When Fanatics launched its prediction market platform last Wednesday, it opened a new chapter in the ongoing battle between state-licensed sports betting operators and regulators. Prior to last week, none of the biggest state-licensed sports betting platforms were offering prediction markets — but at least six state regulators have warned operators that their licenses may be in jeopardy if they offer or have a relationship with a prediction market.
Fanatics, in partnership with Crypto.com, launched Fanatics Markets in 10 U.S. states, including six states in which some form of sports betting is legal. The company added an additional 14 states later in the week, seven of which have some form of legal sports betting.
