Legal sports betting remains unavailable in California and Texas, while Florida’s market is largely controlled by the Seminole Tribe. Crypto.com and Underdog Sports will launch a sports prediction market in 16 states where fans can buy and sell outcomes of sporting events and where odds shift with market movements rather than a bookmaker’s call. Prediction markets for sports join offerings from Robinhood, Polymarket, Kalshi and a FanDuel–CME partnership. Americans wagered $150 billion in legal sportsbooks last year, up 22.2% from 2023. Prediction markets occupy a legal grey zone as courts and the CFTC continue to determine regulatory status.
The companies announced Tuesday they are teaming up to launch a sports prediction market in 16 states. Fans will be able to buy and sell outcomes of sporting events, similar to how prediction markets are used to "bet" on elections, Bitcoin prices, or pop culture events. Odds shift with market movements rather than a bookmaker's call.
Polymarket, one of the largest players, shut down its U.S. operations in 2022 over licensing issues and concerns about manipulation. It relaunched in July of this year after acquiring QCX, a CFTC-licensed derivatives exchange, and QC Clearing, a $112 million clearinghouse. Earlier this summer, the Justice Department and CFTC closed their investigations into the platform.
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