Fanatics announced the launch of its own prediction market platform, Fanatics Markets, which will debut in 24 states, including major markets like California, Texas, Florida, and Washington.
The big picture: The platform allows people to trade on the outcomes of events in sports, finance, and culture, with the first phase launching Wednesday in 10 states.
- Contracts available at launch include topics such as sports, finance, economics, and politics; additional contracts covering crypto, stocks, tech, and music are planned for early next year.
What they’re saying: “For years, Fanatics has given fans new ways to enhance their fandom through team merchandise, collectibles, tickets, gaming, events and more,” said Fanatics Betting and Gaming CEO Matt King. “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.”
Go deeper: Prediction markets have surged in popularity, fueled by legalized online sports betting, with nearly $28 billion in trading volume so far this year, according to Crypto.com.
- Other major players are entering the space: DraftKings announced a prediction market entry in October, and FanDuel is planning to launch a platform in partnership with CME Group.
- Fanatics Markets pricing will be provided by Crypto.com, and customers will be able to use a shared wallet across the Fanatics ecosystem, with options to set deposit and session limits.
