Sports merchandiser Fanatics is moving into the prediction market business through a partnership with Crypto.com, CEO Michael Rubin said in an interview with CNBC on Thursday.
The new platform is expected to launch “in the next few weeks,” Rubin added, though he did not share further details about what the product will look like or how it will work.
Prediction markets allow users to bet on the outcomes of real-world events – everything from elections and sports to entertainment and economic indicators. While Rubin did not confirm whether the platform will focus on any specific sectors, the involvement of Fanatics, which has deep roots in sporting goods and sports betting, suggests the company may initially lean on those connections.
It is also unclear where the product will be available or if it will rely on crypto rails. Prediction markets are legal in some US states and outright banned in others, so regulatory approval will play a big role in how widely the product can be launched.
Rubin acknowledged this challenge, noting that Fanatics is currently licensed in only 23 states, but believes that the remaining 27 contain great potential demand.
If successful, Fanatics’ prediction market could compete with platforms like Kalshi or Polymarket, which have been very successful over the past year.
