Fanatics Takes a Swing at Prediction Markets with Crypto. com
Fanatics, a leading name in sports merchandise, is making a bold move into the world of prediction markets. In partnership with Crypto.com, they are launching a new app that allows users to bet on a wide range of events beyond just sports.
A Broader Appeal
The app, Fanatics Markets, is designed for users aged 21 and up. It will initially be available in 10 states, with plans to expand to 14 more by the end of the week. Users can bet on:
- Live games
- Major league matchups
- Economic indicators
- Elections
Future updates will include categories like crypto, pop culture, and movies.
A Platform for Opinions and Profits
Fanatics sees this as a way to give users a platform to express their opinions and potentially profit from them. The company believes that prediction markets are becoming increasingly popular and wants to be at the forefront of this trend.
The Rise of Prediction Markets
Prediction markets are not a new concept. They are an adaptation of traditional futures markets, originally designed to help farmers hedge against poor harvests. Today, they are used to bet on future events. With greater regulatory clarity, prediction markets have seen significant growth, with weekly trading volumes reaching into the billions of dollars.
Industry Trends
Fanatics is not alone in noticing this trend. Other sportsbooks are also looking to get in on the action. Michael Rubin, the company's CEO, has expressed excitement about the potential of prediction markets, stating that customers want this product, and they are eager to provide it.
