Crypto.com Launches Super Bowl Trading Market in All 50 States

Michael Savio
By: Michael Savio
12/30/2024
Sports Betting
Photo by Benoît Prieur, CC0, via Wikimedia Commons
Photo by Benoît Prieur, CC0, via Wikimedia Commons

Key Takeaways

  • The market allows users to buy contracts for teams to win the Super Bowl
  • Congress is considering a ban on Crypto.com’s election prediction market
  • Sportsbooks in the US do not currently accept crypto

The US sports betting industry could be set to enter a new era.

Cryptocurrency giant Crypto.com has launched a new Super Bowl prediction market nationwide. The market allows users to purchase contracts for teams to win or lose Super Bowl LIX. This trading style allows the market to operate outside sports betting regulations, making it available in all 50 states. 

Crypto.com only offers a market for the upcoming Super Bowl, though the company seems focused on expansion.

New Market Similar to Election Betting

The new Super Bowl trading market was inspired by the success of Crypto.com’s election prediction market. This allowed users to back a candidate by buying “contracts” for them to win or lose. The offering was very popular, thanks in part to many markets not allowing sportsbooks to offer odds on US elections.

While the election prediction market was popular, it has drawn pushback from lawmakers. Congress is currently considering a bill that would ban all election betting, including prediction markets. 

Loophole Keeps Market Outside of Sports Betting Industry

Crypto.com has been able to launch its new Super Bowl market because users aren’t betting against the house. Instead, they are playing the market, qualifying it as trading instead of gambling. This allows them to operate across the US without the taxes and regulations of the sports betting industry.

Many daily fantasy sites have used a similar loophole to offer a form of sports betting but have begun to face pushback. Lawmakers have been looking to close those loopholes to curb problem gambling and protect the tax revenue the industry generates.

DFS operators have been central to this effort, but Crypto.com, with its Super Bowl market now live, could soon join them.

Inflection Point Coming for the Sports Betting Industry

Crypto.com’s platform represents a fork in the round for the US sports betting industry. If lawmakers cannot clamp down on the new market, you can expect the company and its rival to quickly add more sports event markets.

The expansion of sports trading markets can potentially deal a serious blow to the seemingly infallible sports betting industry. Not only are they not subject to the high tax rates, but sportsbooks do not currently accept crypto. That has been a hot topic in the industry, and it could lead to more people opting to use trading markets instead of visiting their favorite sportsbooks.

Whatever federal and state lawmakers decide, it will further cement what is considered to be gambling in the US.

Michael Savio covers the US online casino industry, giving readers insights and information they won’t find anywhere else. He has followed the retail industry since his time living in Las Vegas and has continued to do so as the online industry has taken off. Michael covers everything from online casino reviews to industry news, making him one of the most trusted insiders in the business. Check out Michael’s latest articles at casinos.com to see what he has to offer!