In a groundbreaking move, Fanatics has announced the launch of Fanatics Markets, a new prediction market platform.
This user-friendly application offers sports enthusiasts and culture vultures a novel way to engage with significant events by trading on the outcomes that matter most to them—whether in sports, entertainment, or politics.
The debut of Fanatics Markets allows users to predict the outcomes of a wide array of events, ranging from sporting contests and award shows to elections and cultural happenings.
The goal is to provide a secure and entertaining avenue for users to potentially profit from their predictions.
The Fanatics Markets app is available in Alaska, Delaware, Hawaii, Idaho, Maine, New Hampshire, North Dakota, Rhode Island, South Dakota and Utah. With the following states launching soon: Alabama, California, Florida, Georgia, Minnesota, Mississippi, Nebraska, New Mexico, Oklahoma, Oregon, South Carolina, Texas, Washington and Wisconsin.
This initiative is in collaboration with Crypto.com's Derivatives North America (CDNA), a Commodity Futures Trading Commission (CFTC) registered exchange, ensuring the platform's credibility and safe operations.
Fanatics Markets: A New Way to Enhance Fandom
According to Matt King, CEO of Fanatics Betting and Gaming, this launch is a natural evolution of Fanatics' mission to enhance fan engagement through merchandise, collectibles, and now, prediction markets.
“For years, Fanatics has given fans new ways to enhance their fandom through team merchandise, collectibles, tickets, gaming, events and more,” King said “Now, with Fanatics Markets, we’re giving fans a safe, and intuitive 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.”
Echoing this sentiment, Travis McGhee, Global Head of Predictions at Crypto.com, expressed pride in supporting Fanatics' expansion into this innovative market.
“Crypto.com was the first to launch sports prediction markets, and our reach continues to grow through innovative partnerships with top-tier platforms such as Fanatics,” McGhee said. “We could not be more proud to be the partner of choice for Fanatics, and together we will provide fans with a safe and compliant way to access prediction markets.”
Strategic Acquisition Fuels Innovation
Fanatics Markets' launch follows Fanatics' strategic acquisition of Paragon Global Markets, LLC, in July.
Paragon, recognized as an introducing broker with the CFTC and a member of the National Futures Association, adds robust expertise to the venture. Crypto.com's approved trading platform gives Fanatics Markets top-quality support to ensure an excellent experience for its users.
This allows Fanatics Markets users to trade a diverse range of contracts across sectors.
When the platform expands from its initial 24 states early next year, it will include contracts related to cryptocurrencies, stock launches, climate issues, technology, as well as movies and music.
Ensuring a Safe Trading Environment
With consumer protection as a priority, company leaders say that Fanatics Markets will provide users with essential tools for responsible trading.
There are many options, including:
- Ability to set deposit and session limits
- Timeouts
- Self-Imposed Exclusions
Self-imposed exclusions ensure that participants can engage in a controlled and informed manner.
Fanatics officials are also hoping that Fanatics Markets brings prediction markets into the mainstream.
As it opens new avenues for interaction and potential profit, the platform is set to revolutionize how fans engage with the pivotal moments in sports and culture.
