Crypto.com launches sports prediction market in the US

[notblox1]

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

I would use website that allows me to use it without doing strict verification and I dont think Crypto.com is going to allow that.
There are many other casinos offering most sport markets from US and all other countries and I dont see any big reasons for using Crypto.com.

[Potato Chips]

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

Not in the monetary sense. I meant the freeness of the selections of things you can be on polymarket or other prediction market which covers so much more than sports that some are even dum dums lol.

I would use website that allows me to use it without doing strict verification and I dont think Crypto.com is going to allow that.

Yup. fully regulated in the US is a big sign. Plus this is being seen as a trading product by CTFC so we can expect the usual KYC/AML we've seen from the exchange -- like the mandatory kyc.

[Onyeeze]

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?

You know not every gambler have the experience of what to use to gamble, their is some people who just joined gambling they see that other people is participating in the gambling because people partake on it, so when you don't know method you will apply to funds your gambling, you will think that the one you know is the best option, so for me inquiries is needed for gamblers to know the actual valuable currency they can use to participate in the gambling, so I know very well that when you fail to make a research what it will result out for you is to do what is not right, and another thing is maybe he doesn't know it very well that is why he used such value of currency.

[SamReomo]

Yup. fully regulated in the US is a big sign. Plus this is being seen as a trading product by CTFC so we can expect the usual KYC/AML we've seen from the exchange -- like the mandatory kyc.

Yes, KYC has been mandatory at it when it was used as an exchange and now it allows gamblers to place bets then again KYC is going to be 100% mandatory. Now, they're going to make huge amount from the ones who participate in sport prediction market, and that means they'll get many new signups. Especially from the ones who aren't into trading at all.

[boyptc]

Yes, KYC has been mandatory at it when it was used as an exchange and now it allows gamblers to place bets then again KYC is going to be 100% mandatory. Now, they're going to make huge amount from the ones who participate in sport prediction market, and that means they'll get many new signups. Especially from the ones who aren't into trading at all.

And that's why they've done this.

It's all about how they can get more users sign up into their platform offering not just one but many offers that they can give to them like this sports predictions.

The exchanges are moving also with gambling and this isn't the first time that I have seen an exchange does this and vice versa. So, more offers like this are going to be special with welcoming users trying to hit as much money as they can from them.

But I hope that they'll always give the reminders that it's not how easy as they think it is.

[Potato Chips]

Yes, KYC has been mandatory at it when it was used as an exchange and now it allows gamblers to place bets then again KYC is going to be 100% mandatory.

Yes, that's indeed very likely. Though at the moment, there are still plenty of choices for no mandatory kyc platform when it comes to gambling platforms and this may still last for a good couple of years thus, we could see some division in people's preference or picks.

Now, they're going to make huge amount from the ones who participate in sport prediction market, and that means they'll get many new signups. Especially from the ones who aren't into trading at all.

That's true. It's a good marketing of dipping to both sides. Speaking of new sign ups, I found the deets of the promotion.

Campaign Period: December 23, 2024, 13:00 UTC – January 13, 2025, 13:00 UTC

Campaign Details

10,000 lucky new US users will each win US$100 worth of the Cronos Crypto Basket. Also, all new US users who sign up with a referral code or link from an existing Crypto.com App user will get US$10 of CRO after the first Sports Event Contract trade is complete.

Better to grab the promotion if anyone wants to try betting in crypto.com. It shouldn't be too hard to look for a referral code for it.

[EarnOnVictor]

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

Not in the monetary sense. I meant the freeness of the selections of things you can be on polymarket or other prediction market which covers so much more than sports that some are even dum dums lol.

Oh, I see, unregulated gambling platforms will surely have better freedom of doing virtually everything they want without anyone stopping them until they are forced to get regulated. But still, I don't think the US regulators should stop Crypto.com unless they are reneging from their offering condition. We have types of services that must have been well-spelt in their agreements, it is not until Crypto.com is reneging from them that the regulators will talk. They must ensure the deal with the regulator covers the same if they want more.

[Synchronice]

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

Yes, why not? If it doesn't affect my job, it has nice promotions and won't ask me to submit KYC documents immediately, then I'll bet on this platform, just for fun. Overall, I don't like platforms that ask me to submit KYC because I prefer simple procedures and I also the less company holds data about me, the better for my safety.
I think that Crypto.com's new sports prediction market will attract attention of many people because Crypto.com sponsors UFC and many MMA fans know about it. I expect them to offer better odds on UFC fights.

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.

You can't really blame them because people want stability and ease of access. Crypto.com's sports prediction market is a regulated product, which increases the trust in customers and I believe that with these regulations, they'll have more flexibility and easy options for many users compared to Polygon.

[Charles-Tim]

You can't really blame them because people want stability and ease of access. Crypto.com's sports prediction market is a regulated product, which increases the trust in customers and I believe that with these regulations, they'll have more flexibility and easy options for many users compared to Polygon.

Not that I am blaming anyone. Even in some ways we all have platforms that we registered on that KYC are mandatory. I am only implying that if supposing I have been using Polymarket before, that I will not go for Crypto.com. And yes that people will easily follow Crypto.com because they can easily access it. But not only because of that, also some people also think what is regulated is better. I have seen people like that before.

[Davidvictorson]

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

This is a new sports concept which other platforms will copy too. This is called sports event trading product but it is no different from sports betting or gambling. There is a reward at the end. I see them getting a big revenue from this as Polymarket has already created the market for them to get customers. And the competition is not fierce because there are no other platforms that have started this at the moment. What is the future of this if I may ask?

[Potato Chips]

Yes, why not? If it doesn't affect my job, it has nice promotions and won't ask me to submit KYC documents immediately, then I'll bet on this platform, just for fun. Overall, I don't like platforms that ask me to submit KYC because I prefer simple procedures and I also the less company holds data about me, the better for my safety.

Unfortunately, you'd need a crypto.com account for this and KYC is mandatory in the said platform. This is seen as a trading product, as well.

This is a new sports concept which other platforms will copy too. This is called sports event trading product but it is no different from sports betting or gambling. There is a reward at the end. I see them getting a big revenue from this as Polymarket has already created the market for them to get customers. And the competition is not fierce because there are no other platforms that have started this at the moment. What is the future of this if I may ask?

There are actually other prediction markets out there but polymarket has the biggest share among all of them. The rest are too lesser known. I wouldn't be surprised if most crypto folks have never heard of them.

IMO, I think prediction market is a very promising product and I agree that we'd be seeing more companies jumping in including known ones. The concept is fun plus selection topic are so much wider, thus could reach a wider audience.

[Saint-loup]

But why not using a good old VPN as you say to try it if you're not located into USA?
Besides that I don't understand why they are calling that a "prediction market" if they are only dealing with sports to be honest. It's a bit ridiculous. They seem to try to profit from the Polymarket hype by using a marketing title for a common sportsbook.

[|MINER|]

I would use website that allows me to use it without doing strict verification and I dont think Crypto.com is going to allow that.
There are many other casinos offering most sport markets from US and all other countries and I dont see any big reasons for using Crypto.com.

Sports prediction market it's really a short form of gambling or betting on sports what I think in my personal opinion. And I think it makes no sense to unnecessarily connect to a VPN and deposit money and keep your money frozen with a third party. So it is better enough to choose a  reputable gambling platform for sports betting.

But these are actually new concepts, especially their interface, I think their interface is more easy to understand for users and that is why these platforms were getting more popular. I am aware of Polymarket. If it is accessible in USA then I don't think there is any need to waste time connecting to VPN.

[Alphakilo]

This sports prediction in which users have the opportunity to sell their positions based on the outcome is a better option to the cash-out option in traditional bookies. This notion struck me while I was reading the brilliant explanation by stompix on cash-out. While in the cash-out option in a traditional bookmaker, you have the option of withdrawing a part of your winnings as given by the bookmaker before the games you bet on ends, this selling of your shares (prediction) is a similar but enhanced feature.

You can still share your shares (prediction) even before the sport outcomes and still make profit but in the traditional bookmaker, if you miss the cash-out offer and your team you were depending on to give you the final win losses, you would have lost everything including your capital.

[Wexnident]

~

Is this not just sports betting? I mean if they were going after the prediction market why limit themselves to a market that has an already existing alternative, heck even the most used one by most people (sports betting)? Kind of an odd decision imo. Or is it that it's kind of hard to create prediction markets for a random bunch of events while being regulated perhaps?

I would 100% just use VPN for polymarket lol. A lot more options and choices to pick from instead of being restricted to just sports. And as I've said before, if I were going for sports I'd probably prefer doing sports bet instead of this.

[Haunebu]

You can still share your shares (prediction) even before the sport outcomes and still make profit but in the traditional bookmaker, if you miss the cash-out offer and your team you were depending on to give you the final win losses, you would have lost everything including your capital.

Selling shares in this manner reminds me of hedging which is always considered better than cashout offers based on what I observed. You stand to win more in the long-term by hedging(Selling Shares) when compared to cashing out everytime.

However, cashouts are still helpful in some situations such as minimising your losses etc without having to bet on the other side.

[shield132]

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. 🤔

A few years ago, Binance had casino Bplay. You could transfer money from your Binance account to Bplay account and gamble. One benefit that I see in crypto exchange owning a casino or a sportsbook is that if you are a crypto user, you need to have an exchange account, you get KYC verified there and have the possibility to gamble with instant crypto transfer, without submitting KYC on another platform. It's like get KYC verified on one platform that unites exchange and casino instead of sending KYC separately to exchange and different casino.
If I were a customer from the USA and I was using a crypto.com trading platform, then I would use crypto.com's sportsbook but if I'm not their user, then I prefer to use Polymarket.

[Baofeng]

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. 🤔

A few years ago, Binance had casino Bplay. You could transfer money from your Binance account to Bplay account and gamble. One benefit that I see in crypto exchange owning a casino or a sportsbook is that if you are a crypto user, you need to have an exchange account, you get KYC verified there and have the possibility to gamble with instant crypto transfer, without submitting KYC on another platform. It's like get KYC verified on one platform that unites exchange and casino instead of sending KYC separately to exchange and different casino.
If I were a customer from the USA and I was using a crypto.com trading platform, then I would use crypto.com's sportsbook but if I'm not their user, then I prefer to use Polymarket.

Yeah, same here, locally we have crypto exchanges that supports online gambling. And with that, you don't need to go to another process of KYC as your account is already automatically passed the mandatory process already. So this could be the same here, and it could really be a positive for gamblers.

And if I'm not mistaken, they have promised like years ago that they will expand and probably this is the news that they have for us. And most likely it's a good move for them to focus on making their presence in trading and gambling market.

[davis196]

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.

Are you sure that this prediction market is going to be licensed in the USA? It's weird that Crypto.com will get such license while Polymarket didn't get the same license.
Anyway, I've never used Crypto.com and I never will. I've seen negative reviews about Crypto.com in the past, which made me suspicious.
It seems that crypto trading and the so called "prediction markets" aren't so different after all. They are both gambling(in one way or another). Crypto trading platforms should be stealing a big market share from the crypto bookmakers. Trading is gambling and gambling is "investing".
We live in a weird period of the human history.

[Findingnemo]

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

I will not take chances as long as I have an option to comply with the regulations so definitely won't be using VPN.

Crypto.com exchange launched this platform right?

If one can able to get licence then I am sure many will follow because obviously there's a lot of potential to make profits and good tax money for IRS too.