Chiefs-Eagles Super Bowl ‘Trades’ Pit State Regulators Against Feds
Crypto.com and Kalshi have made an end-run around state regulators to allow wagers on the NFL championship, the biggest betting day in American sports.
On Dec. 23, while many Americans were on holiday, the cryptocurrency exchange Crypto.com made an unexpected announcement: the Singapore-based company was inviting users in the US to “trade their own prediction” on sports events, including who would win the Super Bowl.
Alongside the chance to buy and sell memecoins and NFTs, Crypto.com added markets for “yes” or “no” positions on the outcome of the NFL playoffs and college football bowl games. Technically, these are “swaps” contracts: For every “yes,” there was a corresponding “no,” with prices constantly moving. In late January, for example, a “yes” for the Kansas City Chiefs to win the NFL championship cost $56.75 and would paid $100 if they do; the “no” side cost $46.75 and would pay $100 if the Philadelphia Eagles win. (Crypto.com keeps the extra $3.50.)