it as Kansas City with 30% to claim the NFL’s championship. Crypto.com customers can change their pick at any time before the event begins, and payouts are made by Crypto.com one business day after the market is settled.
Crypto.com’s contenders
18 other teams are listed in the market. The Detroit Lions are second at 27%, or $27 per contract. The Buffalo Bills are third at 26%, followed by the Philadelphia Eagles (17%), Baltimore Ravens (11%), and Minnesota Vikings (11%).
The Green Bay Packers have a 10% chance of winning the Super Bowl at Crypto.com while the Los Angeles Chargers are at 7%. The Washington Commanders, Pittsburgh Steelers, and Tampa Bay Buccaneers are all tied at 6%.
The Houston Texans, Seattle Seahawks, Los Angeles Rams, and Cincinnati Bengals are listed at 5% each. The Atlanta Falcons and Miami Dolphins have a 3% chance. The Indianapolis Colts and Denver Broncos can be purchased for $1.75 for a shot at $100 per contract.
