High Roller Technologies Inc. (ROLR) stock more than doubled after the online casino operator said it planned to introduce an event-based prediction market in the US in conjunction with Crypto.com.
The Las Vegas-based company said on Tuesday that it will initially offer its clients Crypto.com Derivatives North America (CDNA) event contracts in the US across finance, sports and entertainment. CDNA is a CFTC registered exchange and clearinghouse and affiliated with Crypto.com. It did not say when the planned market would begin operating.
The company’s stock rose a whopping 130% and was recently 65% higher at $8.32. Crypto.com’s CRO token rose 3% after the announcement to 7 cents.
Prediction markets have quickly gone from being niche gaming platforms to a growing sector of sophisticated trading platforms that aggregate probabilities of real-world events. Leading participants include Kalshi, a CFTC-regulated US exchange for event contracts, and Polymarket, one of the largest decentralized markets covering politics, sports and finance. The market is expected to mature into one with trade volume exceeding $1 trillion by 2030, according to High Roller.
Prediction markets are running at an annual turnover rate of more than $3 billion, up from about $2 billion in December, and could reach $10 billion by 2030, according to a recent report by US bank Citizens.
