Fanatics is entering the prediction markets space through a partnership with Crypto.com, CEO Michael Rubin told CNBC on Thursday.
The platform is expected to launch in the next few weeks, though Rubin offered no details on its design or operations.
Prediction markets let users wager on real-world events, from elections and sports to entertainment and economic outcomes. While Rubin didn’t specify a focus, Fanatics’ background in sports merchandise and sports betting suggests the platform may initially target the sports sector.
It remains unclear whether the platform will operate on cryptocurrency rails or where it will be available, as state regulations in the U.S. vary. Regulatory approval will be critical, since some states allow prediction markets while others ban them.
Fanatics currently holds licenses in 23 states, but Rubin said the remaining 27 represent significant potential demand.
If successful, the platform could compete with established players like Kalshi and Polymarket, which have seen rapid growth over the past year.
