Coinbase Launches Sports Prediction Market

Coinbase has introduced a new prediction market for sports enthusiasts to bet on the outcome of events. The first event listed is Game 2 between Philadelphia and Atlanta, with an expiry date of September 30, 2026. Traders can buy 'Yes' contracts at $0.65, indicating a 65% chance that the event will occur.

The market has already attracted significant interest, with a total value of $38 million and over $17.7 million in trading activity. However, some users are prohibited from trading due to their affiliation with the teams or league.

Payouts for correct contracts will be made at $1 each, while incorrect contracts will settle at $0. The fees for trading vary by market but are typically shown in the trade preview before placing an order.