Sports merchandiser Fanatics announced Wednesday it's launching Fanatics Markets, its own prediction market, in 24 states this week, including California, Texas, Florida and Washington.
The platform will allow people to trade on events in sports, finance and culture, according to Fanatics, and will launch in segments across the country over the next several days.
The first phase, launching Wednesday in 10 states includes contracts for sports, finance, economics and politics. Early next year, Fanatics will expand into contracts for crypto, stocks, tech, music and more, it said.
"For years, Fanatics has given fans new ways to enhance their fandom through team merchandise, collectibles, tickets, gaming, events and more," Fanatics Betting and Gaming CEO Matt King said in a statement. "Now, with Fanatics Markets, we're giving fans a safe, and intuitive way to engage with the moments that move sports and culture, and to pick a side and profit along the way if their prediction is correct."
Prediction markets like Polymarket and Kalshi have exploded in popularity on the back of legalized online sports betting. The combined trading volume of prediction markets this year reached nearly $28 billion through October, according to data from Crypto.com.
That surge has led sportsbooks and others in the industry to set up their own event contract platforms.