Underdog and Crypto.com/Derivatives North America (CDNA) have partnered to offer federally regulated sports event contracts to U.S. customers through the Underdog app.
Underdog, Crypto.com Launch Sports Prediction Market in US
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CFTC-Regulated Sports Event Contracts Now Offered on Underdog
The agreement makes CDNA’s prediction market contracts available within Underdog’s platform. These contracts allow users to trade on the outcomes of professional and college sports events, including the NFL, NBA, and MLB. Prices will update in real-time based on market activity.
CDNA is a CFTC-registered designated contract market and derivatives clearing organization. This registration provides a compliant framework for offering such financial products based on sports events. As part of Crypto.com, CDNA benefits from established infrastructure and a broad user base, aiming to evolve prediction markets and provide 24/7 access to trading
Underdog, which holds gaming licenses in multiple states, will incorporate its existing responsible gaming protocols into the new offering. The company already operates fantasy sports and sports betting services within the same application.
Underdog CEO Jeremy Levine called prediction markets an “exciting development” whose future is centered on sports. Crypto.com’s Travis McGhee stated the partnership would expand access to CDNA’s offerings.
“We are thrilled to partner with Underdog to enhance the sports experience for customers nationwide with the ability to now trade using Underdog’s technology – all in one app,” McGhee remarked.
Underdog states it is now the only platform to combine fantasy sports, sports betting, and prediction markets in a single app. It noted that the feature is available to users in jurisdictions where the company is licensed.
