Platform · Event Contracts

Fanatics Markets

First PM at intersection of sports, finance, culture · built with Crypto.com

Pricing mechanism

Centralized matching

CFTC-clearinghouse

Largest identified-fan database in US sports (100M+ Fanatics customers) · distribution unmatched in PM
Sports brand + Crypto.com regulatory plumbing (CDNA DCM, Paragon Global Markets IB) · clean compliance path
Live in 24 states including CA/TX/FL · exactly the markets where Fanatics Sportsbook can't operate, turning a regulatory gap into a feature
Matt King as CEO of Fanatics Betting & Gaming brings FanDuel playbook directly to PM
Phase 2 expansion (early 2026) into crypto/stocks/IPOs/climate/pop-culture broadens the surface area beyond sports

Volume undisclosed and conspicuously absent from PR · notable silence vs Kalshi/Polymarket monthly notional disclosures
X account behavior (recent tweets are all @ replies to sports media accounts, not product content) suggests a thin marketing function
24-state footprint is half the US · material drag vs Kalshi's broader US coverage
Operates on top of CDNA · same dependency as OG, no clearinghouse moat of its own
Casual-fan audience may not have the trading literacy to drive the high-frequency volume PM venues need

Binary outcome derivatives traded on CFTC-designated contract markets, USD-settled. Different regulatory and distribution lane from onchain PMs.