Shares of High Roller Technologies Inc. (ROLR) more than doubled after the online casino operator said it planned to introduce an event-based prediction market in the US alongside Crypto.com.
The Las Vegas-based company said Tuesday that it will initially offer its clients Crypto.com Derivatives North America (CDNA) event contracts in the US in the finance, sports and entertainment sectors. CDNA is a CFTC registered exchange and clearinghouse and an affiliate of Crypto.com. He did not say when the planned market would begin operating.
The company’s shares rose as much as 130% and were recently up 65% to $8.32. Crypto.com’s CRO token gained 3% after the announcement to 7 cents.
Prediction markets have rapidly grown from niche betting platforms to a growing sector of sophisticated trading platforms that aggregate probabilities of real-world events. Major participants include Kalshi, an American exchange for event contracts regulated by the CFTC, and Polymarket, one of the largest decentralized marketplaces covering politics, sports, and economics. The market is expected to mature into one with a trading volume exceeding $1 trillion by 2030, according to High Roller.
Prediction markets are running at an annualized revenue rate of more than $3 billion, up from $2 billion in December, and could reach $10 billion by 2030, according to a recent report from US bank Citizens.
