Fanatics Markets

What it is

Fanatics Markets is the event-contract app of Fanatics, the sports merchandise and sportsbook group. Contracts trade between a cent and 99 cents and pay $1 if the outcome happens; the line-up is mostly sports, with economics, crypto, politics, culture and company markets beside it.

It is a broker, and the exchange belongs to somebody else. The site footer, read on 23 October 2026, is the shortest statement of the structure: "Morton St. Trading Investments, LLC, doing business as Fanatics Markets, is a CFTC-registered futures commission merchant and NFA member. Contracts are offered by Fanatics Markets through Crypto.com | Derivatives North America." That exchange is North American Derivatives Exchange, Inc., the former Nadex, which also trades as OG.com Markets and whose rulebook the footer links.

The structure changed once already. Fanatics launched the app on 3 December 2025, in ten states, through Paragon Global Markets, LLC, an introducing broker it had acquired in July 2025 and which traded as Fanatics Markets IB. The FCM customer agreement now describes an "FCM Transition Date" after which accounts that had traded directly on the exchange in the customer's own name are intermediated by Morton St. as FCM and held in an omnibus account at the clearing house. The agreement does not print the date. The IB's terms, effective 22 January 2026, are still published alongside the FCM documents.

An exchange of its own is announced, not built. On 27 July 2026 Fanatics announced an agreement to buy Water Street Labs, LLC, a CFTC-designated contract market, and CX Clearinghouse, L.P., a derivatives clearing organization, from BGC Group, so that it can "directly list and clear" contracts. The release gives no closing date.

How it differs from the sportsbook. Fanatics Sportsbook & Casino is a state-licensed product of an affiliate, FBG Enterprises Opco, and is outside this catalogue. Here you buy an exchange-listed contract against other participants and can sell before the event. The two are linked in one place: under the customer agreement, any self-exclusion, limit or suspension on the sportsbook side is imposed automatically on the Fanatics Markets account as well — a monthly limit set there caps the value of orders placed here.

Availability

22 states and four territories, 21 and over, US residents only. The "Where We're Live" page lists 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. The launch release had named 24 states, including Washington and Wisconsin, which are not on the list today. Read 2026-10-23.

The FCM customer agreement asks for name, US residential address, date of birth, Social Security number, telephone number and citizenship, may ask for a driver's licence or passport, and requires the customer to be at least 21 and of legal age in the state of residence. The risk disclosure ends "Must be 21+ US resident." Location matters too: the disclosure warns that a position opened where the service runs may not be closable from a jurisdiction where it does not, and the agreement lets the FCM restrict an account it believes is being reached from a jurisdiction it has decided to restrict.

The risk disclosure also warns that sports event contracts are under litigation and that court orders, regulatory decisions or legislation could make them unavailable in some places.

Deposit limits, session-time limits, timeouts of 3 to 365 days and self-exclusion of at least a year are set in the app.

Pricing

One fee per contract bought or sold, up to $0.02. The FCM fee disclosure, effective 2 September 2026, charges a "Total Trading Fee of between $0.00034 and $0.02 per contract" on every contract bought or sold, generally highest near 50 cents. Its table reads $0.02 a contract at every price from 20 to 80 cents, falling towards both ends ($0.0188 at 17 cents, $0.014 at 5 cents, $0.0034 at one cent, which is a third of that contract's price). At 50 cents that is 2 cents a contract, 2% of the $1 payout, which is the figure in both fee fields: the disclosure makes no maker-taker distinction. The fee is rounded up to the next cent across the whole order, so a one-contract order can pay a cent where the rate is lower, and it is charged only on orders matched on the exchange and cleared. Buying and then selling pays it twice; holding to settlement pays it once.

The site's own "how to trade" article, dated 31 July 2026 and updated 7 October, gives a different range, $0.0034 to $0.0275 a contract, although it was updated after the disclosure took effect. The fields follow the legal disclosure: it is the FCM's own fee disclosure, carries the full per-price table, and says the fee may change only within its stated range.

Money in and out. Debit card, Apple Pay, PayPal and Venmo deposits can cost up to 2%, disclosed at the time of deposit; ACH deposits are free, and so are withdrawals to a linked payment method. Wires carry no Fanatics fee but have minimums of $1,000 in and $10,000 out. Promotions may waive deposit fees.

FanCash, the group's loyalty currency, can be earned on the app under the Fanatics ONE terms.

Markets & resolution

Fanatics Markets resolves nothing. Every contract is listed by North American Derivatives Exchange, settles under its rulebook and the contract's own specification, and the footer links the exchange's separate specification documents for sports and non-sports contracts. The risk disclosure calls them cash-settled binary options and swaps, fully collateralised: the customer agreement requires margin in dollars covering 100% of the position before an order is accepted.

The navigation lists sports from baseball to sailing and chess, and categories for crypto, politics, culture, the economy and companies, with season-long futures for the NFL, MLB and NBA. Combos are priced by request for quote: the exchange sends the order to liquidity providers, who may answer with prices. Positions can be sold before the event resolves.

The risk disclosure says the FCM is a clearing member of one or more designated contract markets and clearing organizations, and that market makers, some possibly affiliated, may trade against customers.

Integrations

None for a trader. There is no published API or data export; the web app and the iOS and Android apps are the only ways in.

Limitations

• A flat-topped per-contract fee. At $0.02 from 20 to 80 cents, a 25-cent contract pays 8% of its price in fee, and a sale pays it again.
• Two fee ranges on the vendor's own site. The legal disclosure and the "how to trade" article disagree; the disclosure is the one this card follows.
• 22 states, and not the populous sportsbook states. New York, New Jersey, Pennsylvania and Illinois are absent from the list.
• 21 and over, where several broker apps in this category take 18.
• A broker without its own book. Prices, liquidity and settlement are Crypto.com's exchange; the BGC acquisition would change that and has no announced closing date.
• The account history may span two legal structures: direct exchange accounts opened through the introducing broker, then an FCM omnibus account. The agreement does not say when the switch happened.
• Nobody here has funded an account. Everything above is read from the Fanatics Markets legal pages, the FCM customer agreement, fee and risk disclosures, the IB terms and Fanatics' press releases, on 23 October 2026.

Alternatives

FanDuel Predicts and DraftKings Predictions are the other sportsbook operators' event-contract apps, both also routing to Crypto.com's exchange; the sports-operator head-to-head compares that group. Crypto.com Prediction and OG.com reach the same exchange without a broker in between. Kalshi is a directly accessed exchange with a wider state map for non-sports contracts.