Sports merchandiser Fanatics is moving 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 weeks,” Rubin added, though he did not share further details about what the product will look like or how it will operate.
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 didn’t confirm whether the platform will focus on any specific sectors, the involvement of Fanatics, which has deep roots in sports merchandise and sports betting, suggests the company may initially lean on those connections.
It’s also unclear where the product will be available or whether it will rely on crypto rails. Prediction markets are legal in some U.S. states and outright banned in others, so regulatory approval will play a major role in how widely the product can launch.
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 huge success over the past year.