The sports event trading market revolutionized the industry in the year 2000, although legal constraints in the U.S. meant all of it was done offshore. This all changed dramatically in 2018 when the Supreme Court repealed the Professional and Amateur Sports Protection Act, creating a modern-day gold rush in sports betting. Plus, just a year earlier, in 2017, Bitcoin experienced a massive surge, going from $17,000 at the start of the year to an all-time high of $20,000 within 12 months.
The entry of Crypto.com into this industry has the potential to disrupt traditional sportsbooks. How? By leveraging its service regulated by the CFTC, the platform can bypass the tedious licensing process required in a ton of states, which has a pretty big impact on the established sports betting market.
In short, Crypto.com effectively merged the sports event trading market with the cryptocurrency exchange, and here's how it works.
Crypto.com Sports Promo Code
As of now, Crypto.com does not offer promo codes for sports event trading. However, the platform provides a loyalty program where users earn points redeemable for cryptocurrency. Regularly check the website for updates on future promotions.
What is Sports Event Trading?
Sports event trading allows users to buy and sell positions within a sports betting market, focusing on outcomes rather than fixed odds. So, unlike conventional betting, event trading doesn’t involve spreads or totals. Instead, users trade positions based on probabilities, with fluctuating values that allow for strategic buying and selling before an event concludes. This means payouts vary based on the buying and selling activity within the market.
For example, trading a position on the Kansas City Chiefs to win the Super Bowl might cost $25, with a potential return of $100 if successful. This flexibility introduces an exciting layer of strategy and risk management not found in traditional betting.
How Does Crypto.com’s Trading Work, and How Can I Use It?
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Sign-Up Process:
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Register via the Crypto.com app in under 3 minutes.
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Verify your email and mobile number to activate your account.
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Fund your account with cryptocurrency to begin trading.
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Trading Process:
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Select a trading pair (e.g., Kansas City Chiefs to win the Super Bowl at 4/1).
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Monitor your position’s real-time value, which fluctuates based on market activity.
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Sell your position anytime before the event concludes to secure profits or minimize losses.
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The Technology Behind the Feature
Crypto.com leverages blockchain technology to ensure transparency and security. So, unlike a bank, blockchains are decentralized and maintained across a network, where no single entity controls it.
Key features include:
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Decentralized Ledger: Transactions are stored securely and chronologically on a tamper-proof blockchain network.
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Layer-2 Scaling: Optimism and Polygon protocols enhance transaction efficiency.
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Real-Time Analytics: AI-driven algorithms adjust market prices dynamically based on user activity.
On the other hand, the Commodity Futures Trading Commission (CFTC) is currently assessing the legality of new financial products related to sports event contracts, which could have implications for platforms like Crypto.com that offer these buying and selling services.
What Sports Can You Trade on Crypto.com?
Current Offerings
From football, basketball, hockey, to baseball, you can buy and sell positions on:
Keep in mind that Crypto.com currently only offers trading on football at both the pro and college levels and that sports trading has not yet entered any niche sports.
Future Expansion
The biggest drawback to event trading is the liquidity. This is a newer market that relies on the buyers and sellers interacting, so less interaction can significantly affect the growth of this industry. However, the potential for this is enormous. How? With AI and predictive analytics, Crypto.com aims to expand into niche sports like esports and virtual sports, appealing to a broader audience.
Crypto.com Security
Safety of Funds and Data
Crypto.com prioritizes the safety of funds and user data with 10/10 security measures. Here's how they ensure protection:
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Two-Factor Authentication: Required for account access on new devices.
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Blockchain Transactions: Decentralized and tamper-proof, ensuring data security through its multi-block structure.
Responsible Gambling Tools
Crypto.com offers six responsible gambling tools: self-exclusion, deposit limits, wagering limits, reality checks, and time-outs. In our opinion though, the best thing they offer is account monitoring. By using software and AI to monitor behaviors, the platform can identify signs of problematic gambling.
The Future of Sports Event Trading
Sports event trading is redefining sports betting by introducing long-term investment strategies similar to stock trading. With real-time portfolio tracking and the ability to sell positions before event conclusions, this niche is on its way to mainstream adoption. Plus, Crypto.com’s focus on technology, transparency, and user engagement positions it as a leader in this growing market.
It’s a form of betting where users buy and sell positions on the outcomes of sporting events, with dynamic payouts based on market activity.
Fund your account with cryptocurrency, choose a position, and monitor its value. For instance, a $25 position on the Commanders to win the Super Bowl could yield $100 if successful.
Yes, Crypto.com charges a $1.99 trading fee per position and additional fees for withdrawals. Refer to the Crypto.com fee schedule for details.
Crypto.com is a regulated platform with the licenses necessary to offer sports event trading products. Event trading is legal across the United States, allowing users to bet on sports nontraditionally. Sports betting is legal in 33 states (and Washington D.C.), while event trading is legal anywhere Crypto.com is legal.
The consensus among current users is that Crypto.com is a trusted source for event trading on sporting events.
Currently, there are no promotions for sports event trading. However, this may change as the platform evolves.