In a significant move within the sports betting and prediction market landscape, Crypto.com | Derivatives North America (CDNA) has teamed up with Underdog to launch the first fully integrated prediction market exchange accessible through the Underdog app. This partnership aims to provide users with a federally compliant platform tailored for forecasting sports outcomes.
The newly introduced feature in the Underdog app offers American sports fans the ability to make real-time predictions across a variety of sports, including the NFL, NBA, MLB, and college football. This innovation allows fans to engage with sports in a new way, harnessing the power of prediction markets while ensuring adherence to legal regulations.
CDNA’s event contracts, facilitated through Underdog’s proprietary technology, present a regulated avenue for participation in prediction markets, particularly beneficial in states where conventional sports betting remains prohibited. This allows fans in these regions to partake without the typical barriers associated with traditional betting.
One of the key strengths of this joint platform is its access across 16 U.S. states, including major markets such as Texas and California, where stringent sportsbook regulations exist. The partnership claims to operate within the framework set by the Commodity Futures Trading Commission (CFTC), ensuring compliance and legitimizing this innovative approach to sports predictions.
Jeremy Levine, the Founder and CEO of Underdog, expressed his enthusiasm for the development, stating that prediction markets are among the most exciting advancements in the betting space. He noted the focus on sports as a central element of these markets and emphasized Underdog’s expertise in this domain.
With the integration of prediction markets, sportsbook lines, and fantasy competitions within the Underdog app, users no longer need to rely solely on bookmaker odds. Instead, they can now trade live contracts based on their expectations regarding game results, adding a layer of interactivity and engagement to the sports viewing experience.
Travis McGhee, Managing Director at Crypto.com, highlighted the company’s pioneering role in offering sports event contracts and expressed optimism regarding the collaboration with Underdog, which aims to widen access to CDNA’s innovative services.
This initiative further solidifies Underdog’s unique position in the market as the sole provider of a comprehensive platform for sportsbook betting, fantasy sports, and prediction markets in the United States, with an emphasis on player safety and responsible gaming.
