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In summary
- Crypto.com launched a sports predictions marketplace in the US, allowing bets with digital assets like Cronos.
- The offer debuted with bets for the Super Bowl and seeks to attract sports fans active on the platform.
- US sports betting generated $14.3 billion in 2024, a key market for Crypto.com.
Crypto.com has launched a sports predictions marketplace in the US amid a surge in betting on real-world events among digital asset holders.
The offering will serve a growing group of Cryptocurrency traders who want to bet on the outcomes of real-world events, taking advantage of Crypto.com’s popularity among U.S. sports fans, company spokesperson Matt David told Decrypt.
“Sports have been a big part of our brand, from F1 to UFC to Crypto.com Arena, and this is a great opportunity to engage those sports fans on the Crypto.com app,” David said.
Crypto.com’s sports platform is kicking off with the Super Bowl, billed as “The Big Game” on the site, where users can bet on one of the NFL teams still in the hunt for the playoffs. season.
US-based Crypto.com customers can bet on sporting events using any digital asset supported by the trading platform, including the exchange’s native Cronos token.
The debut of the sports betting offering coincides with the launch of Crypto.com’s trust company in the US, which provides escrow services for clients in the US and Canada.
Prediction markets increase
Digital asset holders have increasingly turned to prediction markets such as Polymarket and Kalshi to bet on real-world events in recent months, especially after the US election stoked speculative fervor among traders.
US-based trading platform Kalshi reached $132 million in betting volume on the US presidential election alone, getting a big boost in deposits after launching support for USDC last month.
Meanwhile, Polymarket, which is not available to traders in the US, saw a record $3.6 billion in trading volume related to the 2024 US election.
But sports betting is not particularly popular on Kalshi or other trading platforms in the US that accept cryptocurrencies. This gives Crypto.com an opportunity to serve cryptocurrency holders who enjoy betting on sports.
Sports betting in the US is a massive and growing market. In 2024, sports betting revenue in the country will reach $14.3 billion, up from $480 million in 2018, according to Statista data released in May.
Crypto.com has gained traction among American sports fans due to its large investments in sports associations in the country. The company reportedly paid $700 million in 2021 to secure the naming rights to the NBA Lakers’ stadium in Los Angeles.
And more broadly, the exchange has led most of its competitors in signing sports sponsorships. The trading platform, along with the now-closed FTX, accounted for 35.9% of all sports sponsorships signed between 2021 and 2024, according to data from CoinGecko.
Edited by Andrew Hayward
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