Crypto.com Unveils US Prediction Markets Platform as Legal Pressure Mounts on Rivals
Crypto.com has launched OG, a dedicated prediction markets platform, ahead of the Super Bowl. OG will feature CFTC-regulated sports event contracts and additional markets in finance, politics, culture, and entertainment via Crypto.com’s derivatives affiliate, CDNA. The platform aims to capitalize on significant recent growth in its prediction business, offering early users up to $500 in rewards. Nick Lundgren serves as OG’s CEO while also being Crypto.com’s Chief Legal Officer. OG claims a first-mover advantage as the first provider of federally licensed sports prediction contracts in the U.S., planning to expand with margin trading and a VIP program using Crypto.com’s sports partnerships. This launch comes amid intensified legal pressure from state regulators, with multiple states issuing cease-and-desist orders to major prediction market providers, asserting state authority over sports betting. Crypto.com and others argue that federal, not state, agencies have jurisdiction. The firm is currently contesting Nevada’s enforcement actions in court. New York officials have issued consumer alerts about the risks of these platforms, citing inadequate supervision and consumer protections.
