Fanatics CEO confirms prediction market entry

As part of a sit-down interview with Sara Eisen of CNBC, Fanatics CEO Michael Rubin confirmed the operator will be launching Fanatics Predicts within the coming weeks, joining fellow sportsbook entities such as DraftKings and FanDuel in entering the prediction markets industry.

Unlike its counterparts, Rubin failed to mention if Fanatics will be forming its own predictions marketplace in order to facilitate event contract trading, or whether sporting event-related contracts will be available to consumers.

The operator has partnered with Crypto.com to help provide technological services for Fanatics Predicts, following in the footsteps of Underdog Fantasy which began offering sports prediction markets with Crypto.com in September.

Rubin also described Polymarket Founder and CEO Shayne Coplan and Kalshi Co-Founder and CEO Tarek Mansour as "studs," but believes sportsbook operators such as Fanatics Betting and Gaming are better suited for success with prediction markets.

Polymarket seems to have taken the necessary steps to counteract such competitors, however, as PrizePicks formed a new strategic collaboration with the predictions marketplace on November 11 to merge its event contracts onto the operator's US platform.

Stemming from its respective partnership with CME Group and acquisition of Railbird Technologies, FanDuel and DraftKings both chose to relinquish its membership with the American Gaming Association (AGA) on November 18.

The AGA has been outspoken in its efforts to combat unregulated prediction market expansion, but still lists Fanatics as a member at the time of writing.

DraftKings and FanDuel confirmed to Global Gaming Insider its strategic goals no longer align with the values of the AGA, which stated it "expect(s) to maintain close ties" with the operators while continuing to promote legal and regulated gaming.

Multiple states have spoken out against prediction market offerings as well, including Pennsylvania, Michigan, Maryland, Ohio and Arizona. Rubin touched on how Fanatics is currently available in 23 states across the US, leaving 27 other markets where he believes consumers desire a Fanatics product.