Crypto.com has entered into a final agreement with High Roller Technologies, a New York Stock Exchange-listed online casino operator, to offer prediction market contracts in the United States. The deal adds another prominent player to a segment that has seen explosive volume growth in recent months while also facing rising legal and regulatory scrutiny.
A regulated push into US event contracts
Under the agreement, event contracts from Crypto.com | Derivatives North America (CDNA) will be made available through High Roller’s customer-facing platform. CDNA is registered with the US Commodity Futures Trading Commission (CFTC) as both a designated contract market and a derivatives clearing organization. High Roller said it plans to operate as a CFTC-registered introducing broker and build a relationship with a CFTC-registered futures commission merchant associated with Crypto.com.
The companies said the partnership will target prediction markets tied to finance, sports, and entertainment. For High Roller, the agreement represents a notable step beyond its legacy online casino business and into the regulated event contracts category, which increasingly sits at the intersection of derivatives, gaming, and retail speculation.
Las Vegas-based High Roller operates the High Roller and Fruta casino brands. According to the source material, the company offers more than 6,000 games from over 90 providers and trades on the NYSE under the ticker ROLR. The market reaction to the partnership announcement was immediate. During Monday trading, High Roller shares surged from the previous close of $5.09 to as high as $11.74, more than doubling intraday before closing around $8. Trading volume reportedly reached 55.4 million shares, over 360 times the company’s average daily volume.
Why the deal matters
The agreement highlights how prediction markets are becoming increasingly attractive to companies with existing digital user bases and online transaction infrastructure. Crypto.com co-founder and CEO Kris Marszalek said High Roller brings a premium brand, strong online expertise, and an established customer platform to the partnership. High Roller CEO Seth Young described the agreement as a major milestone and said the company has spent the past several months preparing both its product and operational logistics.
The commercial case behind the move is substantial. The companies referenced third-party estimates, citing an EKG analysis quoted by NEXT.io, suggesting that a mature US prediction market could surpass $1 trillion in annual trading volume. Separate data from TRM Labs indicated that monthly trading volume across prediction platforms has already climbed from $1.2 billion in early 2025 to more than $21 billion. Those figures help explain why established crypto platforms, brokerage firms, and gaming operators are all paying closer attention to the category.
Prediction markets have drawn interest because they package speculation around real-world outcomes into tradable contracts. Supporters argue that these markets can improve price discovery and aggregate public expectations more efficiently than many traditional polling or forecasting tools. Critics, however, continue to raise concerns over whether some contracts resemble sports betting or event wagering in substance, even when structured under federal derivatives rules.
Growth arrives amid legal uncertainty
That legal tension is central to the current state of the US prediction market industry. The Crypto.com–High Roller partnership arrives at a time when courts and regulators are increasingly being asked to define the boundary between federally regulated event contracts and state-level gambling restrictions.
According to the source material, on April 10, a federal judge halted the first criminal prosecution brought by the state of Arizona against a prediction market operator, finding that federal law was likely to preempt state gambling law in that context, consistent with the CFTC’s position. That ruling was viewed as an important development for the industry because it suggested at least some federally regulated contracts may receive stronger protection from state enforcement than critics had hoped.
At the same time, the broader legal environment remains unsettled. Other jurisdictions have issued or pursued actions unfavorable to prediction platforms, and on April 12, Kalshi filed another federal lawsuit against the state of Montana. The result is an expanding patchwork of courtroom disputes across states, with no final nationwide resolution yet in sight.
This uncertainty matters because prediction markets sit in a gray area that draws the attention of multiple policy communities at once: derivatives regulators, state gaming officials, consumer protection advocates, and in some cases lawmakers concerned about election, sports, or entertainment-related integrity risks. Any company entering the segment must therefore balance product expansion with compliance design and legal resilience.
Competitive landscape is becoming crowded
Crypto.com is not entering an empty field. CDNA is already one of the CFTC-registered exchanges participating in this market. According to a Bank of America report cited by CoinDesk in the source material, Kalshi controls roughly 89% of the US prediction market. That makes Kalshi the dominant incumbent, but the arrival of additional distribution partners and platforms suggests competition is intensifying.
Robinhood has already moved into the space through a partnership with Kalshi, although the brokerage has reportedly excluded certain contract types on a limited basis due to concerns about insider trading and market integrity. That detail is important because it illustrates one of the core practical challenges for operators: even where a market is legally permissible, not every platform is equally comfortable listing every category of event contract.
Against that backdrop, the Crypto.com–High Roller arrangement can be read as both a distribution play and a strategic positioning move. Crypto.com contributes regulated market infrastructure through CDNA, while High Roller offers an established consumer-facing platform and gaming-adjacent customer acquisition expertise. If the rollout succeeds, it could provide a model for how exchanges and online gaming operators collaborate in the regulated prediction market era.
What comes next
High Roller said it expects to share additional updates in the coming weeks, including product details, brand positioning, launch timing, and marketing partnerships. Those disclosures will likely be watched closely by investors, rivals, and regulators alike, particularly as the company expands beyond its traditional casino identity.
For now, the partnership underscores two realities shaping the US prediction market industry. First, the commercial opportunity is becoming too large for major platforms to ignore, especially as trading volumes continue to accelerate. Second, growth is arriving before the legal framework is fully settled, meaning every new entrant is also participating in a broader test of how the US will ultimately classify and govern these products.
Whether prediction markets evolve into a mainstream financial product, a niche speculative tool, or a heavily constrained hybrid of both may depend less on demand—which already appears strong—and more on the outcomes of regulatory interpretation and federal-state legal battles. In that sense, Crypto.com and High Roller are entering not just a fast-growing market, but one of the most contested frontiers in digital finance.