Crypto.com Expands Sports Event Trading Lineup

Posted: 7 January 2025, 04:12 pm.

Last updated: 7 January 2025, 04:12 pm.

Crypto.com is rapidly adding to its sports event contracts lineup, today announcing the addition of more games for customers to bet on beyond the Super Bowl.

The cryptocurrency brokerage firm said today that it has added contracts on NFL conference championship games as well as bowl games and the College Football Playoff (CFP). The CFP has two semifinal games this week followed by the championship game in Atlanta on Monday, January 20.

The NFL playoffs begin on Saturday with the AFC and NFC conference championship games scheduled for Sunday, January 26. Crypto.com did not mention the possibility of adding more NFL event contracts as the playoffs progress. Event contracts differ from traditional sports wagering and these differences underline the reasons why financial services companies like Crypto.com are getting into the business.

“An event contract is a type of financial derivative that allows traders to speculate on the outcome of a specific event. According to Robinhood, these contracts are typically structured around 'yes' or 'no' outcomes, and the price fluctuates depending on the anticipated outcome of the event. “Event contracts pay out if the position held matches the true outcome of the event (for example, which candidate will win the 2024 presidential election); Otherwise, they become useless.”

Crypto.com is making its presence felt in Event Contracts

Crypto.com has expanded its sporting event contracts menu, about two weeks after the financial services firm announced its entry into this form of betting. The first contract offered by the company was on the Super Bowl.

“First of its kind” is an accurate description as Crypto.com is the first brokerage house to allow event contracts to be purchased in digital currencies, of which there are approximately 350 listed on the platform. Winning bets are paid in US dollars.

Most betting on sports in the US is on soccer, but Crypto.com did not mention whether it plans to broaden the event contract menu once the soccer season ends.

Event contracts are growing in popularity

Event contracts are growing in popularity among investors and speculators, as highlighted by the surge in activity on platforms like Kalshi and Polymarket during the 2024 presidential election season.

Other financial services companies, including Interactive Brokers and Robinhood, are getting in on the act and expanding event contract offerings to create a broader reach into the world of sports betting.