Fanatics launches prediction market in 24 states
Sports retailer Fanatics announced Wednesday that it will launch its own predictions marketplace, Fanatics Markets, this week in 24 states, including California, Texas, Florida and Washington.
According to Fanatics, the platform will allow people to trade events across sports, finance and culture and will be available in segments across the country in the next few days.
The first phase, which will start in 10 states on Wednesday, includes agreements on sports, finance, economy and politics. It was stated that early next year, Fanatics will expand contracts for crypto, stocks, technology, music and more.
“For years, Fanatics has given fans new ways to grow their fandom through team merchandise, collectibles, tickets, games, events and more,” Matt King, CEO of Fanatics Betting and Gaming, said in a statement. he said. “Now with Fanatics Markets, we offer fans a safe and intuitive way to engage with the moments that make sports and culture tick, and pick a side and profit if their predictions are right.”
Prediction markets like Polymarket and Kalshi have exploded in popularity thanks to legalized online sports betting. The total trading volume of prediction markets reached nearly $28 billion through October this year. data From Crypto.com.
This increase has led sports betting sites and others in the industry to establish their own event contracting platforms.
“This is really the top of the first inning in a market that’s going to grow exponentially over the next five to 10 years, so we’re not worried about being a few months behind.” [competitors]King said on CNBC’s “Squawk on the Street” Wednesday.
DraftKings In October, it announced that it was entering the prediction markets by purchasing Railbird. palpitationFanDuel, which owns it, announced in November that it would unveil a prediction markets platform in partnership with CME Group to launch this month.
Fanatics CEO Michael Rubin told CNBC last month that the company would enter the prediction markets environment.
Fanatics said pricing for the prediction market will be offered by Crypto.com, and customers will be able to use a shared wallet to access the entire Fanatics ecosystem. They will also be able to set deposit limits and session limits.
Fanatics Markets opens Wednesday in Alaska, Delaware, Hawaii, Idaho, Maine, New Hampshire, North Dakota, Rhode Island, South Dakota and Utah.
It begins Thursday in Alabama, Minnesota, Mississippi, Nebraska, New Mexico, Oklahoma, Oregon, South Carolina and Wisconsin.
It will go live in California, Florida, Georgia, Texas and Washington on Friday.
“For us, this was a logical extension for something new that sports fans wanted to access,” King said.
— CNBC’s Contessa Brewer And Jessica Gold contributed to this report.
