Sports trader 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 two weeks,” Rubin added, although 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, from elections and sports to entertainment and economic indicators. While Rubin did not confirm whether the platform will focus on any specific sector, the involvement of Fanatics, which has deep roots in sports products and sports betting, suggests the company could initially lean on those connections.
It is also unclear where the product will be available or if it will depend 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 launches.
Rubin acknowledged this challenge, noting that Fanatics is currently licensed in only 23 states, but believes the remaining 27 contain strong potential demand.
If successful, Fanatics’ prediction market could compete with platforms like Kalshi or Polymarket, which have seen great success over the past year.
