Fanatics Nears Prediction Markets Entry with Crypto.com
Posted on: November 20, 2025, 06:30h.
Last updated on: November 20, 2025, 06:30h.
- Fanatics acquired a company to gain National Futures Association (NFA) membership
- CEO Rubin says partnership with Crypto.com could debut in coming weeks
Count Fanatics as the latest sportsbook operator entering the world of prediction markets.
In an interview with CNBC’s Sara Eisen earlier Thursday, Fanatics Chairman and CEO Michael Rubin said his company is partnering with Crypto.com and will introduce its own prediction markets platform in the coming weeks.
From our perspective if there’s a business that’s important to our customers, we want to be in there and do it better,” said Rubin in the interview.
In quiet fashion, Fanatics recently acquired Paragon Global Markets – a deal that bring the buyer into compliance with the National Futures Association (NFA). NFA registrations by gaming companies are relevant because the entity is deemed a “registered futures association” by the Commodities Futures Trading Commission (CFTC), which is the regulatory body to which operators of yes/no exchanges answer.
Rubin Sees Sportsbooks Winning in Prediction Markets
With the Fanatics/Crypto.com relationship, Rubin’s company follows rivals DraftKings and FanDuel into the prediction markets arena. Those companies are expected to launch DraftKings Predictions and FanDuel Predictions in the coming months.
Closely held Fanatics took a page from each rivals’ playbook, using an acquisition like DraftKings (Railbird) to speed up the regulatory process and partnering with a major financial services firm as did FanDuel with CME Group. While soaring volume on Kalshi and the return of Polymarket to the US are issues that have plagued sportsbook stocks, Rubin believes it will be companies like his and competitors that will win the event contracts battle.
“I think the winners in this are going to be the sportsbooks,” said Rubin, acknowledging that isn’t the prevailing wisdom held today. “We have such strategic advantages from the enormous customer base that we have to the experience we have.”
Rubin acknowledged that there are potential regulatory risks that could accompany Fanatics’ foray into prediction markets, but he told CNBC the company will adapt if those headwinds appear. Regulators in multiple states have warned licensed sportsbooks that if they venture into event contracts, even if those states are avoided, they could jeopardize their permits in those jurisdictions.
Coup for Crypto.com
Crypto.com was one of the first companies to offer sports event contracts in the US and its partnership with Fanatics is something of a coup for the cryptocurrency trading house because it marks its first relationship with a major sportsbook operator. The company has a partnership with a prediction market partnership with Underdog, though it’s believed to be more focused on technology.
The Fanatics news also extends a busy period for Crypto.com in the burgeoning event contracts space. Earlier this month, the company revealed a deal with Hollywood.com through which that entertainment site will offer Crypto.com event contracts on actors, awards, movies, television shows, and more.
A week prior, Crypto.com announced a partnership with Trump Media and Technology Group (NASDAQ: DJT) through which prediction markets will be integrated directly onto Truth Social making that the first social media platform to feature direct integration of event contracts.
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