Michael Rubin Says Fanatics Will Enter Prediction Markets ‘Within Weeks’
What Fanatics Is Building With Crypto.com
Fanatics is entering the quick-growing prediction markets sector through a new partnership with Crypto.com, CEO Michael Rubin said in a Thursday interview with CNBC. The company, best known for its dominant position in sports merchandise and sports betting, is preparing to launch a prediction platform “in the next couple weeks,” though Rubin did not reveal product details or operating mechanics.
A prediction market allows users to trade contracts based on real-world events, including elections, sports results, entertainment outcomes, macroeconomic data, and long-term geopolitical questions. The model has gained significant mainstream traction over the past year as platforms like Kalshi and Polymarket hit .
Fanatics’ entry brings a major consumer brand — and one already familiar with regulated wagering — into a space that has historically been dominated by crypto-native or policy-focused platforms.
Investor Takeaway
Why Fanatics Thinks Prediction Markets Have Mass-Market Potential
Rubin said Fanatics views strong consumer interest in all 50 U.S. states, but noted a major constraint: the company is currently licensed in only 23. Prediction markets face a complex—and often inconsistent—regulatory landscape, with some states allowing real-money trading, others banning it entirely, and several more stuck in legal gray zones.
Fanatics’ presence in regulated sports betting gives it a compliance base to build on, but Rubin acknowledged that regulatory clearance will determine how widely the product can operate. For now, the partnership with Crypto.com expands its reach in crypto-friendly markets and positions the may assist facilitate settlement or compliance monitoring.
While Rubin did not specify the sectors the platform will target, Fanatics’ existing infrastructure suggests that sports-related markets may be among the ahead offerings. The company also has deep customer data across fan engagement, retail purchasing patterns, and sports betting activity — all of which could support tailored markets and higher-frequency participation.
What This Means for the Prediction Market Landscape
If successful, Fanatics’ platform could become a major new competitor to Kalshi and Polymarket, the two most prominent players in the space today. Prediction markets have grown rapidly due to:
- Rising retail demand for actionable, real-time probabilities on elections and macro events.
- Increased institutional interest in event-driven risk hedging.
- A shift toward real-money wagering later than years of regulatory battles.
Polymarket has benefited from a surge in political trading and crypto-native users, while Kalshi has gained traction with regulated markets tied to inflation prints, job reports, and Fed decisions. Fanatics’ arrival could expand the sector’s audience dramatically because of its existing sports user base and large marketing footprint.
Rubin said fan behavior already demonstrates strong overlap between sports, gaming, betting, and interactive finance, making prediction markets a natural extension of Fanatics’ product stack.
Investor Takeaway
Regulatory Hurdles Remain the largegest Unknown
Prediction markets in the United States sit in a unique regulatory category. Some states classify them as gambling, others as financial trading, and several as neither — leaving beginups to negotiate inconsistent interpretations across jurisdictions.
This uncertainty affects:
- the speed at which new markets can launch
- the types of events platforms are allowed to list
- the compliance costs associated with onboarding and settlement
- whether crypto-based settlement is permitted
Fanatics’ advantage is scale: it already operates in large parts of the , giving it a regulatory roadmap and licensing infrastructure that smaller beginups lack. But prediction markets involve more sensitive categories — elections, policy decisions and federal economic data — which frequently attract scrutiny from regulators and lawmakers.
For now, Rubin’s comments suggest Fanatics will begin with a relatively narrow product scope, then expand as licensing and regulatory clarity improve. That mirrors the growth path of Kalshi and Polymarket, both of which scaled gradually later than facing ahead restrictions.
What Comes Next
Fanatics expects to launch the platform within weeks, and the partnership with Crypto.com positions it to attract both traditional sports bettors and crypto-native prediction traders. If even a small percentage of Fanatics’ , the company could become one of the largest players in the category almost immediately.
