Sports Gaming and Crypto: A New Play in Wagering
Under a new partnership, Underdog and Crypto.com's U.S. derivatives arm allow users to engage in sports betting through event contracts, covering major leagues like the NFL and NBA. Event contracts, a rising trend for speculative trading, promise federally compliant opportunities in response to legitimacy challenges.
Sports gaming company Underdog has forged a strategic alliance with Crypto.com's U.S. derivatives arm to enable sports wagering via event contracts. This ground-breaking move allows enthusiasts to bet on major leagues such as the NFL, NBA, and MLB, the companies announced on Tuesday.
Event contracts offer a fresh avenue for fans to test their predictive skills, augmenting the traditional fantasy games and sportsbooks experience. This new format provides real-time speculation opportunities, potentially attracting a broader audience to the sports betting scene.
Despite facing criticism likening them to gambling, Underdog and Crypto.com assert that their contracts meet federal compliance standards, addressing legitimacy concerns. CEO Jeremy Levine also noted the predominance of sports in prediction markets, highlighting the sector's exciting potential.
(With inputs from agencies.)
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- Crypto.com
- Underdog
- event contracts
- NFL
- NBA
- federally compliant
- Jeremy Levine
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