A guide to Fanatics Markets: How it works, available states and everything you need to know originally appeared on The Sporting News. Add The Sporting News as a Preferred Source by clicking here.
If you’ve ever wondered what other fans really think about your team’s chances, Fanatics Markets gives you a new way to see it — and take part in it.
The platform lets you buy and sell predictions about future events, like who will make the MLB playoffs or win NFL awards. And the prices update in real time based on what other users think (and trade), so you’re constantly seeing how opinions are shifting.
Instead of betting against a sportsbook, Fanatics Markets works more like a stock market for predictions. You’re trading with other users, which means you can jump in or out of a position whenever you want, rather than being locked into one bet.
In this beginner’s guide, we’ll walk through how it all works — what contracts are, how to read prices, how to get started and how it compares to traditional sportsbooks — so you can feel comfortable diving in.
Essentially, Fanatics Markets is a place where people buy and sell predictions about what might happen in the future.
It’s a federally regulated platform, which means it follows U.S. government rules designed to keep things fair and transparent. On the platform, users trade event contracts, or shares. Each contract is tied to a specific outcome — like the result of a game, a financial milestone or even a pop culture event.
Each market asks a clear yes-or-no question tied to a specific outcome and date. For example, a market may ask whether a team will make the playoffs or if a player will win a specific award.
Fanatics Markets launched in December 2025 as a standalone product from Fanatics Sportsbook. The initial launch of Fanatics as a whole was in 1995 when brothers Alan and Mitchell Trager founded Football Fanatics as a single brick-and-mortar retail location.
The company expanded into e-commerce in the 2000s, and Michael Rubin, the company's current CEO, acquired the company in 2011, combining manufacturing and retail. Fanatics Sportsbook was established in 2021 and launched to the public in 2023 after announcing its plans to acquire PointsBet's U.S. business, which was finalized the next year.
Fanatics is currently headquartered in New York City.
Anyone who is 18 years old or older can participate on the Fanatics platform, although there are some states that require users to be 21 or older. Identity verification is required through the Know Your Customer (KYC) process. You'll also need a U.S. bank account or other approved payment method. Unlike some other prediction markets, crypto is not required. Users must also submit their social security number for tax reporting as well as an e-mail address and phone number. Current Fanatics shop and betting users can also use their existing accounts to participate on Fanatics Markets.
Fanatics Markets is not available in every state currently, so geolocation is also required. While the platform is federally regulated by the Commodity Futures Trading Commission (CFTC), it has avoided operating in states where there is a high level of legal pushback. Some states contend that prediction markets are too similar to sports betting and operate as an exchange to avoid state regulations.
Fanatics Markets is currently only operating via iOS and Android apps. While there is an informational website for Fanatics Markets, there is not a web-based platform. All trading has to be done through the apps.
While there are similarities between prediction markets like Fanatics Markets and traditional sportsbooks, there are plenty of differences as well. Unlike with sportsbooks where you bet against the operator, or "the house", a user trades contracts with other users in a peer-to-peer marketplace on Fanatics Markets, similar to a stock exchange.
Contracts, which are also commonly referred to as shares, are priced between $0.01 and $0.99, and the price reflects how likely the market thinks that particular outcome is. If the event happens (Yes), the contract pays the user $1. If the event does not happen (No), the contract pays $0. The user's profit is the difference between what you paid for the contract and the $1 payout, minus any fees.
The price you see isn't a sportsbook's probability, it's the market's willingness to buy or sell at that moment. If you enter a position, you can exit at any time. This could be seen similarly to a cash out in sports betting, but the option to exit is always present, whereas cash outs are offered at the discretion of the sportsbooks.
DraftKings is another company with a sportsbook that also has a predictions market platform. On their platform, their default view for odds or pricing mirrors the look and feel of the sportsbook. On Fanatics Markets, though, even though the company also has a sportsbook user base, its default view is the price of the contract. However, if you go into settings, you can toggle your view to either odds or the probability percentages.
Let's take a look at a real-life example. After scanning the awards markets for the NFL, "AFC champion 2026-2027" catches your eye. The Bills, Ravens and Chiefs are the top three options in this market in terms of probability at 18 percent, 16 percent and 15 percent, respectively.
If you want to buy a Buffalo Bills contract, the price is listed at $0.18. That also means there's a 18% implied probability that the Bills will win the AFC championship. But you decide that for a market like this, which won't be decided for a long time, you want to take a little bit of a longer shot and try to increase your profits. You scroll down a few more teams and see Denver Broncos listed at just $.12. The Broncos were the No. 1 seed in the AFC just last year and had a 14-3 record. While they were expected to be a playoff contender, few expected them to be the No. 1 seed. They ultimately were eliminated by the Patriots, but they also had to compete without Bo Nix, their starting QB, with a fractured ankle. He's expected to make a full recovery and be ready for the start of the season. The Broncos also return many key players on their stellar defense, and they added WR Jaylen Waddle in free agency, so you like their chances.