Fanatics has taken the prediction market plunge.
The sports merchandise giant and online sportsbook operator revealed on Wednesday that it has launched prediction markets in several states.
From merching to matching
"Fanatics Markets" is now live via a partnership with Crypto.com, a federally regulated exchange operator. The new prediction market platform is currently available in Alabama, Alaska, California, Delaware, Florida, Georgia, Hawaii, Idaho, Maine, Minnesota, Mississippi, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Texas, Utah, Washington, and Wisconsin.
In other words: states that lack legalized sports betting or online sports betting offered by Fanatics.
"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 of Fanatics Betting and Gaming, in a press release. "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."
While actual trading is only available so far in some of those states, Fanatics says it is "coming soon" to the others. Would-be traders will have to be 21 or older and in an eligible state to bet.
"Phase One is live today with event contracts for sports, finance, economics and politics," Fanatics said in its press release. "Phase Two, which is launching early next year, will see Fanatics Markets expand into event contracts related to crypto, stocks/IPOs, climate, pop culture, tech/AI, movies and music."
How Fanatics Markets works. 👇 pic.twitter.com/qkrazUN6F7
— Fanatics Markets (@fanaticsmarkets) December 3, 2025
The move by Fanatics is not a surprise, as CEO Michael Rubin told CNBC last month that they would begin offering event contracts “within the next couple weeks.”
Fanatics also noted on Wednesday that it acquired Paragon Global Markets LLC, a federally registered "introducing broker," back in July 2025.
However, Wednesday's news means that de facto sports betting via Fanatics is now officially live, and will be available in a number of state markets that currently lack legalized wagering. Prediction markets, because they are federally regulated, are able to operate in all 50 states.
Furthermore, Fanatics is getting into the prediction market game ahead of major rivals like DraftKings and FanDuel, which are planning to launch exchanges of their own in the near future.
At any rate, there is a very clear trend emerging of online sportsbook operators adding prediction markets to their arsenal. Again, because of their federal regulation, prediction markets allow operators to offer at least some form of mobile wagering in states that have yet to authorize their presence.
Fanatics Sportsbook is currently live in more than 20 states, including major ones such as Illinois and New York. However, Fanatics and its rivals are still sidelined from offering their online sportsbook product in even bigger markets, namely, California, Florida, and Texas. Prediction markets can provide access to those states and others, including legalized gambling holdouts like Hawaii and Utah.
This is a breaking news story. More to come.
