Fanatics, a sports merchandise company, is in negotiations with Crypto.com to enter the rapidly expanding prediction markets business, where users wager on pop culture, politics, and sports.
With companies like Polymarket and Kalshi expanding quickly and fetching large valuations, the move would expose US-based Fanatics to a sector whose popularity has skyrocketed in the last year.
According to those acquainted with the situation, ideas for a prediction market collaboration between Fanatics and Singapore-based Crypto.com are still in the early stages and may evolve.
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Crypto.com and fanatics declined to comment.
Fanatics, which launched a flagship store on Regent Street in London in April, is currently expanding internationally. It just entered the sports betting market and is working to expand its trading card-selling collectibles business.
The negotiations with Crypto.com take place at a time when the rise of prediction markets has compelled established gaming organizations to review and adjust their business strategies in the regulated US market.
On Wednesday, Flutter, the parent company of FanDuel, a sports betting platform, revealed that it is collaborating with CME Group, a derivatives exchange, to introduce a prediction markets platform.
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