In a significant development for sports enthusiasts in Minnesota, residents can now engage in prediction betting through an app, allowing them to wager on the outcome of events such as the Vikings facing off against the Bears on Monday Night Football. While traditional sports betting remains illegal in the state, the introduction of single-game prediction markets by Underdog has opened a new avenue for fans eager to put their predictions to the test.
Starting Tuesday, Underdog began offering these markets not only in Minnesota but also in neighboring Wisconsin, expanding options for sports fans. Unlike conventional sports betting, which is regulated by state gambling laws, these prediction markets function under the jurisdiction of the Commodities Futures Trading Commission (CFTC). This regulatory distinction allows Underdog to bypass the typical state regulations that govern sports gambling.
The new offering from Underdog is made possible in collaboration with Crypto.com, marking it as a pioneer in the realm of sports gaming platforms venturing into prediction markets. This move aligns with a growing trend, as other platforms such as Kalshi and Robinhood have previously provided similar prediction market contracts. Kalshi, for instance, allows users to wager on a diverse array of topics, from political outcomes to cultural milestones, showcasing the versatility of prediction markets.
Underdog, which has already established a strong user base in Minnesota for its fantasy sports offerings, now invites participants to predict the outcomes of specific games. Unlike traditional sportsbooks that may factor in point spreads, the current contracts on Underdog’s app are straightforward: users simply predict which team will win a particular contest. As of now, the prediction market is limited to contests in the NFL, MLB, and college football, and users cannot combine multiple predictions into a parlay.
Despite these restrictions, Minnesotans are intrigued by the prospect of legally participating in prediction markets. The pricing of predictions on Underdog closely mirrors the money lines found in established mobile sportsbooks such as DraftKings and FanDuel, which are active in states that have legalized sports gambling.
With additional platforms like FanDuel also signaling intentions to enter this space, the landscape of sports-related predictions appears poised for further evolution. For now, Minnesotans interested in gaming and sports can explore this new legal option, paving the way for potentially lucrative predictions this weekend.
