Fanatics Markets goes live in 10 US markets

• Fanatics Markets debuts as a prediction market platform for sports, finance and culture events.
• App goes live in ten US states initially, expanding to 24 with CFTC-compliant contracts.
• Phase Two planned for early 2026 adds crypto, stocks and pop culture markets.

Fanatics officially launched its prediction markets app, Fanatics Markets, on 3 December 2025. The platform offers prediction contracts on sports outcomes, finance data and cultural events. It’s product is delivered in partnership with Crypto.com, a CFTC-registered exchange in North America.

Live in 10 states

Fanatics Markets will be available to US customers in 24 states. Currently, the iOS and Android apps launched in ten states: Alaska, Delaware, Hawaii, Idaho, Maine, New Hampshire, North Dakota, Rhode Island, South Dakota and Utah.

Expansion follows to Alabama, California, Florida, Georgia, Minnesota, Mississippi, Nebraska, New Mexico, Oklahoma, Oregon, South Carolina, Texas, Washington and Wisconsin.​

In terms of coverage, Phase One will see the app offering prediction contracts on sports, finance, economics and politics. Phase Two begins early next year, and it includes crypto, stocks, IPOs, climate, pop culture, tech, AI, movies and music, according to the official press release.​

“For years, Fanatics has given fans new ways to enhance their fandom through team merchandise, collectibles, tickets, gaming, events and more,” said Matt King, Chief Executive Officer, Fanatics Betting and Gaming.

“Now, with Fanatics Markets, we’re giving fans a safe, intuitive and rewarding 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.”

Fanatics Markets offers consumer protections such as deposit limits, session limits, timeouts and self-exclusion. Crypto.com’s CFTC-registered derivatives exchange ensures pricing and institutional-grade security, with Fanatics Markets handleing the over the user experience and interface design.

Race for market share

Prediction markets have gained traction in 2025 as traders seek alternatives to traditional betting and stock trading, driven by high-profile events like US elections and sports outcomes that draw retail and institutional interest.

Prediction market-only firms such as Kalshi, which secured CFTC approval for event contracts, and Polymarket, popular for crypto-based contracts, lead alongside sportsbooks like Underdog partnering with Crypto.com for similar offerings.

Gambling giants are also eyeing the space, with both DraftKings and FanDuel announcing plans to launch prediction markets as soon as possible.

Prediction markets explained

In the United States, many event contracts are treated as derivatives products that fall under commodities regulation, rather than as traditional gambling products.

The key distinction is that these markets focus on verifiable outcomes such as official statistics, election results or published data, and are structured as financial instruments with formal clearing and settlement.

Users can now trade “yes” or “no” contracts on Fanatics Markets. Each contract has a fixed payoff if the event happens and nothing if it does not, so the trading price reflects the market’s collective view of how likely that outcome is.

In practice, the closer a contract trades to $1 dollar, the more confident traders are that the event will occur. ​It settles at $0 otherwise.

This model differs from conventional sports betting where users place wagers against a bookmaker’s odds, which build in house margin and are not tradable in a central order book.

In a prediction market model, the platform matches buyers and sellers, and the odds emerge from trading activity rather than being set by an operator.

Many legal battles ahead

US states are clashing with prediction market operators over gambling laws, with Connecticut issuing cease-and-desist orders yesterday (3 December 2025) to Kalshi, Robinhood and Crypto.com for unlicensed sports contracts, claiming CFTC registration does not override state gaming authority.

Gaming regulators in Nevada, New Jersey, New York and Maryland have halted operations, prompting lawsuits from Kalshi asserting federal derivatives preemption under the Commodity Exchange Act.