MyPrize Partners with Crypto.com for Prediction Market Contracts
Social gaming app MyPrize has partnered with Crypto.com’s North American affiliate to offer prediction market event contracts covering sports, politics, cryptocurrency, and more.
Expansion into Prediction Markets
MyPrize, which claims to have over 1 million users worldwide, will now list Crypto.com’s event contracts on its platform. This move aligns MyPrize with other distributors of Crypto.com prediction markets, such as Hollywood.com, the daily fantasy sports app Underdog, and Trump Media, owned by President Donald Trump.
Revenue Sharing and Industry Growth
The details of the revenue-sharing agreement between MyPrize and Crypto.com were not disclosed, but typically, distributors earn a share of the trading fees generated from the event contracts they list.
Neither MyPrize nor Crypto.com responded to requests for comment from Decrypt.
The prediction market sector is rapidly expanding. Recent data from Dune Analytics shows that weekly trading volume in prediction markets has stayed above $2 billion, mainly driven by Kalshi and Polymarket. However, this data does not include Crypto.com’s contracts or some newer sports betting platforms like FanDuel.
Regulatory Environment
In the United States, prediction markets fall under the regulation of the Commodity Futures Trading Commission (CFTC).
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Author’s summary: MyPrize's collaboration with Crypto.com marks a strategic entry into the fast-growing prediction market space, leveraging a large user base to expand event contract offerings across multiple sectors.