Crypto.com launches sports prediction market in the US

[Potato Chips]

So a company --a known one at that- seized the opportunity and got a prediction market licensed in the US.

IIRC, polymarket, the most popular prediction market had some friction with US regulators. US folks are banned in the platform, as well. Though, I've always thought plenty of them just used the good old VPN to bypass such unless they're a whale.



Because it's fully regulated, it's not gonna be as free as the popular polymarket. It's only for sports and will of course be curated.

In another source, there's a promotion with $1 million prize pool. I'm not sure of the deets about this though.

The company is also promoting the official roll out of its sports prediction markets with a special $1-million prize pool which is payable out in the Cronos Crypto Basket when you first sign up for Crypto.com and place your first Sports trade.

Quick link for anyone interested: https://crypto.com/sports

Serious question though, if you're from USA, would you try this? or just use the good ol VPN in other prediction markets. 🤔

[Charles-Tim]

Serious question though, if you're from USA, would you try this? or just use the good ol VPN in other prediction markets.

You know how people can be. They will prefer to try this new one because of ease of access. Most people do not really care about anonymity. In fact, most people do not know such is existing. I have not been a fan of Polymarket and neither a fan of Crypto.com. But if I have been using Polymarket before, I can not prefer to use Crypto.com. VPN is not hard to use. You can even set it in a way that your device will not connect online if the VPN automatically/mistakenly switched off, but which I have not experienced since long time ago.

[Cantsay]

Serious question though, if you're from USA, would you try this? or just use the good ol VPN in other prediction markets. 🤔

Well, you know that there is always a hype around new platform or when a company that’s well known adds a new product to their lists of services they offer - so curiosity will drive people to try it out.

As for the question, if I was from USA I’d have tried it - I don’t usually appreciate the idea of having to bypass a restriction via the use of VPN so if my country was banned from a site and a new alternative shows up then I wouldn’t hesitate to switch to that one.

If there are other prediction market that I can use aside Crypto.com then I’d go for those ones instead (as long as my country isn’t banned there) - I’ll kinda treat crypto.com as my last resort.

[sunsilk]

Looks interesting if it's been launched recently, for sure even folks not from the US will check it out for them to participate. And as you've mentioned the prize pool even if the chances of winning are quite low, there's a reason for everyone to test it out.

That's all, we're all for the promos and wagers and sure thing, to test and see if there's something new on this. I guess most of the centralized exchanges will be going this way and this might be the next narrative, only for them.

[Hispo]

Looks interesting if it's been launched recently, for sure even folks not from the US will check it out for them to participate.

You know, I still do not understand how difficult the regulation is within the United States for regulators not to allow Polymarket to serve American residents, but it is possible for them legally to serve foreigners, on the other hand crypto dot com can get a license to carter USA citizens but they seem not to be allowed to open the markets to foreigners... What is even the difference between offering bets to people who live inside the countries and those who do not?

The only reason which could seem to be logic in my eyes, it would be if there is something related to taxation, the IRS must be very cautious on Americans using Polymarket, getting gains and then not having a way to track on those people declaring or not their taxes properly.

[Text]

It's in our nature to be interested in something new probably due to curiosity to try and see what their ecosystem offers especially when it comes to placing bets, add to that their enticing promotions.

If I were from the USA, I would be tempted to try this thinking only about compliance and a hassle-free experience. I can see that this platform offers a safe and legal way to participate in prediction markets so I wouldn't even dwell on the limitations.

[Potato Chips]

You know, I still do not understand how difficult the regulation is within the United States for regulators not to allow Polymarket to serve American residents, but it is possible for them legally to serve foreigners, on the other hand crypto dot com can get a license to carter USA citizens but they seem not to be allowed to open the markets to foreigners... What is even the difference between offering bets to people who live inside the countries and those who do not?

Countries have their own set of policies before one can operate a particular type of fintech/money involving service. A lot of other countries are not as strict/more relaxed than US and also do not police as hard as them. Pretty much why we see a lot of crypto platforms closed their doors to US folks.

IIRC, polymarket is US based and it's safe to assume had american citizens used their platform. These are more than enough reason to trigger US regulators if you're not complying to whatever it is that you should lol. Polymarket was fined of more than a million.

There was a smoke during US elections as well.

[maydna]

It's in our nature to be interested in something new probably due to curiosity to try and see what their ecosystem offers especially when it comes to placing bets, add to that their enticing promotions.

If I were from the USA, I would be tempted to try this thinking only about compliance and a hassle-free experience. I can see that this platform offers a safe and legal way to participate in prediction markets so I wouldn't even dwell on the limitations.

Indeed, that is true. We will curious with the platform and there is a chance for us to try placing the bet on that place. We will check if their promotions suit with what we are looking for so we can directly use the site to gamble.

Before I use the site, I will check if this platform is safe and legal in my country. I will not try to keep gambling on that site if the site looks suspicious and it is better for me to stay away from that.

[Wiwo]

If only we can get a ratio of US residents that are using this predictions site, you will see that they still make up for the highest number of players on this site despite that they banned, because most definitely they won't give up on using the site most especially now that the site is new there will bypass the restrictions to have their share of the poll and test their luck predicting live events such as football matches and even elections result predictions.

So for sure, If I am in the US I will most definitely use whatever means to bypass the restrictions but I will be sure to make use of a small amount of money and not be a whale predictor to avoid heavy losses if and when my account gets banned for violations.

[Haunebu]

If it's only focused on sports, it's already a whole better than Polymarket in this area. Polymarket's sports markets are usually popular ones only with decent liquidities unlike their political market liquidities which are far higher in comparison.

Americans would 100% be interested in such a site and I would love to check it out too if people outside the US are allowed to use it too. Just my 2 cents.

[Cointxz]

You know, I still do not understand how difficult the regulation is within the United States for regulators not to allow Polymarket to serve American residents, but it is possible for them legally to serve foreigners, on the other hand crypto dot com can get a license to carter USA citizens but they seem not to be allowed to open the markets to foreigners... What is even the difference between offering bets to people who live inside the countries and those who do not?

Countries have their own set of policies before one can operate a particular type of fintech/money involving service. A lot of other countries are not as strict/more relaxed than US and also do not police as hard as them. Pretty much why we see a lot of crypto platforms closed their doors to US folks.

IIRC, polymarket is US based and it's safe to assume had american citizens used their platform. These are more than enough reason to trigger US regulators if you're not complying to whatever it is that you should lol. Polymarket was fined of more than a million.

There was a smoke during US elections as well.

Totally agree! US Government wants a fully regulated before they issue license while they have extremely hard guidelines in able to get one that why businesses tends to avoid market if they can and target the rest of world that has easy regulations.

I still don’t use polymarket but I assume it’s being “decentralized” is what gives the, friction to US regulators.

[Fivestar4everMVP]

Serious question though, if you're from USA, would you try this? or just use the good ol VPN in other prediction markets. 🤔

First and foremost, I will like to congratulate the known crypto exchange, for them successfully launching their sports prediction market, we all know that gambling is another cool business through which those who have the balls to launch a betting platform make cool money, so, kudos to crypto.com for taking a leap in this niche, I believe it will not only bring more financial growth to the company, but it will also contribute to her overall popularity and success.

And to answer your questions, I don't mind playing prediction game in crypto.com, I mean, this is an exchange most of us are already used to, I think I will prefer to play prediction game on crypto.com than polymarket if I happen to live in the us or if this is made available worldwide.

[EarnOnVictor]

IIRC, polymarket, the most popular prediction market had some friction with US regulators. US folks are banned in the platform, as well.

Because it's fully regulated, it's not gonna be as free as the popular polymarket. It's only for sports and will of course be curated.

I don't understand the freeness you compared with IIRC and Polymarket, nothing is free here. But I know it's a matter of time before regulators will get to Polymarket, it's better for some companies to remain silent in their operations than for people like Musk advertising for them, it will surely focus the beam of the world on them and hence the regulators' rod. But Crypto.com has nothing to fear here, it's used to the game and since it's licenced and regulated, it's all business for both parties.

Serious question though, if you're from USA, would you try this? or just use the good ol VPN in other prediction markets. 🤔

Must it be them? I don't advice any gambler to use VPN, they are not the only gambling operators in the country.

[Kasabus]

This is a major player, and I’m pretty sure they’re compliant with the law.

I often see this company because of their partnership with the LA Lakers and Clippers, they even named their arena Crypto.com Arena.
They can try to compete with Polymarket, but the market is huge, so I think their impact on Polymarket will be minimal.

[sunsilk]

Looks interesting if it's been launched recently, for sure even folks not from the US will check it out for them to participate.

You know, I still do not understand how difficult the regulation is within the United States for regulators not to allow Polymarket to serve American residents, but it is possible for them legally to serve foreigners, on the other hand crypto dot com can get a license to carter USA citizens but they seem not to be allowed to open the markets to foreigners... What is even the difference between offering bets to people who live inside the countries and those who do not?

The only reason which could seem to be logic in my eyes, it would be if there is something related to taxation, the IRS must be very cautious on Americans using Polymarket, getting gains and then not having a way to track on those people declaring or not their taxes properly.

I think that there is a huge market that the US do not want outsiders to compete with their own people. And this do not only happen into the casinos but also in exchanges.

So, there is a restriction that they implement to the outside markets. And big amounts of money involved for licensing and giving permits to operate.

[Wapfika]

This is a major player, and I’m pretty sure they’re compliant with the law.

I often see this company because of their partnership with the LA Lakers and Clippers, they even named their arena Crypto.com Arena.
They can try to compete with Polymarket, but the market is huge, so I think their impact on Polymarket will be minimal.

They are not even trying to compete with polymarket since crypto.com is fully centralized fintech with an extra gambling feature that accept US players while Polymarket is not allowed to accept US player.

They have different market so I think they are just riding the trend and not competing for to anyone since what they offer is just a minimal betting feature which is not for competition. They are just bringing betting feature to all their existing customers but I doubt they can recruit new bettors just to bet in their betting function.

Lots of sportsbook offers much better feature than them

[Questat]

They are not even trying to compete with polymarket since crypto.com is fully centralized fintech with an extra gambling feature that accept US players while Polymarket is not allowed to accept US player.

They offer the same service, but this newly launched "sports prediction market" has a clear edge. In terms of market access, Polymarket might not officially cater to US gamblers, but since it’s decentralized, US gamblers can easily use a VPN to bypass restrictions.

However, with Crypto.com, they wouldn’t need to take that risk. Instead of using a VPN, they can simply transfer to Crypto.com and gamble hassle-free. This convenience might attract more users to Crypto.com’s platform.

[Dave1]

They are not even trying to compete with polymarket since crypto.com is fully centralized fintech with an extra gambling feature that accept US players while Polymarket is not allowed to accept US player.

They offer the same service, but this newly launched "sports prediction market" has a clear edge. In terms of market access, Polymarket might not officially cater to US gamblers, but since it’s decentralized, US gamblers can easily use a VPN to bypass restrictions.

However, with Crypto.com, they wouldn’t need to take that risk. Instead of using a VPN, they can simply transfer to Crypto.com and gamble hassle-free. This convenience might attract more users to Crypto.com’s platform.

Yeah, and I'm not surprised though that they got their hands on betting. After tall they are now big in sports, even the LA Lakers arena are called Crypto.com. With that there audience will be sports betting.

But if they want to get into the political prediction, it might be hard as Poly has stronghold already and there are a lot of competitions as well. And then the whole regulation that they need to go and comply.

[Zwei]

what's the point of gambling with your coins if they are going to be converted to usd for the contracts? people would want to wager in bitcoin and receive winnings in bitcoin, not usd.
and since this is only for sports, wouldn't it be better for the players to use other fiat sportsbooks like draftking or fanduel? or whatever available in their state?

[Kavelj22]

what's the point of gambling with your coins if they are going to be converted to usd for the contracts? people would want to wager in bitcoin and receive my winnings in bitcoin, not usd.
and since this is only for sports, wouldn't it be better for the players to use other fiat sportsbooks like draftking or fanduel? or whatever available in their state?

Good point. Who would use such a feature to combine the trading and gambling experience on one platform? In my opinion, users generally wouldn’t prefer such an option unless they wanted all their assets frozen in case there was a problem with any of the bets on offer. I don’t think this would ever be an option for me if I lived in the US.

Polymarket is not the only choice in the prediction market. I can easly find three big names companies in google search. Why anybody would choose betting with his savings coins.