Plaee Adds Underdog as Third Exchange Partner for Prediction Markets

Prediction market infrastructure provider Plaee has added Underdog to its growing network of exchange partners. The partnership gives operators the option to offer event contracts without building their own trading infrastructure. The announcement was made on Wednesday.

Under the agreement, businesses will be able to launch branded prediction market products using Plaee's white-label technology and Underdog's federally regulated exchange infrastructure. Plaee will provide the customer-facing trading interface, exchange connectivity and back-office tools, while Underdog provides exchange, clearing and brokerage infrastructure.

Plaee said it has received interest from casinos, sweepstakes operators and international sports betting companies in the United States. Underdog became Plaee's third exchange partner after Crypto.com Derivatives North America (CDNA) and ProphetX. The company said it will soon announce the operators that will go live through the integration.

According to Plaee, operators see prediction markets as a way to expand their offerings, increase customer loyalty and create new revenue streams. The company said most operators who once believed prediction markets would take away from their existing business no longer hold that view. Because of competition, the biggest concern is how quickly a product can be deployed. Plaee said its infrastructure allows businesses to go live within weeks and with a relatively low initial cost.