Coinbase Launches Prediction Market with Sports Betting

Coinbase has launched a new prediction market where users can bet on the outcome of events. The first market is for the Monmouth vs Western Michigan game, with a payout of $142 and an expiration date of September 14, 2026. This is not the only event that users can bet on - Coinbase's platform allows for trading of regulated 'Yes/No' contracts on outcomes in various categories including crypto, economics, politics, sports, entertainment, technology, science, and more.

The platform requires users to have a Coinbase account and complete onboarding to Coinbase Financial Markets (CFM), which includes identity verification and basic income/net worth details. Users can fund their accounts with cash (USD and USDC) from their main Coinbase account and start trading. Each market has its own rules, which explain how the outcome is decided.

For example, in the Monmouth vs Western Michigan game, the payout will be $1 if the event happens and $0 if it does not. The price reflects the market's odds - for instance, a price of $0.65 means there is a 65% chance of the event happening.