Fanatics Launches Prediction Market Platform
By Josh BeckermanFanatics said it launched prediction market platform Fanatics Markets, providing "a safe and fun way to pick a side and potentially profit on the outcomes that matter most, whether that's a sporting event, the Oscars, an election, or a cultural moment."Fanatics Markets formed a partnership with Crypto.com | Derivatives North America.Prediction markets have gained popularity, media coverage and investments amid a changing regulatory environment. PredictIt offers a range of political markets ranging from 2028 presidential nominees to "First Cabinet member to leave in 2025?" Polymarket's trending items include a wide range of politics and sports options, as well as "Will Polymarket US go live in 2025?"Fanatics Markets will launch in 24 states including California, Texas, Florida and Washington.FanDuel and CME Group said last month that they would launch a prediction markets platform in December.Kalshi said Tuesday that it raised $1 billion at an $11 billion valuation. New York Stock Exchange owner Intercontinental Exchange said in October that it would invest up to $2 billion in Polymarket, reflecting a valuation of about $8 billion pre-investment.Write to Josh Beckerman at [email protected]