Overview

• Underdog is the first major U.S. gaming platform to embed prediction-market futures directly in its app, with trading live in U.S. dollars through Crypto.com Derivatives North America.
• The initial rollout covers 16 states, including California and Texas, with contracts tradable on outcomes across the NFL, college football, the NBA, and Major League Baseball.
• The arrangement is non-exclusive, and the companies declined to disclose how revenue or other economics will be shared.
• The launch leans on CDNA’s CFTC registration while regulators and courts continue to assess whether sports event contracts constitute gambling, with several states recently issuing cease-and-desist notices to rival Kalshi.
• Competition is intensifying as Robinhood, Kalshi, and Polymarket expand and FanDuel teams with CME Group, and one analyst pegs this year’s sports prediction revenues at roughly $555 million.