Mentioned:
HOOD -6.63% GAMB -0.42%
There’s a new way to bet on sports in America. And it’s happening on a crypto exchange.
What’s happening:
- Digital asset exchange Crypto.com has launched a new prediction market for sports betting for users in the United States of America
Why it matters:
- Prediction markets have captured the attention of the world following the recent presidential election in the United States which saw record betting volumes on Polymarket and even Robinhood (NASDAQ: HOOD) launch their first ever foray into betting on the outcome of real world events
By the numbers:
- Users in the United States are able to bet on the outcomes of sporting events with fiat currency or through using 350 different digital assets that are available on the Crypto.com platform
- More than 100M users trade digital assets on Crypto.com globally
Going deeper:
- Crypto.com has landed full approval for their new prediction market from the Commodity Futures Trading Commission in the United States
The intrigue:
- Traditional sports betting also continues to be a big business opportunity, with Gambling.com (NASDAQ: GAMB) just recently announcing a new large acquisition of Odds Holdings
