Underdog and Crypto.com Bet Big on Sports Prediction Markets 🏆💰

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Oh, what a tale of woe and wonder! In a world where the future is as uncertain as a gambler’s heart, the fast-growing sports gaming platform Underdog, with the grace of a ballerina and the cunning of a fox, has forged an alliance with Crypto.com Derivatives North America (CDNA). This union, more dramatic than a Shakespearean play, brings forth sports prediction markets to 16 states, including the great lands of California and Texas, where legal sports betting has yet to plant its flag.

And thus, Underdog, like a knight in shining armor, becomes the first sports gaming operator to venture into the wild and woolly prediction market space-a realm where the odds are set not by the whims of a bookmaker but by the capricious movements of the market itself. A place where every man and woman can feel the thrill of being a financial wizard and a sports sage all at once!

Prediction Markets Meet Sports

Crypto.com, with the wisdom of Solomon and the foresight of a prophet, proclaims that this partnership offers millions of souls a federally compliant way to predict the outcomes of their beloved sports events through the Underdog app. As if by magic, the masses can now partake in the grand spectacle of prediction, a blend of finance and fandom that defies the very laws of nature-or at least, the laws of some states.

“Prediction markets are one of the most exciting developments we’ve seen in a long time,” declares Jeremy Levine, the visionary founder and CEO of Underdog, his words dripping with the honey of optimism. “While still in its infancy, one thing is crystal clear-the future of prediction markets will revolve around sports, and no one does sports quite like Underdog. It’s as if we were destined to lead this revolution!”

Travis McGhee, the managing director and global head of capital markets at Crypto.com, adds his voice to the chorus, “We were the pioneers in offering sports event contracts, and our technological bond with Underdog will open the floodgates to CDNA’s groundbreaking offerings. We are elated to join forces with Underdog, enhancing the sports experience for customers across the nation by allowing them to trade using Underdog’s cutting-edge technology-all within the comfort of a single app. It’s a match made in heaven, or at least in the cloud!”

Legal Uncertainty and Market Potential

Yet, as with all grand ventures, there looms a shadow of doubt. Prediction markets, like a mischievous sprite, dance on the edge of legality. The Commodities and Futures Trading Commission (CFTC) and the federal courts are still grappling with the question: Are these markets a form of gambling, or do they violate state authority and the Indian Gaming Regulatory Act? Traditional sportsbooks, like old lions, cannot roam freely in some of the largest states, and tribal casinos, ever vigilant, fight to preserve their legal monopolies.

But fear not, for amidst the chaos, there is hope. Analysts, those soothsayers of the modern age, see vast potential. Jordan Bender, a Citizens gaming analyst, predicts that the sports prediction market could generate a staggering $555 million this year, a mere fraction compared to the $16 billion legal online sports betting market expected in 2024. It’s a small step for man, but a giant leap for mankind-or at least for the sports prediction market.

This partnership places Crypto.com and Underdog among the elite, alongside platforms like Polymarket, Kalshi, and Robinhood. It marks a significant shift in how sports enthusiasts engage with the games they love, offering a new and thrilling avenue for trading sports outcomes. So, dear reader, the next time you watch a game, remember that the real excitement might just be in predicting the outcome-thanks to the visionary efforts of Underdog and Crypto.com.

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2025-09-02 16:41