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Growing interest in prediction markets has led Fanatics into early conversations with Crypto.com, according to reporting from the Financial Times. Talks remain in the early stage, yet the timing shows how fast the event contract space is expanding across both sports and entertainment.
Good to Know
Momentum around event contracts has increased sharply as operators look for ways to offer more flexible markets than standard sports wagers. Fanatics Sportsbook currently operates in 23 states and Washington, D.C., and the company has expanded globally through its merchandise and digital sports businesses. The Halo brand has been watching competitors move into new types of outcome trading, and the Crypto.com talks appear timed to that shift.
Crypto.com holds approval from the Commodity Futures Trading Commission and began offering sports event contracts earlier in the year. The platform now operates across 49 states, though not without friction. Regulators in Nevada, New Jersey, Arizona, Illinois, and Maryland issued cease-and-desist orders and filed multiple actions in recent months. Even with those hurdles, the company landed a partnership with Underdog that placed Crypto.com event contracts into the Underdog app.
Across the country, more operators are testing similar ideas. FanDuel will introduce its own prediction platform in December in partnership with CME Group. DraftKings acquired Railbird and plans to launch event outcome trading by early 2026. BetMGM, Caesars, and PENN Entertainment remain on the sidelines for now, yet each operator continues evaluating what fits local rules.
State rules complicate everything. FanDuel will not offer its prediction exchange in states where its sportsbook already runs because classifications differ between derivatives oversight and gaming law. Other operators face similar balancing acts as they try to avoid regulatory conflict.
Fanatics is not the only major brand exploring this corner of the market. PrizePicks rolled out a partnership with Kalshi that instantly created one of the widest prediction selections available on a fantasy app. Customers gained access to event contracts tied to sports outcomes, cultural moments, award shows, and political races.
PrizePicks CEO Mike Ybarra said:
“Expanding into prediction markets delivers on what our customers want, innovative products with more ways to play. Together with Kalshi, we will welcome new customers across many states to the PrizePicks experience, and we couldn’t be more excited about the opportunity ahead in this fast-growing space.”
Kalshi co-founder and CEO Tarek Mansour added:
“As of today, people will be able to access Kalshi prediction markets within the PrizePicks app. This is a game-changing moment, and we’re excited to be the first to fuel and supercharge the PrizePicks fan experience.”
The rollout included Team Picks and Culture Picks across dozens of states, including states without legal sports wagering. That addition positioned PrizePicks next to Underdog, which already offers Crypto.com markets, and Robinhood, which integrated Kalshi for political and sports markets.