The newest sportsbook to adopt the prediction markets approach is Fanatics. Fanatics will start accepting event contracts “within the next couple weeks,” CEO Michael Rubin told CNBC on Thursday.
Fanatics is entering the competition shortly after DraftKings and FanDuel introduced their prediction market offerings.
The Commodity Futures Trading Commission (CFTC)-regulated Crypto.com was apparently in negotiations with Fanatics, a prominent sportsbook and sportswear retailer, last week. Having joined with DFS provider Underdog in September, Crypto.com is no stranger to sports-related partnerships. Earlier this year, the company began to offer sporting event futures contracts on its platform.
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“We want to be in there and do it better if there is a business that is important to our customers,” Rubin stated.
He continued by saying that, given their knowledge and substantial clientele, he thinks established bookmakers that introduce prediction markets will have a tactical edge over the Kalshis and Predictits of the world.
Taking the wave
The first traditional sports betting business to enter the prediction market was DraftKings. In October, DraftKings purchased the federally regulated Railbird Exchange in order to obtain CFTC permission.
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