“We’ve experienced 40x weekly growth in our prediction market business over the last six months,” Kris Marszalek, Co-Founder and CEO of Crypto.com, said in the statement. “This type of growth warrants a concerted effort with a standalone platform.”
OG is offering rewards to early users, with the first one million people who sign up eligible for up to $500 in rewards.
First-mover advantageNick Lundgren, named CEO of OG while maintaining his role as Crypto.com's Chief Legal Officer, pointed out the company's first-mover advantage in federally regulated sports prediction contracts.
"Crypto.com was the first company to offer federally licensed sports prediction contracts in the United States, so launching OG is very fitting," Lundgren said in the statement. "We have tremendous momentum and expertise to establish OG as a market leader for consumers in this deca-billion dollar industry."
The platform plans to introduce margin trading capabilities through CDNA's futures commission merchant license, which would make it the first prediction markets platform to offer such features.
OG will also launch a VIP program leveraging Crypto.com's partnerships with Crypto.com Arena, UFC, Formula 1, and UEFA Champions League.
The platform is eyeing the sector's growth potential despite rising enforcement actions from state gaming regulators who claim exclusive authority over sports wagering operations.
