Crypto.com launches sports prediction market in the US

[Hispo]

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.

That reminds me some days ago I saw a YouTube video, literally a small documentary film of how the laws within the United States have been changing in in the recent years to allow companies easily offer betting and gambling services to residents of the country without going through so much scrutiny or legal filters. As if lawmakers have been convinced it is within the best interest of the American society to have laxer legislation on betting markets there.
Of course, full AML and KYC will be always part of the formula to allow a service to even exist and service people in the USA, but what I am trying to point out is how this is rather a new fenomenom in America and undoubtly there are big companies eager to take a slice of the market before others run for it first than them.

[Webetcoins]

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.

That's strict. I mean, even a CEX before won't require or mandate a KYC but they only did it when the regulation starting to take over in the crypto world but if we already did a KYC before on them, then we are now exempted on it if we will use their sports betting feature. KYC will only get applied to their new customers, whichever function they will opt-in for.

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.

They can if many people place a bet on them but I think they will, since they are popular already. It is their advantage compared to those sports betting sites that are still starting or even to those that are established already. They now have a tougher competitor but I think they will also work harder now to counter it.

[arwin100]

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.

That's strict. I mean, even a CEX before won't require or mandate a KYC but they only did it when the regulation starting to take over in the crypto world but if we already did a KYC before on them, then we are now exempted on it if we will use their sports betting feature. KYC will only get applied to their new customers, whichever function they will opt-in for.

Well I guess there's no problem with those condition if they ask KYC to people since somehow they already earn good reputation and beside crypto.com is a big company. Beside they are big company and for sure many people would trust them because so far they perform good for many years past. But if people really hate to provide KYC since they don't feel safe and always skeptical even if they know the platform is trusted Polymarket is available for them to use.

Its really good to see they are launching prediction market since that open ups another option for bettors to choose on where they can spend their money.

[EarnOnVictor]

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.

Of course, when they are duly regulated, especially in countries like the US, they must adhere to the regulatory agreement and the first is to know their customers. This shouldn't be an issue because they are used to the system already. However, their experience as an exchange may not necessarily convert their customers to their sports gambling platform. The US is not a country without laws and crypto.com may not be advertising it anyhow to lure their existing customers. Also, the US itself will discourage offshore gamblers.