A guide to Fanatics Markets: How it works, available states and everything you need to know

Q: What is Fanatics Markets and how does it work?

Fanatics Markets is a platform where users can buy and sell predictions about future sports events, with prices that fluctuate based on user trading.

Q: Is Fanatics Markets legal in my state?

The legality of Fanatics Markets varies by state, so it's important to check local regulations regarding prediction markets.

Q: How does Fanatics Markets differ from traditional sportsbooks?

Unlike traditional sportsbooks that focus on betting outcomes, Fanatics Markets allows users to trade predictions and see real-time sentiment changes.

Q: What types of sports predictions can I make on Fanatics Markets?

Users can make predictions on various sports topics, including MLB playoffs and NFL awards, among others.

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.

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What is Fanatics Markets?
How Fanatics Markets works
Is Fanatics Markets legal?
Current sports topics offered
How Fanatics Markets differs from sportsbooks
Fanatics Markets pros and cons

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.

What is Fanatics Markets?

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.

When was Fanatics Markets created?

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.

Platform details and requirements

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.

How Fanatics Markets works

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.

Trading on Fanatics Markets

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.

Now that you've made up your mind, it's time to execute the transaction. You decide you want to spend $28 on this market. That means you're purchasing 233 contracts or shares that the Denver Broncos being AFC champion will result in a "Yes" outcome. If the Broncos do indeed win the AFC championship, Fanatics Market will pay out $204, which factors in fees. That would be a profit of $176. If the Broncos do not win the AFC championship, then there is no payout from Fanatics Markets, and you lose your $28 investment.

But what happens if a couple weeks into the preseason, you read a report that All Pro cornerback Pat Surtain Jr. is dealing with a lingering strained hamstring. There isn't currently widespread concern about his physical health, but hamstring and soft tissue injuries have a history of lasting or flaring up throughout the season. You're concerned enough that you want to exit your AFC championship position. One of the benefits of using a prediction market is that you can exit a position at any time. With sports betting, you have to hope that you'll be presented with a cash-out option, but you're at the mercy of the sportsbook.

If the news had become widespread, the price of your shares or contracts likely would have decreased because many others would also be trying to sell, lowering the value, and in turn, the probability of the outcome. But right now, it's been just one report from an obscure source, so there hasn't been a lot of activity. Still, there's been enough movement where the price of your contracts are now $0.11. You decide it's time to sell before the price goes down further, and you execute that transaction, which nets you $25.63 minus any fees. That means you lost $2.37 on your initial $28 investment. But if you held on to the contracts and the Broncos did not win the AFC championship, you would have lost your entire $28 investment.

Is Fanatics Markets legal?

Fanatics Markets is federally regulated by the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association. But unlike some other prediction markets, this platform has decided not to operate in states where there is heavy legal pushback. Some states argue that prediction markets are equivalent to traditional sports betting and should be subject to the same state regulations.

Fanatics Markets are currently available in the following states and territories:

Maine
New Hampshire
Rhode Island
Delaware
South Carolina
Florida
Georgia
Alabama
Mississippi
Wisconsin
Minnesota
North Dakota
South Dakota
Nebraska
Oklahoma
Texas
New Mexico
Utah
Idaho
Oregon
California
Alaska
Hawaii
Washington
American Samoa
Guam
Puerto Rico
U.S. Virgin Islands

And here is the list of states where Fanatics Markets is not available:

Vermont
Massachusetts
Connecticut
New York
Pennsylvania
New Jersey
Maryland
Virginia
West Virginia
North Carolina
Ohio
Kentucky
Tennessee
Michigan
Indiana
Illinois
Iowa
Missouri
Arkansas
Louisiana
Kansas
Colorado
Wyoming
Montana
Arizona
Nevada

Current sports topics offered on Fanatics Markets

Fanatics Markets offers a wide array of markets across a long list of sports. Here's a list of every sport currently offered on the platform:

College basketball (men's)
College basketball (women's)
MLB
NBA
Tennis
NHL
Soccer
Golf
UFC
Formula 1
NFL
Boxing
College baseball

Within many of those sports there are can also be some sub-categories offered. Let's take a closer look at some of those offerings.

MLB awards on Fanatics Markets

Here's each MLB awards market offered by the platform:

NL MVP winner 2026
AL MVP winner 2026
NL Rookie of the Year 2026
AL Rookie of the Year 2026
NL Cy Young winner 2026
AL Cy Young winner 2026

How Fanatics Markets differs from sportsbooks

While there are similarities between trading on Fanatics Markets and placing wagers with a sportsbook, they operate differently in how transactions are structured, executed and regulated. Let's take a closer look at what differentiates Fanatics Markets from sportsbooks.

Who you're trading against: In legalized sports betting, you're wagering against a sportsbook, or the house. If you lose a bet, the sportsbook you're wagering with keeps your money. On Fanatics Markets, you're trading in a peer-to-peer marketplace with other users. When you purchase a contract on Fanatics Markets, you're essentially taking the other side of someone else's position. If you decide to sell a contract, another user must buy your position for you to successfully exit the trade. Fanatics Markets does earn money through fees on transactions, but they do not profit from the losses of its users.

Pricing and implied odds: Sports betting odds are set by oddsmakers, but they also typically factor in a margin for the house, which is called the "vig". By doing this, sportsbooks are guaranteed profits over time. Things work differently on Fanatics Markets, though. The prices on the platform are set by the market itself — or by supply and demand. As more users buy or sell their contracts based on new information, prices change in real time.

Trading flexibility: When placing a wager with a sportsbook, your bet is typically locked in, and you just have to wait for the final outcome and hope for the best. There are times a sportsbook may give you a cash-out option leading up to, or even during an event, but that optionality is not guaranteed. On Fanatics Markets, you can buy or sell a contract at any time before the market concludes. This gives you flexibility when news changes the implied odds of an outcome.

**Types of markets:**With sportsbooks, your wagering options are typically limited to sports, as the name would suggest. With Fanatics Markets, though, you can typically find markets on anything from politics to entertainment to science and everything in between. The availability of those markets, though, could be dependent on which state you're in.

Legal status and regulation: Sports betting laws can be different state by state, and there are also some states that don't allow legal sports betting at all. Fanatics Markets is regulated by the federal government, though, so, in general, there aren't different rules in each state. Fanatics Markets, though, has decided to work within state regulations to avoid heavy legal pushback.

Limits and restrictions: Sportsbooks are known to limit and even ban bettors who have had too much success on their platform. This is their way of trying to limit "sharp" bettors. With prediction markets, though, there really aren't any similar restrictions.