Underdog Recruits Crypto.com to Help Launch Prediction Markets
Underdog has announced a new partnership with Crypto.com to bring prediction markets to its app, making it the first gaming operator to directly integrate such products alongside its fantasy and sports gaming offerings. The collaboration represents a significant expansion for both companies as prediction markets continue to gain traction within the broader US gambling and financial sectors.
LISTEN TO THIS ARTICLE:The arrangement will make use of Crypto.com | Derivatives North America (CDNA), an affiliate of Crypto.com that is registered with the Commodity Futures Trading Commission (CFTC). CDNA provides exchange services for prediction markets that operate under the oversight of the federal regulator.
Related: New Prediction Markets Platform Hopes for Onchain SuccessUnderdog users can now access sports prediction contracts in US dollars through the company’s app. These new offerings will appear next to Underdog’s existing portfolio of fantasy contests and gaming products.
For Crypto.com, the development reinforces its early role in shaping the US prediction market industry. The company became the first operator to introduce these sports-related prediction contracts in the American market last year, establishing a presence before competitors such as Kalshi.
In recent months, Kalshi and Polymarket have grown their visibility and market share through product expansion and active community engagement, intensifying competition in the space. The rise of prediction markets has become one of the most prominent stories in gambling this year, with advocates comparing the contracts to traditional financial assets while critics argue that the products closely resemble sports betting but avoid the tax and licensing structures governing that industry.
Underdog confirmed that the agreement with Crypto.com is not exclusive. This means that Crypto.com has the flexibility to seek additional partnerships with other operators, broadening the reach of its exchange products across the US
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A First for the Gaming Space
The launch marks the first time a licensed US gaming operator has formally integrated prediction markets with its existing offerings. This move is expected to capture the attention of other major companies in the gaming industry.
FanDuel recently entered into a partnership with CME Group, a global markets company that operates several CFTC-regulated exchanges, signaling its own potential entry into the space. DraftKings has also expressed interest in exploring similar opportunities as prediction markets continue to draw increased scrutiny and interest from established betting operators.
The regulatory environment surrounding prediction markets remains an important factor as more companies explore these opportunities. While the contracts are currently treated as financial products under federal oversight, state-level gaming regulators may weigh in on the overlap with traditional sports betting.
By joining forces with Crypto.com, Underdog positions itself at the forefront of this emerging sector, potentially reshaping how consumers engage with both fantasy gaming and prediction contracts. The collaboration highlights the growing importance of innovation and adaptability as the lines between regulated financial instruments and sports betting continue to blur in the US market.
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