MyPrize, a sweepstakes-based casino, will provide access to Crypto.com’s prediction markets on its platform, bringing together the domains of prediction markets and sweepstakes casinos.
MyPrize will introduce MyPrize Markets, which it claims would make the operator the first to provide social gaming and prediction markets “in one unified platform,” according to a press statement released on Tuesday.
According to Zach Bruch, CEO and founder of MyPrize, the cooperation would involve contracts pertaining to cryptocurrency and other non-sports markets in addition to sports wagers.
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The press announcement did not provide a launch date, but did state that the offering would be offered in the United States and globally. MyPrize launched a worldwide website in September.
“We are excited to partner with Crypto.com to launch all new prediction market products like sports, events, crypto, and more to our million users in the U.S. and abroad,” according to a press release. “Together, we will lean in and provide entertaining and engaging experiences for our users while also significantly improving the MyPrize platform’s social, livestreaming content, and community interaction.
“We found that Crypto.com has by far the best infrastructure for institutional and business scale after investigating the market. Together, we will be able to integrate our billions in volume into the MyPrize Markets platform and provide this unique product offering to every MyPrize user.
The news announcement did not disclose MyPrize’s regulatory status and referred to the collaboration as a “strategic partnership.” Rather than having any official status with the Commodity Futures Trading Commission (CFTC), MyPrize is probably going to be a technical service provider to Crypto.com, much to the daily fantasy sports startup Underdog.
Additionally, this week, Crypto.com announced a partnership with Trump Media and Technology Group, which once more seems to be formally serving as Crypto.com’s technical service provider.
According to Travis McGhee, Managing Director and Global Head of Capital Markets at Crypto.com, the transaction will increase volume in his company’s prediction market offering, resulting in more liquid markets.
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