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Fanatics is the latest US regulated sportsbook to announce its intention to enter the prediction market sector, following in the footsteps of DraftKings and FanDuel, both of whom have offered similar plans.
Fanatics says it will be partnering with Crypto.com.
A Fanatics spokesperson offered this statement to The Closing Line:
“Today on CNBC, Fanatics CEO Michael Rubin announced our plans to enter the predictions market in partnership with Crypto.com. We will have more specific details to share on timing in the coming weeks.”
Roger Gros, President, of iGamingPlayer.com and Editor at Large of GGB Magazine, blasted the recent trend.
"Every one of these licensed and legal sports books should have their licenses pulled in the states where they operate. They are becoming black market gambling. When SOCTUS rules that prediction betting is gambling, they should not be allowed back."
Every one of these licensed and legal sports books should have their licenses pulled in the states where they operate. They are becoming black market gambling. When SOCTUS rules that prediction betting is gambling, they should not be allowed back. https://t.co/6oums6aQzT
— Roger Gros (@RealRogerGros) November 20, 2025
On October 21, DraftKings announced the acquisition of Railbird Technologies Inc. along with its subsidiary Railbird Exchange), which is a federally-licensed exchange regulated by the Commodity Futures Trading Commission (CFTC).
“We are excited about the additional opportunity that prediction markets could represent for our business,” said Jason Robins, CEO and Co-Founder of DraftKings. “We believe that Railbird’s team and platform—combined with DraftKings’ scale, trusted brand, and proven expertise in mobile-first products—positions us to win in this incremental space.”
The Company also confirmed plans to launch DraftKings Predictions, a forthcoming mobile application that will allow customers to trade regulated event contracts on real-world outcomes across finance, culture, and entertainment.
FanDuel has announced a new standalone mobile app — FanDuel Predicts — in partnership with CME Group (a major derivatives exchange) that will allow users to trade “event contracts” on outcomes across sports, economics, benchmarks, and more.
To date, a handful of US states have expressed formal opposition to prediction markets, particularly around so-called “sports event contracts”.
This week, Gambling911.com reported that Victor Rocha, Conference Chair of the Indian Gaming Association. President of Victor-Strategies, vowed California would take action against prediction markets in the foreseeable future, in addition to Daily Fantasy Sports (DFS) sites that are delving into offering a similar product.
"We’re going after DFS+ next," Rocha tweeted. "I’m also hearing talk of PM legislation in California . Imagine what happens when the PMs are shutdown by the SCOTUS. What goes up must come down, right?"
California is one of the states that does not currently regulate sports betting.
New Jersey licenses both FanDuel and DraftKings sportsbooks and it remains to be seen how its Division of Gaming Enforcement will handle this matter considering their stance as it relates to prediction markets as "unauthorized sports wagering under NJ law".
Kalshi sued, and a federal court granted a preliminary injunction blocking NJ from enforcing the C&D (at least temporarily).
DraftKings and FanDuel both pulled their sportsbook licensing applications out of Nevada last week.
The NGCB issued the following statement at the time of the withdrawal:
"Today the Nevada Gaming Control Board (“Board”) accepted the surrender of Flutter Entertainment PLC's Order of Registration, as well as all related licenses and approvals including those for FanDuel Sportsbooks and its license as a provider of an information service, and granted administrative approval of requests for withdrawal for all active and pending applications.
"In addition, the Board granted administrative approval of requests to withdraw all pending applications submitted by DraftKings relative to its interests in sports wagering in Nevada.
"It has been made clear to the Board that Flutter Entertainment/FanDuel and DraftKings intend to engage in unlawful activities related to sports event contracts. This conduct is incompatible with their ability to participate in Nevada's gaming industry.
"The Board takes seriously its obligation to operate a thriving gaming industry and to protect Nevada citizens."
The Nevada Gaming Control Board (NGCB) issued a cease-and-desist to Kalshi, claiming its event-based contracts (sports/other) violate Nevada’s gaming statutes.
Illinois, which was among the first US states to regulate sports betting following the 2028 US Supreme Court ruling to abolish Professional and Amateur Sports Protection Act of 1992 (PASPA), has also issued cease-and-desist letters to Kalshi.
The Illinois Gaming Board (IGB) warns of potential civil or criminal penalties if they don’t comply. Fanatics, DraftKings and FanDuel are each licensed to offer sports betting in the state.
Ohio regulators claim that event contracts meet Ohio’s legal definition of sports wagering and lack required consumer protections (e.g., age limits) while The Maryland Lottery & Gaming Control Commission has sent cease-and-desist letters to Kalshi, Robinhood, and Crypto.com in recent months. Maryland’s regulators argue that these prediction markets bypass consumer protections and do not pay the same taxes as traditional sportsbooks.
Montana, Arizona and Massachusetts are among the other states taking a similar position against prediction markets. All three regulate sports betting in their respective state.
- Chris Costigan, Gambling911.com Publisher
