Polymarket may have a new competitor in Crypto.com as the latter rolls out a sports prediction market in the United States. The new sports event trading product allows users to bet on events like the National Football League’s Super Bowl. Before this time, not much was heard of the prediction market.
During the 2024 US presidential, the niche became quite popular, a success that could be attributed to Polymarket. In a blog post, Crypto.com informed its customers, “Sports Event Trading is a CFTC-regulated derivatives trading feature available in the Crypto.com App and on the Crypto.com Web.”
“It presents you with a straightforward Yes/No decision based on whether you believe an outcome of a sporting event will occur,” the crypto exchange added.
Crypto.com Prediction Market: Shift from Polymarket
In the days leading to the November 5th US election, Polymarket recorded more than $3 billion in bets.
One French man went home with almost $80 million just for placing a wager on Donald Trump winning the election. So far, Polymarket has secured approximately $1 billion of bets that attempted to predict which team will win the next Super Bowl in February.
Once Crypto.com’s sports prediction market is activated, Polymarket may have to share its dominance to accommodate the new addition.
The crypto exchange’s existing roots in the sports industry may serve as an edge for gaining traction quickly. In August, Crypto.com signed a multi-year partnership with the UEFA Champions League.
As a result, the exchange became the official sponsor of Europe’s top tournament soccer club.
Crypto.com Picks And Drops Lawsuit Against SEC
In another Crypto.com news, the global exchange has decided against moving forward with its lawsuit against the United States Securities and Exchange Commission (SEC).
Two months ago, Crypto.com filed a lawsuit against the US SEC involving Gary Gensler and the agency’s four Commissioners. The legal action responded to an initial Wells Notice, but Crypto.com took no chance before filing a lawsuit.
The exchange is challenging what it perceives as an unlawful expansion of SEC jurisdiction over its operations. This latest development followed after a meeting between the exchange’s CEO, Kris Marszalek, and President-elect Donald Trump at Mar-a-Lago on December 16.
