As prediction markets like Kalshi and Crypto.com innovate with real money event contracts, it’s only natural that the same thing should be available within the social gaming or sweepstakes format. On this page, we’ll go over what we know so far about the fast-growing social prediction market and event contracts space.
Social Prediction Markets & Event Contract Apps in the US
Social Prediction Markets 101
The Kalshi prediction market platform brought event contracts to the masses, letting the average Joe wager on the outcome of elections, sports, the weather, and nearly any other event.
Users typically bet ‘Yes’ or ‘No’ on an outcome, and as time passes, the value of the contract changes based on market sentiment, so buying in later can be more or less expensive. Contracts can be sold at any time, or held until the event is decided. If the outcome matches the user’s bet, they receive a payout; if not, they lose their wager.
A social prediction market will simply offer this type of product within a social gaming framework – i.e., with a sweepstakes-style or free to play model using virtual currencies.
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For now, the only social gaming brands to have concretely announced a prediction market product are:
MyPrize.us with Crypto.com
Below, we’ll take a more in-depth look at what we know.
MyPrize.us
MyPrize.us
Casino Games: 1,000+ Games
Signup Bonus: Up to 11,000 Gold Coins + 1.3 Sweeps Cash
App Ratings: 4.3 Apple App Store, 2.9 Google Play Store
Prizes and Rewards: Crypto and cash redemptions
Virtual Currency: Gold Coins and Sweeps Cash
MyPrize.us is the sweepstakes casino from the MyPrize brand. Players can sign up and play slots, scratchcards, live dealer, table, arcade, and crash games using Gold Coins (for free play) and Sweeps Cash (leading to crypto and fiat redemptions). This site has some of the best gaming providers around, and innovates with influencer streams where players can hook into the streamer’s game, enjoying the same wins (and losses).
In November 2025, MyPrize revealed a new partnership with Crypto.com | Derivatives North America, enabling it to launch a unique system that combines social gaming with event contracts. Called ‘MyPrize Markets’, this innovative service will be accessible on both web and mobile via MyPrize.us. No concrete launch date has been set, but for now we’re expecting MyPrize to be the first to make the social prediction market concept a reality.
Pros
- Excellent roster of games providers
- Established, innovative brand
- First to announce the social prediction market concept
Cons
- No specific launch date for MyPrize Markets announced yet
- Event contracts and sweepstakes gaming both exist in gray areas
Legality of Social Prediction Markets
The SweepsKings team had to share a laugh when we saw the first social prediction market officially announced by MyPrize.us and Crypto.com. This is because both social/sweepstakes gaming and prediction markets exist in a gray area legally, so a hybrid product combining both is ambitious.
Social and sweepstakes casinos are generally legal in the US, falling under sweepstakes or promotional contest laws. Operators avoid classifying these games as gambling by ensuring participation is free or by using their own types of new currency. However, some states have recently introduced specific legislation to ban the format, namely Montana, Connecticut, New Jersey, and California.
Prediction markets are more complex and so far have only been offered within a real money framework. This has caused some regulators to classify them as gambling, while operators like Kalshi and Crypto.com argue that the contracts should be legally treated like financial trading products under federal rules.
The core question is whether offering event contracts under a federally regulated exchange model exempts providers from state gaming laws, or whether states can treat them as gambling and enforce their own rules. Different regional courts have ruled differently, and the matter is far from settled.
By combining social gaming with event contracts, platforms like MyPrize.us must aim to stay within legal bounds while offering an engaging experience. It’ll certainly be interesting to see how this idea turns out in practice.
How Prediction Markets Work at Sweepstakes Casinos
A social prediction market would take the idea of predicting real-world events and wrap it in a social gaming or sweepstakes framework.
Instead of wagering real money, players would compete using virtual coins in a sweepstakes-style format. In the case of MyPrize Markets, users will be able to make predictions on events like “sports, politics, cryptocurrency, and more, all integrated directly with MyPrize’s livestreaming platform”. It’s likely that players will be able to see how their friends or other players performed, while earning prizes without ever risking real cash directly.
MyPrize.us already offers wagering on casino-style games using Gold Coins (GC) and Sweeps Cash (SC); Gold Coins are purely for free play, while Sweeps Cash can be redeemed for real cash prizes. Therefore, it’s reasonable to expect these same two tokens will be used for MyPrize Markets, essentially replacing real-money wagers and bringing prediction contracts to the social gaming space for the first time.
Ongoing Debate Around Prediction Markets & Event Contracts
The legality of prediction markets is far from settled.
In the US, the Commodity Futures Trading Commission (CFTC) is still wrestling with the idea of whether these markets should be treated as regulated financial instruments or as a form of gambling. Platforms like Kalshi and Crypto.com’s derivatives arm have been at the centre of that debate, with Kalshi even taking the CFTC to court after being blocked from listing election contracts.
More recently, Kalshi’s attempt to list sports-related event contracts has drawn scrutiny from both federal regulators and state gambling authorities, highlighting how prediction markets are increasingly colliding with the growing US sports betting industry. No clear precedent on either issue has emerged yet.
By adding a sweepstakes or social layer in, does that solve the regulatory problem? After all, that is the aim of social and sweepstakes gaming – to offer a legal alternative to real money gambling. Sweepstakes casinos and social sportsbooks exist, so technically, a sweepstakes prediction market could abide by the same rules, meaning it’d be legal in most US states, but not all.
Pros & Cons of This New Social Gaming Market
Pros
- Innovative, groundbreaking concept that hasn't been done before
- By partnering with Crypto.com, MyPrize Markets already has strong credibility and infrastructure
- The concept could offer an easy, legal way to trade event contracts by removing real money from the equation completely
Cons
- Combining two already gray area products could create problems
- This could bring even more regulatory heat and negative attention onto the sweepstakes space
Conclusion
MyPrize Markets is the first concrete social prediction market project to emerge, and we expect more to be announced as time passes – it just makes sense.
The sweepstakes market has become somewhat saturated lately, but event contracts is still a fresh idea that consumers are obviously interested in. Therefore, it could be a fairly easy step for many social and sweepstakes brands to add the product to their already-established platforms. Sites such as Legendz already have multiple areas for casino, sportsbook, and bingo, so what’s one more for event contracts?
In fact, we’re sure many sweepstakes brands are already in discussions to make this happen. MyPrize has done well to capture a credible partner in the form of Crypto.com, and we’ll be watching this whole space with excitement and anticipation.
FAQs
What is a social prediction market?
A social prediction market is a platform where users can wager on the outcome of events including sports, crypto, politics, weather events, and more using virtual tokens or coins rather than real money.
How does MyPrize Markets work?
According to the press release made by MyPrize and Crypto.com, MyPrize Markets will be a social/sweepstakes prediction market integrated into MyPrize.us. It's likely that users will be able to wager on events using the existing dual-currency system on MyPrize.us.
Are social prediction markets legal in the US?
A social prediction market is a brand new concept that has not been officially launched or legally tested yet. That being said, prediction markets and social/sweepstakes gaming both exist in something of a gray area currently, so the concept may not be without its own legal challenges.
Which events can I predict on MyPrize Markets?
MyPrize confirmed that users will be able to wager on "sports, crypto, politics, and more". It's likely that the event contracts offered will be very similar to those available on platforms like Kalshi and Crypto.com.
Author: Alex Windsor
Updated:
The man, the myth, the legend, Alex is the head honcho in charge of SweepsKings, where he puts his 15+ years of iGaming experience to good use. He ensures all articles are accurate and motivates the team to produce truly exceptional content. Whenever you receive an exclusive bonus from SweepsKings or learn about a brand-new sweepstakes casino, you can thank Alex!
The man, the myth, the legend, Alex is the head honcho in charge of SweepsKings, where he puts his 15+ years of iGaming experience to good use. He ensures all articles are accurate and motivates the team to produce truly exceptional content. Whenever you receive an exclusive bonus from SweepsKings or learn about a brand-new sweepstakes casino, you can thank Alex!
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