Sports merchandise merchant Fanatics is getting into the prediction markets 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 couple of weeks,” Rubin added, although he did not provide further details on what the product will look like or how it will work.
Prediction markets allow users to bet on the outcomes of real-world events, from elections and sports to economic and entertainment indicators. While Rubin did not confirm whether the platform would focus on specific industries, the involvement of Fanatics, which has deep roots in sports products and sports betting, suggests the company could initially lean on those connections.
It’s 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 major role in the scale of the product launch.
Rubin acknowledged this challenge, noting that Fanatics is currently only licensed in 23 states, but believes the other 27 contain strong potential demand.
If successful, Fanatics Prediction Market could rival platforms like Kalshi or Polymarket, which have seen huge success over the past year.
