Crypto.com launches predictions-only platform before Super Bowl

[WASHINGTON] Crypto.com is launching a dedicated platform, OG, for prediction markets just days before the Super Bowl, the company said on Tuesday (Feb 3).

A pioneer of federally-regulated sports-themed prediction markets, Crypto.com co-founder and chief executive officer Kris Marszalek said a stand-alone product is warranted after 40-fold growth week-over-week in its event contracts business over the past six months.

OG will also offer leveraged and margin trading of predictions contracts, said Nick Lundgren, a Crypto.com executive who’s been named chief executive officer of OG. The back end will still be powered by its existing exchange and clearinghouse, all registered with the Commodity Futures Trading Commission (CFTC).

Prediction market platforms operate exchanges that allow customers to bet on the outcome of a wide range of future events, from presidential elections to college basketball games. The CFTC said last week that it would craft new rules for the multi-billion dollar industry, which has been fuelled by sports contracts.

While sports are a heavy focus in the run-up to the Super Bowl and March Madness, the company also plans to offer contracts on entertainment, politics and publicly-traded companies. The company said that OG will be headquartered in the US and focused on that market initially. BLOOMBERG