They are not even trying to compete with polymarket since crypto.com is fully centralized fintech with an extra gambling feature that accept US players while Polymarket is not allowed to accept US player.
They offer the same service, but this newly launched "sports prediction market" has a clear edge. In terms of market access, Polymarket might not officially cater to US gamblers, but since it’s decentralized, US gamblers can easily use a VPN to bypass restrictions.
However, with Crypto.com, they wouldn’t need to take that risk. Instead of using a VPN, they can simply transfer to Crypto.com and gamble hassle-free. This convenience might attract more users to Crypto.com’s platform.
Yeah, and I'm not surprised though that they got their hands on betting. After tall they are now big in sports, even the LA Lakers arena are called Crypto.com. With that there audience will be sports betting.
But if they want to get into the political prediction, it might be hard as Poly has stronghold already and there are a lot of competitions as well. And then the whole regulation that they need to go and comply.