Fanatics Enters Event Contracts Space, Launches Fanatics Markets in 10 States

Fanatics has surpassed many of its gaming competitors by launching a prediction markets platform ahead of many operators interested in the space. The launch comes only a few weeks after the company confirmed that it was in talks with Crypto.com.

Fanatics Markets Is Now Available in 10 States

Fanatics’ event contracts division, Fanatics Markets, has just hit the market, launching in 10 states. As mentioned, the platform’s launch comes shortly after Fanatics confirmed that it was in negotiations with Crypto.com and was looking to enter the fast-growing prediction markets ecosystem.

At first, Fanatics Market will be available in 10 states, including the following:

• Alaska
• Delaware
• Hawaii
• Idaho
• Maine
• New Hampshire
• North Dakota
• Rhode Island
• South Dakota
• Utah

The Fanatics Markets app is available on both Android and iOS, allowing customers in the listed states to enjoy event contracts.

Fanatics has planned further launches down the line, hoping to launch Fanatics Markets in a total of 24 states. These include Alabama, California, Florida, Georgia, Minnesota, Mississippi, Nebraska, New Mexico, Oklahoma, Oregon, South Carolina, Texas, Washington, and Wisconsin.

Some of these lack commercial sports betting ecosystems, which means that Fanatics Markets will be able to capitalize on the growing demand for prediction products.

The Platform Will Add More Products at a Later Date

By launching Fanatics Markets, Fanatics has become one of the first major betting operators to venture into this new frontier. In doing so, it has gotten ahead of some of its most influential competitors, including America’s two biggest sports betting operators – DraftKings and FanDuel.

This, however, is only the first phase of the Fanatics Markets rollout. According to officials, the first phase will see the platform engage customers with prediction markets for sports, economics, finance and politics. The second phase, on the other hand, will see it broaden its approach, adding event contracts for cryptocurrencies, stocks and investments, entertainment, and technology.

However, it remains to be seen whether Fanatics will encounter the same legal trouble some of its prediction markets peers have faced. Many traditional sportsbooks and gaming regulators have been pushing back against the rising vertical, claiming that it constitutes unregulated sports betting.

Kalshi, which is one of the pioneers in this space, has continued to face legal setbacks.