Crypto.com Hiring Sports Trader, Could Take Other Side of Customer Bets

• The quant trader would be part of the prediction market operator’s market making team, stirring speculation the trader will trade against customers.
• Trader will be tasked with “maximizing profits” while mitigating risks.
• com recently implemented a three-second delay on sports trades placed by retail market participants.

Crypto.com wants to hire a quantitative (quant) sports trader that could the other side of bets placed by retail market participants using the prediction market.

The cryptocurrency broker and prediction market operator didn’t explicitly say the quant trader will square off against customers buying and selling sports event contracts on the platform, but the implication is there because the trader will work with the firm’s internal market maker and be tasked with placing “trades across multiple markets, responding to changes in live odds, news reports, and betting flows,” according to a LinkedIn post.

A Sports Prediction Market Trader operates at the intersection of data analytics, financial expertise, and a passion for sports,” the hiring firm noted in the job listing. “This role involves market-making in sports prediction contracts and managing risk in sports prediction markets. The trader’s objective is to leverage their understanding of both sports and market dynamics to maximize profits while carefully managing risks.”

Kalshi has an internal market maker and Polymarket is looking to bring on a similar team stirring criticsm these firms are attempting to profit off the backs of sports-enthused retail clients rather than remaining neutral, which was previously one of the selling points of yes/no exchanges.

Crypto.com Raised Other Hurdles for Retail Sports Bettors

It remains to be seen if the quantitative trader and the Crypto.com market making will make life hard on retail sports bettors, but there is evidence the prediction market favors its professional clients over retail traders.

Speaking of technology, that’s critical to quant traders. Those market participants depend on algorithms, complex mathematical and statistical models, and computer programs to guide their decision-making process. Having Python skills and a computer science degree could give applicants a leg up in the competition for the Crypto.com gig.

Regulators know that prediction markets use internal and external market makers to drive liquidity, but many ordinary traders may not be aware that the pros could be hampering their chances of profitability.

Competition Tough for Crypto.com Quant Trading Gig

The job posting on LinkedIn has north of 100 applicants as of late Dec. 25 – perhaps the result of starting salary range of $120,000 to $180,000 – and Crypto.com is looking for someone with “5+ years of profitable sports prediction trading experience on a leading trading desk in a bank, proprietary trading firm, or market-making shop.”

Crypto.com, which was one of the first firms to offer sports event contracts, counts Fanatics, Hollywood.com, and Trump Media and Technology Group (NASDAQ: DJT) among its prediction market partners.

Amid a spate of legal challenges, Crypto.com recently halted offering sports event contracts in Arizona, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, and Ohio.