Prediction markets are moving closer to the mainstream. On September 2, Underdog and Crypto.com Derivatives North America (CDNA) announced a new partnership that will bring regulated sports event contracts to Underdog’s platform.
Through this collaboration, fans can now place bets on outcomes in major U.S. sports leagues including the NFL, NBA, and college football using a regulated system overseen by the CFTC. The goal is to provide sports fans with a secure and transparent way to participate in prediction markets, all within Underdog’s app.
Travis McGhee, Managing Director and Global Head of Capital Markets at Crypto.com, expressed excitement about the partnership:
“We were the first to introduce sports event contracts, and by teaming up with Underdog, we’re giving even more people access to CDNA’s innovative offerings. This partnership enhances the overall sports experience by bringing trading and prediction markets together in one place.”
While Polymarket has long been the most recognized name in the prediction market space, new players are quickly emerging. Just last week, The Clearing Company raised millions in seed funding from big-name investors like Union Square Ventures, Coinbase Ventures, and Compound to build a regulated, permissionless prediction market.
Underdog’s founder and CEO, Jeremy Levine, believes sports will sit at the heart of this new trend:
“Prediction markets are one of the most exciting developments we’ve seen in years. While the industry is still evolving, it’s clear the future of prediction markets will be built around sports and no one knows sports better than Underdog.”
As betting, blockchain, and traditional finance continue to converge, the entry of Underdog and Crypto.com into the regulated prediction market space signals that the sector is no longer niche it’s becoming a mainstream part of how people engage with sports.
