Fanatics enters prediction market race with launch across 24 U.S. states

Fanatics on Wednesday launched Fanatics Markets, a new event-trading platform that allows users to wager on outcomes across sports, finance and culture, marking the company’s first move into prediction markets and beating rivals DraftKings and FanDuel to market.

The platform went live in 10 states, including Alaska, Delaware, Hawaii, Idaho, Maine, New Hampshire, North Dakota, Rhode Island, South Dakota and Utah. It will expand to 24 states by the end of the week, with California, Texas, Florida and Washington among the largest markets. Fanatics is targeting states that lack legal sports betting or restrict it to monopolies, expanding its reach where its sportsbook is not yet permitted to operate.

Fanatics Markets, described by the company as “the first prediction market at the intersection of sports, finance and culture,” will launch in two phases. The initial rollout offers contracts tied to sports, finance, economics and politics. A second phase early next year will add markets linked to crypto, stocks and IPOs, climate, tech and artificial intelligence, as well as movies, music and broader pop cultural events.

“For years, Fanatics has given fans new ways to enhance their fandom through team merchandise, collectibles, tickets, gaming, events and more,” said Matt King, Chief Executive Officer, Fanatics Betting and Gaming. “Now, with Fanatics Markets, we’re giving fans a safe, and intuitive way to engage with the moments that move sports and culture, and to pick a side and profit along the way if their prediction is correct.”

Introducing Fanatics Markets.

Pick a Side and Profit. pic.twitter.com/ZEA6SPVFfY

— Fanatics Markets (@fanaticsmarkets) December 3, 2025

The pricing for Fanatics Markets is provided through a strategic partnership with Crypto.com | Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse. Crypto.com said the partnership would give users institutional-grade infrastructure and a compliant market environment. “Together we will provide fans with a safe and compliant way to access prediction markets,” said Travis McGhee, the company’s global head of predictions.

Fanatics bolstered its regulatory footing in July when it acquired Paragon Global Markets, a CFTC-registered introducing broker and National Futures Association member. Prediction markets operate under federal event-contract rules rather than state-level gambling laws, though some state regulators have warned that sportsbooks venturing into the sector could jeopardise their licences.

Interest in prediction markets has surged alongside companies such as Kalshi and Polymarket, with combined trading volume reaching nearly $28 billion through October, according to Crypto.com. Major consumer platforms including Google Finance, Yahoo Finance and CNN have recently integrated prediction-market data, while DraftKings, FanDuel, PrizePicks and Underdog are preparing products of their own.

Fanatics says it is not concerned about entering a crowded field. “This is really the top of the first inning on a market that’s going to grow exponentially over the next five to 10 years,” King said on CNBC.

The Fanatics Markets app, available on iOS and Android, allows users to trade contracts such as whether a team will score more than 20 points or whether the Federal Reserve will cut interest rates. It features a shared wallet across the Fanatics ecosystem and includes deposit and session limits.

Fanatics Markets will add 14 more states this week, including Alabama, California, Florida, Georgia, Minnesota, Mississippi, Nebraska, New Mexico, Oklahoma, Oregon, South Carolina, Texas, Washington and Wisconsin.