Crypto.com has entered into a definitive agreement with High Roller Technologies, a NYSE-listed online casino operator, to launch prediction market contracts in the United States. The partnership brings another notable player into a sector that has posted explosive growth in recent months while simultaneously attracting rising legal and regulatory pressure.
A regulated route into US event contracts
Under the agreement, event contracts from Crypto.com | Derivatives North America (CDNA) will be distributed through High Roller’s customer-facing platform. CDNA is described as a CFTC-registered contract market and derivatives clearing organization, giving the arrangement a regulated framework at a time when the legal status of prediction markets remains intensely contested across multiple US jurisdictions.
High Roller said it plans to operate as a CFTC-registered Introducing Broker and establish a relationship with Crypto.com’s registered futures commission merchant. The agreement covers prediction markets tied to finance, sports, and entertainment, indicating an effort to capture a broad set of event-driven trading demand rather than limiting the rollout to a single vertical.
High Roller expands beyond its core casino business
For High Roller, the deal marks its first major step beyond traditional online casino operations. The Las Vegas-based company operates the High Roller and Fruta casino brands and offers more than 6,000 games from over 90 providers. Its stock trades on the New York Stock Exchange under the ticker ROLR.
Investors reacted sharply to the announcement. High Roller shares more than doubled intraday on Monday, rising from the prior close of $5.09 to a session high of $11.74. The stock later pulled back to close around $8. Trading volume reached 55.4 million shares, more than 360 times the company’s average daily volume, underscoring how strongly the market is pricing in the significance of its entry into regulated event contracts.
Crypto.com co-founder and CEO Kris Marszalek said High Roller brings “a premium brand, strong online expertise, and an established customer-facing platform” to the partnership. High Roller CEO Seth Young called the agreement a “major milestone,” adding that the company has been preparing product and logistics for the move over the past several months.
Why the opportunity is drawing attention
The companies pointed to third-party estimates suggesting that a mature US prediction market could eventually exceed $1 trillion in annual trading volume. That figure remains forward-looking, but recent activity data helps explain why major platforms are racing to secure positioning.
According to data cited from TRM Labs, monthly volumes on prediction platforms climbed from $1.2 billion in early 2025 to more than $21 billion. The scale of that increase has turned prediction markets from a niche curiosity into one of the fastest-growing segments connected to retail trading, event contracts, and regulated speculative markets.
The appeal is straightforward: prediction contracts can package real-world uncertainty into tradable instruments, allowing users to express views on outcomes across sports, politics, macroeconomic events, or entertainment. For platforms, that creates new forms of customer engagement. For operators entering from adjacent sectors such as online gaming, it also offers a potential bridge between wagering-style user behavior and regulated market infrastructure.
Growth arrives amid legal conflict
Even as commercial interest accelerates, the legal backdrop remains unsettled. The report notes that on April 10, a federal judge blocked Arizona from moving forward with what was described as the state’s first criminal case against a prediction market operator. In that decision, the judge said the CFTC was likely to succeed in arguing that federal law preempts state gambling law.
That development offered support to prediction market operators seeking federal regulatory cover, but it did not resolve the broader conflict. Courts in other jurisdictions have ruled against prediction market platforms, and a separate federal lawsuit involving Kalshi and the state of Montana, filed on April 12, further expanded the multi-state legal confrontation surrounding the sector.
This patchwork legal environment is one of the defining features of the US prediction market story. Operators are not only competing for users and liquidity; they are also effectively competing for legal clarity. As a result, every partnership, listing decision, or product launch now carries both commercial and regulatory implications.
Competitive pressure from incumbents
Crypto.com’s CDNA is one of a limited number of CFTC-registered venues competing for share in the US prediction market. One of its most prominent rivals is Kalshi, which, according to a Bank of America report cited by CoinDesk, controls roughly 89% of the domestic prediction market.
That level of concentration highlights both the scale of the incumbent lead and the strategic urgency behind Crypto.com’s move. Partnering with High Roller gives Crypto.com a potentially valuable distribution channel tied to an existing digital gaming customer base and a public-market partner with established consumer infrastructure.
Other financial and retail trading brands have already tested the space. Robinhood entered the sector last year through a partnership with Kalshi, although it reportedly excluded certain contract types selectively because of concerns around insider trading risk. Those restrictions show that even companies willing to enter the market are taking a cautious approach to product design and compliance exposure.
What comes next
High Roller said it expects to provide updates in the coming weeks on product details, brand positioning, launch timing, and marketing partnerships. Those announcements will likely determine how aggressively the company plans to push the offering and whether the rollout is aimed primarily at existing gaming users, broader retail traders, or a hybrid audience.
For Crypto.com, the deal represents more than a simple product distribution agreement. It is also a statement of intent in a market where scale, compliance, and user acquisition are all becoming more important at the same time. By pairing regulated event contracts with a publicly listed online gaming operator, Crypto.com is trying to expand its reach in one of the most dynamic — and controversial — segments of the US trading landscape.
Whether the move becomes a breakthrough will depend on several factors: how quickly the product is launched, how well it is received by users, how the legal battles evolve, and whether regulated competitors can successfully challenge Kalshi’s dominant share. What is already clear is that the US prediction market is no longer a fringe category. It is becoming a serious battleground, and this partnership places both Crypto.com and High Roller directly in the middle of it.