Tag: Markets

What Is ForbesPredict? Forbes’ Token-Based and Risk-Free Take on Prediction Markets

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Forbes is experimenting with prediction market mechanics, but crypto gamblers should not mistake it for a new on-chain wagering product. The media company has launched ForbesPredict, a token-based forecasting platform designed to increase reader engagement, not enable real-money or crypto betting.

At a glance, ForbesPredict may look familiar to users of other platforms, which may use stablecoins and blockchain settlement to price real-world outcomes. The similarity ends there. ForbesPredict operates entirely off-chain, with no smart contracts, no wallets, and no financial settlement of any kind. ForbesPredict does not allow users to risk capital. There is no trading, no liquidity, and no ability to cash out.

Instead, users earn internal tokens based on forecast accuracy. These tokens are non-transferable, have no monetary value, and function more like reputation points than crypto assets. Performance is tracked over time, allowing users to compare their accuracy against the broader audience.

Embedded Forecasting Inside News Content

ForbesPredict is integrated directly into articles as interactive widgets. Readers are prompted to answer outcome-based questions related to the story they are reading, covering politics, business, sports, entertainment, weather, and breaking news.

Users can indicate confidence levels using a sliding scale and see how their forecast compares with others in real time. As events unfold, Forbes sends updates through email, SMS, push notifications, or onsite alerts, encouraging users to revisit predictions.

For crypto gamblers familiar with live markets that reprice continuously, this experience is closer to sentiment polling than market making. There are no odds, no spreads, and no arbitrage opportunities. Keeping that in mind, Forbes is positioning ForbesPredict as a gamified engagement layer, not a betting or prediction market product. The company is focused on increasing session depth, repeat visits, and daily usage as traditional traffic sources decline.

New users receive a limited number of tokens to test the platform. Registered users unlock performance tracking, prediction history, and additional prompts. Forbes has also indicated that tokens may be awarded for non-predictive actions such as completing user profiles, reinforcing that the system is designed around engagement rather than risk. This is in contrast to platforms where capital commitment is central to signal strength and market pricing.

Why Crypto Gamblers Should Pay Attention

ForbesPredict highlights a clear divide emerging in the prediction market ecosystem. This model may appeal to users who enjoy outcome analysis but want zero wallet friction and zero downside. It also reflects a broader trend as mainstream publishers borrow mechanics pioneered in crypto markets while stripping out financial risk.

Unlike media outlets that partner directly with real-money or crypto prediction platforms to display market prices, Forbes is keeping predictions internal. Monetization will come through sponsorships, branded prediction prompts, and advertising placements within the widgets.

Beyond engagement, ForbesPredict feeds sentiment data into ForbesOne, the company’s first-party data platform. This allows Forbes to build audience segments based on opinions and confidence around specific topics, brands, and trends. They certainly came in well prepared.

Crypto.com’s Blockchain Betting Ambitions Hit Legal Roadblock in Nevada

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Crypto.com’s ambitious plans to enter the U.S. sports betting market have encountered a major obstacle after a Nevada federal court judge denied the company’s request to continue offering sports prediction contracts in the state.

The Singapore-based exchange, best known for its global cryptocurrency trading platform and partnerships with major sports brands, has been seeking to integrate blockchain technology into sports wagering. By introducing smart contract-based sports outcome markets, Crypto.com hoped to establish a regulated foothold in multiple U.S. jurisdictions. One of the markets the company was planning on starting with was Nevada, a state long considered the epicenter of legal gambling in America.

A Case of Interpretation?

In a ruling that caught industry observers off guard, U.S. District Judge Andrew Gordon refused to grant Crypto.com an injunction that would have allowed the company to continue operating its sports outcome contracts. The decision followed a ban issued in June 2025 by the Nevada Gaming Control Board (NGCB), which argued that the company’s sports-based products should be classified as federally regulated financial instruments rather than traditional gambling products.

The NGCB maintained that these contracts fell under the Commodity Futures Trading Commission (CFTC)’s jurisdiction, effectively blocking Crypto.com from offering them under Nevada’s state gambling laws. However, Judge Gordon disagreed with that interpretation, concluding that Crypto.com’s contracts did not meet the legal definition of “swaps” under the Commodity Exchange Act (CEA).

According to court filings, Gordon noted that an “outcome” was not equivalent to an “occurrence” or “non-occurrence,” which would make it subject to CFTC oversight. “They’re just different things,” he said, emphasizing that not all prediction contracts fall within the purview of federal commodities regulation.

The Fight Is Not Over Yet

This ruling represents a setback not only for Crypto.com but also for the growing number of crypto-based betting startups exploring new ways to merge decentralized finance (DeFi) with sports wagering.  The operator has since announced plans to appeal the ruling before the Ninth Circuit Court of Appeals, signaling its intent to continue challenging state-level restrictions that could limit the rollout of blockchain-based prediction markets.

The case adds new urgency to a broader regulatory debate now taking place at the federal level.  While the CFTC previously allowed Kalshi to operate similar markets, Crypto.com’s bid to follow suit has been met with tighter scrutiny. The discrepancy has raised questions about regulatory consistency and whether traditional gambling laws are equipped to handle decentralized, blockchain-powered financial products. Still, some more changes will certainly arise from all this.

Underdog and Crypto.com Launch Sports Prediction Markets in 16 U.S. States

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The U.S. gambling industry continues to expand as Underdog, a fantasy and sports gaming operator, partners with Crypto.com to bring sports prediction markets to 16 states. The move is particularly significant because it targets regions where legal sports betting has not yet been adopted, offering players a new way to engage with the activity.

The partnership relies on Crypto.com Derivatives North America (CDNA), a CFTC-registered exchange that will supply the sports event contracts. These contracts will be fully hosted on Underdog’s platform, allowing players to trade on sporting outcomes in a regulated marketplace. Travis McGhee, managing director and global head of capital markets at Crypto.com, emphasized that CDNA was the first to offer sports event contracts and that teaming with Underdog ensures wider access to these innovative products.

By combining Crypto.com’s exchange infrastructure with Underdog’s sports-focused platform, the companies aim to provide a seamless and trusted experience that blends elements of financial trading with traditional betting.

Filling the Gaps in U.S. Sports Betting

The new prediction markets are particularly relevant in states where commercial sportsbooks remain blocked. California and Texas, the country’s two most populous states, still do not allow legal sports betting. Meanwhile, in Florida, the Seminole Tribe maintains exclusive control over sports wagering through its Hard Rock casinos and sportsbooks.

Prediction markets present an alternative since they operate under federal oversight rather than state gaming regulators. Analysts note that this structure could help platforms avoid the delays and legal battles that have slowed down sportsbook expansion in large markets.

Industry experts have naturally taken notice. Analysts estimated earlier this year that sports prediction markets could generate $555 million in revenue in 2025. While still far below the $16 billion generated by legal online sports betting in 2024, the figure highlights a rapidly growing sector with the potential to expand far beyond niche status.

Underdog Positions Itself as a Leader in Prediction Gaming

Underdog is the first sports-focused gaming company to fully embrace prediction markets, a space that is attracting attention from both the gambling and financial sectors. The company’s CEO, Jeremy Levine, has said that the future of prediction markets lies in sports, and Underdog intends to be at the center of that growth.

The platform allows users to buy and sell outcomes of sporting events, with odds adjusting dynamically based on market activity rather than a bookmaker’s line. This trading-style model appeals to younger and tech-savvy players, creating an experience that blends the thrill of sports betting with the strategy of financial markets.

Other major players are also exploring this field. Robinhood, Kalshi, and Polymarket already offer contracts on sporting events, while FanDuel recently announced a partnership with CME Group to explore financial event contracts. DraftKings CEO Jason Robins has also expressed interest in entering the space, signaling growing competition.

Still, Underdog’s partnership with Crypto.com gives it a strong early-mover advantage. The deal ensures access to 16 states and aligns the company with one of the largest names in crypto trading. As casino and sports betting audiences continue to evolve, this development signals the beginning of a new chapter where prediction markets could become a mainstream complement to traditional wagering.