Fanatics Launches Fanatics Markets, Expands Prediction Market Platform to 10 States
Fanatics Makes a Bold Move into Prediction Markets
Fanatics has taken a significant step ahead of many industry competitors by introducing a new prediction markets platform. This move arrives shortly after the company announced discussions with Crypto.com, signaling a strong strategic push into this emerging sector.
Fanatics Markets Now Operating in 10 States
The newly launched Fanatics Markets division is currently accessible in ten states, marking the company’s initial expansion phase. These states include Alaska, Delaware, Hawaii, Idaho, Maine, New Hampshire, North Dakota, Rhode Island, South Dakota, and Utah. The platform is designed for users on both Android and iOS devices.
Looking ahead, Fanatics plans to broaden the availability of its Markets platform to a total of 24 states. Targeted states for future launches span from Alabama and California to Texas and Washington, among others. Notably, some states in the pipeline lack established commercial sports betting, positioning Fanatics Markets to benefit from growing interest in prediction-based products.
Expansion of Product Offerings Planned
By launching this platform, Fanatics has positioned itself as one of the early major players to enter the prediction markets arena, even outpacing prominent operators such as DraftKings and FanDuel. The rollout is structured in phases: the first focuses on prediction markets covering sports, economic trends, finance, and political events.
The second phase aims to diversify offerings further by including event contracts related to cryptocurrencies, stocks and investments, entertainment, and technology sectors. This strategy reflects an ambitious plan to capture a wide audience with varied interests.
Regulatory Challenges Ahead?
Despite the promising start, Fanatics may face regulatory scrutiny similar to that experienced by other companies in this space. Various gaming authorities and traditional sportsbooks have expressed concerns about prediction markets, often viewing them as a form of unregulated sports betting.
For instance, Kalshi, a pioneer in prediction markets, continues to navigate legal obstacles, highlighting the uncertain regulatory environment Fanatics may also encounter moving forward.
