Fanatics Markets review (2026): how the prediction market works, states, fees and the welcome offer
Fanatics Markets is a CFTC-regulated, sports-first prediction market from the Fanatics group, open to adults 21+ in 22 states including Texas, California and Florida. How it works, its fees (up to 2¢ a contract each way), the 14-day trade match worth up to $150, its limits and how it compares with Kalshi and Polymarket.
In this article
Fanatics Markets is the prediction market run by Fanatics, the sports merchandise and sportsbook group. It lets adults 21 and over in 22 states trade Yes/No contracts on games, politics, crypto and culture through a slick, sportsbook-style app, with FanCash rewards on top. It is regulated and easy to use, but thinner and more limited than Kalshi or Polymarket: no limit orders, a fee on every buy and sell, and a much shorter list of states.
Reviewed in October 2026 from Fanatics Markets' own legal pages (fee disclosure effective 2 September 2026, availability list and offer terms) and independent reviews. Terms change; the app shows the current ones.
Fanatics Markets at a glance
| Operator | Morton St. Trading Investments, LLC, doing business as Fanatics Markets: a CFTC-registered futures commission merchant and NFA member |
| Exchange | Crypto.com Derivatives North America (CDNA), a CFTC-regulated exchange |
| Launched | 3 December 2025 |
| Minimum age | 21 |
| Where | 22 states and 4 US territories |
| Markets | Sports first; also politics, crypto, culture, economy, climate and companies |
| Trading fee | $0.00034 to $0.02 per contract, charged when you buy and when you sell |
| Deposits | Bank transfer free; card, Apple Pay, PayPal or Venmo up to 2%; wire from $1,000 |
| Withdrawals | Free to your payment method; wires from $10,000 |
| Rewards | FanCash, Fanatics' loyalty currency |
Where Fanatics Markets is available
According to its availability page, Fanatics Markets operates in Alabama, Alaska, California, Delaware, Florida, Georgia, Hawaii, Idaho, Maine, Minnesota, Mississippi, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Texas and Utah, plus American Samoa, Guam, Puerto Rico and the US Virgin Islands.
Big states missing include New York, Pennsylvania, Illinois, Ohio, New Jersey and Michigan. Reviewers note that it is not offered where Fanatics runs its licensed sportsbook, which keeps the prediction market away from the gaming regulators that license the company's betting business. If you travel to a state that is not supported, you may be unable to trade or close positions until you return.
How Fanatics Markets works
Each contract pays $1 if the outcome happens and nothing if it does not, so a 62¢ price means the market sees about a 62% chance (prediction market odds explained).
- Orders. Independent reviews report market orders only: you take the price on screen, with no limit orders.
- Exiting early. You can close a position before the event, but reviewers report full exits only, not partial sales. Fanatics' risk disclosure describes an exit as taking the offsetting position.
- Combos. Multi-leg "combo" orders are priced by a request for quotes sent to liquidity providers, a parlay in all but name (parlays explained).
- Affiliated market maker. Fanatics discloses that an affiliate, Morton St. Market Maker, LLC, trades on the platform. That is legal and common in market making, but it means the company can be on the other side of your trade.
- Cancelled games settle under each contract's fallback rules.
Fanatics Markets fees
Fanatics charges a total trading fee of $0.00034 to $0.02 per contract, on every contract bought or sold, rounded up to the next whole cent per order. The fee is highest near the middle: in its published table it is a flat 2¢ per contract for prices from 20¢ to 80¢.
Source: Fanatics Markets fee disclosure (2 September 2026); Kalshi and Polymarket fee schedules
Show the dataHide the data
| Value | |
|---|---|
| Fanatics Markets | $2.00 |
| Kalshi | $1.75 |
| Polymarket US | $1.74 |
| Polymarket global, politics | $1.00 |
Two things make the gap bigger than the chart suggests. Without limit orders you can never trade as a maker, so you always pay. And at 20¢ or 80¢ Fanatics still charges 2¢, while Kalshi's formula drops to about 1.1¢ (Kalshi fees; Polymarket fees).
Deposits and withdrawals: bank transfers (ACH) are free; debit card, Apple Pay, PayPal and Venmo deposits can cost up to 2%; wires start at $1,000. Withdrawals to your payment method are free; wire withdrawals start at $10,000.
The welcome offer and FanCash
New users choose one of two offers at sign-up, and the choice is final:
- A 14-day trade match worth up to $150. For accounts opened between 28 September and 15 November 2026, Fanatics matches your trading each day, rising from $2.50 on day 1 to $25 on day 14. Only trades priced at 90¢ or below count.
- $500 in FanCash for heavy traders. From 26 October to 15 November 2026: trade at least $10,000 within seven days of signing up, at prices of 70¢ or lower.
Source: Fanatics Markets offer terms, October 2026
Show the dataHide the data
| Value | |
|---|---|
| Day 1 | $2.50 |
| Day 2 | $2.50 |
| Day 3 | $2.50 |
| Day 4 | $5.00 |
| Day 5 | $5.00 |
| Day 6 | $5.00 |
| Day 7 | $7.50 |
| Day 8 | $10.00 |
| Day 9 | $12.50 |
| Day 10 | $15.00 |
| Day 11 | $17.50 |
| Day 12 | $20.00 |
| Day 13 | $20.00 |
| Day 14 | $25.00 |
The match is back-loaded: half the $150 sits in the last four days, so it rewards trading every day for two weeks. Weigh that against the 2¢ fee on every contract you buy and sell to earn it.
FanCash is the loyalty currency of Fanatics ONE, spendable on Fanatics merchandise. Since June 2026 traders can earn up to 10% back in FanCash on trades, win or lose. Fanatics notes that contract payouts and FanCash may count as taxable income (how prediction market winnings are taxed).
The app
The app looks and feels like the Fanatics Sportsbook: big buttons, live scores, a multi-market view and a web version. PredictionScout lists ratings of about 4.6 stars on iOS and 3.7 on Android. Sign-up asks for more than most apps: beyond ID and your Social Security number, reviewers report questions on income, net worth and employment, standard for a futures broker. Support runs through a help centre and email, with no live chat.
Pros and cons
Pros
- Regulated by the CFTC through a registered broker and exchange.
- Easy, sportsbook-style app with deep sports coverage, including soccer, tennis and esports.
- FanCash rewards and a generous two-week welcome match.
- Available in big states where sportsbooks are illegal, such as Texas and California.
Cons
- 21+ only and just 22 states.
- No limit orders; a fee on every buy and every sell.
- Thin markets outside headline sports.
- An affiliated market maker trades against customers.
Fanatics Markets vs Kalshi vs Polymarket US
| Fanatics Markets | Kalshi | Polymarket US | |
|---|---|---|---|
| Minimum age | 21 | 18 | 18 |
| States | 22 | Most | Most |
| Fee per contract at 50¢ | 2¢ to buy, 2¢ to sell | 1.75¢ as taker | 1.74¢ as taker |
| Limit orders | No (reported) | Yes | Yes |
| Rewards | FanCash | 3.50% APY | Promo credit |
| Strongest in | Sports | Sports, economics | Politics, sports |
For most traders who can use all three, Kalshi or Polymarket US is cheaper and deeper (Kalshi review; Kalshi vs Polymarket). Fanatics makes sense if you already collect FanCash or want the simplest sports app. Other sportsbook-run prediction markets are compared in DraftKings Predictions and FanDuel Predicts.
Is Fanatics Markets legit?
Yes. It is operated by a CFTC-registered futures commission merchant that is a member of the National Futures Association, and its contracts trade on a CFTC-regulated exchange run by Crypto.com's US derivatives arm. Like every platform offering sports contracts, it operates amid state lawsuits over whether they are gambling; its own risk disclosure says sports contracts are the subject of litigation and that leagues have asked for some contract types to be removed (is Kalshi legal in your state?).
Verdict
Fanatics Markets is a polished, regulated sports trading app with a generous welcome match, held back by its 21+ age limit, 22-state footprint, market-only orders and a fee on both sides of every trade. Good for casual sports fans in the states it serves; serious traders will pay less elsewhere.
Fanatics Markets: frequently asked questions
Is Fanatics Markets legal?
Yes, in the 22 states and four territories where it operates. It is regulated by the CFTC.
What states is Fanatics Markets available in?
Alabama, Alaska, California, Delaware, Florida, Georgia, Hawaii, Idaho, Maine, Minnesota, Mississippi, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Texas and Utah.
How old do you have to be to use Fanatics Markets?
21.
What are Fanatics Markets' fees?
Between $0.00034 and $0.02 per contract, on each buy and sell; 2¢ for prices between 20¢ and 80¢. Card deposits can cost up to 2%.
What is the Fanatics Markets promo?
New users choose either a 14-day daily trade match worth up to $150 or, from 26 October, $500 in FanCash for trading $10,000 within seven days.
Who runs Fanatics Markets?
Fanatics, through Morton St. Trading Investments, a CFTC-registered futures commission merchant, with contracts listed on Crypto.com | Derivatives North America.
