While everyone had their eyes on FanDuel and DraftKings’ race to launch prediction markets, a growing rival landed a stunning victory.
Fanatics Sportsbook stunned the sports betting industry by launching a new prediction platform through a partnership with Crypto.com. The platform went live today in 10 states, including sports markets. Fourteen more markets are expected to be added soon, including Texas and California.
While news had broken that Fanatics was pursuing a prediction platform, there was no indication it would come so soon. The public focus had been on the race to market between FanDuel and DraftKings, but now the two industry-leading sportsbooks will be playing catch-up.
Fanatics’ launch also beats Polymarket, which has begun slowly rolling out its platform.
Now all eyes will return to two sportsbook giants, who will be under more pressure to launch as quickly as possible. Fanatics had already been closing the considerable gap on DraftKings and FanDuel, including in New York’s sports betting market, the largest in the industry.
Considering the industry leaders had a years-long head start, there is a belief that Fanatics could end up turning the tables on its rivals in the new industry.
Fanatics Launches in Four Sports Betting States
Unlike DraftKings and FanDuel, Fanatics did not restrict its launch to markets without legal sports betting. The operator launched in four states with regulated markets:
Delaware
Maine
New Hampshire
Rhode Island
These four markets are among the smallest in the country, allowing Fanatics to test how regulators will respond. Several states have warned they might pull sports betting licenses from operators who offer sports prediction markets anywhere in the US. Fanatics will now put that to the test as other sportsbooks watch.
The bigger test will likely come soon, as Fanatics is expected to launch its new platform in the massive Florida sports betting market. The state has a sports betting monopoly operated by the Seminole Tribe, which has overcome years of legal battles challenging it. We don’t expect them to allow Fanatics to threaten that without a fight.
