Crypto.com and Underdog launch first regulated sports prediction market

Sports betting company Underdog has partnered with Crypto.com to offer sports event contracts.

Prediction markets are going mainstream. On Tuesday, Sept. 2, Underdog and Crypto.com Derivatives North America announced the launch of a regulated sports prediction offering. The partnership will make Crypto.com’s CDNA sports event contracts available on Underdog’s platform.

According to Underdog, whose technology is behind the contracts, this will offer Americans a regulated and secure way to bet on sports outcomes. At launch, the offering includes betting on outcomes in major sports leagues, including the NFL, NBA, and college football.

Prediction markets are on the rise

Prediction markets, which enable users to bet on a wide variety of outcomes, are becoming increasingly popular. Although historically dominated by Polymarket, Underdog is not the only entrant in this field. Notably, on Aug. 27, The Clearing Company raised million in a seed round to build a regulated and permissionless prediction market. Investors included Union Square Ventures, Coinbase Ventures, Compound, and more.