Crypto.com has launched a sports prediction market in the United States, starting with the Super Bowl, to tap into the growing intersection of cryptocurrency and sports.
The company aims to engage digital asset holders who are interested in wagering on real-world events. The platform allows users to predict sports outcomes with a simple Yes/No decision-making process. Correct predictions can earn users $100 for each event contract they own.
This offering is particularly appealing to U.S.-based customers who can use any digital asset supported by the trading platform. The launch of the sports betting feature coincides with the establishment of Crypto.com's U.S. trust company, which provides custody services for customers in the U.S. and Canada.
Prediction markets have gained popularity among digital asset holders, with platforms like Polymarket and Kalshi experiencing increased activity during significant events such as the U.S. presidential election. However, sports betting has not yet gained significant traction on these platforms, presenting an opportunity for Crypto.com to cater to crypto enthusiasts who are also sports fans.
The U.S. sports betting market is growing rapidly, with revenues projected to reach $14.30 billion in 2024.
Crypto.com has strategically positioned itself within the sports industry through sponsorships and partnerships, enhancing its brand visibility among sports fans. The company secured naming rights for the home arena of the NBA's Los Angeles Lakers, solidifying its presence in the sports arena and aligning the brand with a passionate fan base.
CoinGecko data shows that Crypto.com accounted for a significant portion of athletic sponsorships signed between 2021 and 2024. By entering the sports betting market, Crypto.com aims to reshape how digital asset holders engage with cryptocurrency and sports, capturing a share of the lucrative sports betting market while reinforcing its brand as a leader in the crypto space.