Underdog, Crypto.com partner to launch first prediction market exchange on sports gaming app

Brooklyn-based sports gaming company Underdog has partnered with Crypto.com’s derivatives affiliate to launch what they called the first prediction market exchange to be offered through a major sports gaming app. 

Underdog and Crypto.com | Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse, announced on Tuesday that sports event contracts will be available to customers directly within the Underdog app, powered by Underdog’s technology.

The collaboration allows American sports fans to trade CDNA sports event contracts linked to outcomes across major leagues including the NFL, college football, NBA and MLB, with prices updating in real time.

“Prediction markets are one of the most exciting developments we’ve seen in a long time,” Underdog founder and CEO Jeremy Levine said in a statement. “While still new and evolving, one thing is clear – the future of prediction markets is going to be about sports – and no one does sports better than Underdog.”

“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,” said Travis McGhee, managing director and global head of capital markets at Crypto.com. “We were the first to offer sports events contracts, and our technology partnership with Underdog will provide more access to CDNA’s innovative offerings.”

Underdog now becomes the only company offering fantasy sports, sportsbook and prediction markets within a single app. The company holds gaming licenses in multiple U.S. states and its responsible gaming safeguards would also apply to the new prediction market products.