Crypto.com was the first company to offer sports event contracts in the U.S. Now, it has launched a standalone platform dedicated entirely to prediction markets.
The cryptocurrency-focused financial exchange announced the launch of OG on Tuesday, a “sports-focused social prediction market platform” powered by its Commodity Futures Trading Commission-registered exchange and clearinghouse. OG will host markets on major sporting events, specifically naming the Super Bowl and March Madness in its release, as well as other non-sports event contract categories. Parlays will be included.
In addition, it intends to utilize its federally licensed futures commission merchant to become the first prediction market platform to offer margin trading to users, wherein customers can buy more than the amount they deposit by borrowing money from a broker.
Until now, Crypto.com has offered prediction markets on its native app and via partnerships with other companies, including supplying them to Underdog since last summer and working with Fanatics Betting and Gaming on Fanatics Markets. It also has event contracts deals with non-gaming entities, like Hollywood.com and President Donald Trump’s Truth Social.
CEO reports 40x weekly prediction markets growth
Crypto.com Co-Founder and CEO Kris Marszalek said in the release that the company has experienced 40-fold weekly growth in its prediction market business over the last six months.
“This type of growth warrants a concerted effort with a standalone platform,” he said. “Our goal is to establish OG as the premier sports prediction market technology with the best customer experience.”
Crypto.com Chief Legal Officer Nick Lundgren, who led the process that resulted in Crypto.com offering the nation’s first CFTC-regulated sports event contracts in December 2024, will serve as CEO of OG. The new platform will focus on the U.S. market only at first, but Crypto.com suggested it may expand into other regions in the future.
“We have tremendous momentum and expertise to establish OG as a market leader for consumers in this decade-billion-dollar industry and have had excellent success with our prediction markets partners,” said Lundgren. “Sports are the natural hub of prediction markets, and we see a massive opportunity to provide fans with an all-encompassing platform where it pays to be right.”
VIP experiences with sports partners
Crypto.com said the new product will include not only contract trading but peer-to-peer engagement features, a leaderboard and some “engagement features of a social media network.”
As well as the parlays, the social engagement features, and the margin trading option, OG will offer a VIP program that Crypto.com said will leverage its sports and entertainment partners to create signature experiences, including with Los Angeles’ Crypto.com Arena, as well as sports organizations like the UFC, the UEFA Champions League and Formula 1.
Crypto.com also said in its announcement that it will ensure integrity, offer consumer protections and equip users with tools and resources to help manage exposure and trade responsibly. The release did not go into details about the mechanics of those processes.
The firm added that it will give the first one million users who register up to $500 in rewards.
Crypto.com took sports offline in 8 states
The press release did not specify where exactly in the U.S. OG will be available.
Crypto.com currently offer sports contracts in most states, with some exceptions. It confirmed to SBC Americas in mid-December that, as of that time, it did not have sports markets live in any of Arizona, Michigan, Maryland, Massachusetts, Illinois, New Jersey, Nevada or Ohio.
All of those states have challenged sports prediction markets in some way, equating them to illegal gambling without a sports betting license. Several of them are involved in active litigation with at least one prediction market company. Crypto.com sued the Nevada Gaming Control Board and Maryland Lottery and Gaming after receiving cease-and-desist orders but was denied a preliminary injunction in Nevada and subsequently confirmed that it had stopped offering sports contracts in the state.
