Crypto.com Introduces Sports Event Trading: An Overview

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00:00So, the biggest story that we have to talk about today is kind of like a breaking story,

00:09but we're both Pat and I, by the way, we're trying to make heads or tails of this one.

00:14This is a difficult one.

00:16So there is a cryptocurrency exchange called Crypto.com.

00:20I'm very familiar with them.

00:22I'll leave it at that, but Crypto.com, they're a cryptocurrency exchange.

00:28And they made an announcement today that essentially you could have what's called sports

00:35event trading on their app.

00:39Now, Pat, what is the difference between sports event trading and sports betting?

00:47Because they're framing this, interestingly enough, in a way where you can bet, as what

00:52I see on the app right here, any team you can bet on to win the Super Bowl for a certain

00:57amount of money, $20, $10, $5.

01:02And in the end, you win 100 if you win the Super Bowl, it's like a straight bet.

01:06So naturally, some purchases are less than others.

01:08For example, the Bills, you buy them for 20, if they win, you win 100.

01:12So it's five to one, same thing with the Chiefs.

01:14The Dolphins are 2%, so it's two bucks to win 100, it's a much longer odd.

01:19But I'm saying something that's not true.

01:21It's not betting though, according to them, it's not betting, it's sports event trading.

01:25How in the world did this pop up like this?

01:29And very specifically, what is California and Texas going to have to say about this?

01:36Maybe it's also in places where you can use crypto.com.

01:38My understanding is, I think it's throughout the country, United States, you can use it.

01:41So a lot to unpack here for me, and I guess I'm going to probably need more time understanding

01:46this.

01:47I mean, hey, it just popped up right before the show started.

01:51I came on here just trying to wrap my head around it myself.

01:54But it is actually very similar to the election betting.

01:57It is registered and regulated by the Commodity Futures Trading Commission.

02:03And so it is a nationwide thing.

02:04It is basically, again, a stock market like purchase.

02:08So this is something that people have looked at and when Robin Hood started talking about

02:12offering sports betting, potentially, it's great for futures bets, and futures prop bets

02:18and season win totals and whatever you want to say, because you can buy into it and then

02:22watch it go throughout the year and see what happens.

02:26Yeah, so it's not necessarily straight betting.

02:29I would expect kind of similar thought processes behind what the politicians behind the

02:36banning of the election betting is doing, because, you know, it is an interesting kind

02:41of workaround from the state by state level regulations for sports betting that we've

02:46seen, you know, pop up over the last eight years.

02:50Yeah, I mean, as you said, you're still trying to wrap your head around.

02:53I am too.

02:54I know as soon as I get off the show here, I'm going to have to go kind of bang heads

03:00together with our team and figure out exactly what we need to do, because what a day to

03:05do this before the Christmas holiday to bring this news out there.

03:09And as a news reporter, I have to figure it out.

03:11So, yeah, kind of your guess is as good as mine right now as to how other how it's going

03:16to be received by customers and states and see what it goes.

03:22But it is federally regulated at this point, it sounds like from the CFTC.

03:25So we'll see.

03:29It's going to be fun to watch.

03:30I'm not super happy that it's happening over the holidays, though.

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