An online exchange operator regulated by the federal government is still offering markets on college football and NFL championships despite a request Tuesday from the U.S. Commodity Futures Trading Commission to suspend trading while it reviews the offerings.
Crypto.com’s markets are available across the U.S., even in states where online sports betting has not been legalized. They are also available to individuals as young as 18 years old, whereas most states with legal sports betting, like Maryland, restrict wagering to adults 21 and older.
The CFTC’s letter comes nearly a month after the exchange unveiled its sports futures markets. The request also comes less than a week before President-elect Donald Trump takes office, with his administration taking control of the federal agency. It also comes as the commission has sought to clarify its regulations to indicate what markets are allowed and prohibited, including sporting events and political elections.
“It is disappointing that the current and imminently departing CFTC leadership would take this action while not allowing the incoming CFTC leadership to determine how free markets operate under its administration,” Crypto.com said in a statement to BetMaryland - your top source for Maryland sports betting news.
“The majority’s decision to apply this rule contradicts recent Federal Court rulings and conflicts with the current Commission’s own statement set forth in its recent rule proposal. ... We remain committed to working with the CFTC and will continue to support our customers and the trading of our sports title event contracts in all 50 states without interruption while we review the CFTC’s notification.”
How Crypto.com Is Similar And Different From Sportsbooks
What Crypto.com offers is limited compared to sportsbooks. Sportsbooks, like Caesars Maryland Sportsbook and ESPN Bet, offer a variety of markets for games and players within those competitions.
Crytpo.com’s football markets are in some ways similar to sports betting exchanges such as Sporttrade. For instance, the markets are two-way, so you can bet on the Baltimore Ravens to win the Super Bowl or bet that they won’t. Still, there are a couple of key differences interested bettors should be aware of before they take part.
First, when someone buys a contract on a team, Crypto.com charges $1.99 in fees per contract or share with the purchase. Bettors should factor those fees into the actual odds to get a more accurate idea of the potential profit on the wager.
While some exchanges have contracts that pay out $1 for each successful share, Crypto.com’s contracts pay $100. So, shares in trading will range in price from $1 to more than $99, plus fees.
Like an exchange, Crypto.com’s markets allow bettors to adjust their position, either to lock in a profit or to cut their losses. However, Crypto.com suspends trading on teams while they are playing. That means if you have shares in either the Buffalo Bills or the Baltimore Ravens to win the Super Bowl or the AFC Championship, you will not be able to buy or sell shares on either team during Sunday’s AFC divisional playoff game between the two teams.
Likewise, you can buy and sell contracts on either Ohio State or Notre Dame to win or lose Monday’s College Football Playoff Championship. Although, once the game starts, you’re locked into your position for better or for worse.
BetMaryland is your home for the best Ravens Super Bowl Odds as well.
What Crypto.com’s Move Means For Sports Betting
The markets on the Crypto.com exchange are the latest in a growing effort to offer sports betting outside of the existing gaming environment that’s controlled at the state level. Several sweepstakes operators have emerged to offer sports betting and iGaming products nationwide, to the chagrin of licensed gaming companies and their advocates.
Crypto.com differs from the sweepstakes operators in that it is a regulated operator. However, it’s the federal government that oversees it, not a state-based gaming commission in charge of issuing licenses. Based on the company’s reaction to the CFTC’s announcement, this may end up going to the federal courts – just like PredictIt and Kalshi sued the commission to offer markets on political futures, like the presidential election – unless the Trump Administration reverses course on or after Monday’s inauguration.
Considering that Kalshi just announced Donald Trump Jr. will serve as a strategic advisor, that is a possibility.
If that happens, it could open the door for exchanges to offer markets on games or player futures, which could pose a more direct threat to licensed sports betting operators.
It remains to be seen whether Crypto.com will be able to offer these markets for the long term and whether there is a viable market for its products. Should Crypto.com succeed, it will open the door for other exchanges to enter the game.
If that happens, it will likely lead to Congress finally taking action on sports betting in general. That step could have serious repercussions not just for federally regulated exchanges but also for FanDuel, DraftKings Maryland Sportsbook and other operators. It’s definitely something to keep an eye on throughout 2025.
