Fanatics Markets: States, Fees, FanCash and How It Works

Fanatics Markets is the prediction market of Fanatics, where adults aged 21 or over trade yes/no event contracts on sports, politics, the economy, crypto and culture. It debuted in December 2025 and, since 2 September 2026, sits inside the single Fanatics Sports & Casino app. As of October 2026 it is live in 22 states and four US territories. Contracts are offered through Crypto.com | Derivatives North America, although Fanatics agreed in July 2026 to buy its own exchange. This page is information only.

Prediction markets are regulated by the Commodity Futures Trading Commission (CFTC), and sports contracts are the subject of a live legal fight between federal and state authorities. For the wider picture, see our prediction markets hub. If gambling or trading is causing harm, call or text 1-800-MY-RESET, the free national helpline.

Who runs and regulates Fanatics Markets?

Fanatics Markets is the trading name of Morton St. Trading Investments, LLC, a CFTC-registered futures commission merchant (FCM) and member of the National Futures Association (NFA). A sister company, Paragon Global Markets, LLC (Fanatics Markets IB), is a CFTC-registered introducing broker. The contracts are listed on North American Derivatives Exchange, Inc., trading as Crypto.com | Derivatives North America (CDNA), a designated contract market (DCM) whose rules apply to every trade.

The ownership of the exchange is about to change. On 27 July 2026 Fanatics and BGC Group announced an agreement for Fanatics to acquire Water Street Labs, LLC, a CFTC-registered DCM, and CX Clearinghouse, L.P., a CFTC-registered derivatives clearing organisation. Fanatics said the deal would let it list and clear its own markets. On 25 October 2026, however, the Fanatics Markets site still stated that contracts are offered through CDNA, so treat the move to Fanatics’ own exchange as announced, not finished.

How does Fanatics Markets differ from Fanatics Sportsbook?

Fanatics Sportsbook is a state-licensed sportsbook that sets its own odds, live in 23 states plus Washington, DC. Fanatics Markets is a CFTC-regulated exchange product where traders set prices and Fanatics charges a per-contract fee. Unusually, both require age 21: rivals DraftKings and FanDuel open their prediction markets at 18, but Fanatics’ own release states “Must be 21+” for Markets.

Since 2 September 2026 both products, plus Fanatics Casino in Michigan, New Jersey, Pennsylvania and West Virginia, live in one app with one account and one FanCash balance. The app shows the product your location allows. The Fanatics tech terms add a detail on money flow: deposits made into the Markets wallet are first used for CDNA contracts, and once returned from trading they can be used across the sportsbook and casino too. US readers comparing licensed sportsbooks can use our guide to where sports betting is legal.

Where is Fanatics Markets available?

On 25 October 2026 Fanatics’ availability page listed 22 states: 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. It also covers four territories: American Samoa, Guam, Puerto Rico and the US Virgin Islands. Every other state is excluded.

The list has shrunk slightly: Fanatics’ July 2026 release said 23 states, and by its September release the figure was 22. Large markets such as New York, Illinois, Ohio, Michigan, Arizona and Nevada are not on the list; several of them are in active disputes with prediction market operators. You must be physically located in a listed state or territory to trade.

How do you open an account?

Fanatics describes a three-step process: create an account with your email, add funds by card or bank, then trade. Because it is a regulated brokerage account, you will also complete identity checks before the first trade.

1. Download Fanatics Sports & Casino on iOS or Android, or use fanaticsmarkets.com on the web.
2. Sign up and confirm you are 21 or over and located in an eligible state.
3. Pass identity verification and accept the FCM customer agreement and risk disclosures.
4. Deposit (ACH is free; card and wallet deposits can carry a fee, see below).
5. Open a market, read its rules, choose Yes or No and a number of contracts, and confirm after checking cost and fees.

What are the fees on Fanatics Markets? A worked example

Fanatics’ fee disclosure, effective 2 September 2026, sets a “Total Trading Fee” of between $0.00034 and $0.02 per contract, charged only on matched orders. The fee peaks at $0.02 for contracts priced from $0.20 to $0.80 and tapers towards the extremes. Each order’s fee is rounded up to the next whole cent, so a one-contract order can cost a $0.01 minimum.

A worked example with our own illustrative prices. You buy 40 Yes contracts at $0.25.

• Cost: 40 × $0.25 = $10.00, plus 40 × $0.02 = $0.80 in fees: $10.80 in total.
• If Yes wins: 40 × $1 = $40.00 is paid, a profit of $29.20.
• If No wins: you lose $10.80, the most you can lose.
• Break-even: $10.80 ÷ $40.00 = 27%, so you need a true chance above 27%, not the 25% shown.

Deposit and withdrawal costs: ACH deposits are free; debit card, Apple Pay, PayPal and Venmo deposits may carry a fee of up to 2%, disclosed at deposit; withdrawals to your payment methods are free. Wires are possible only for deposits of $1,000 or more and withdrawals of $10,000 or more. One discrepancy is worth knowing: Fanatics’ own “How to trade” article quotes a fee range of $0.0034 to $0.0275, which differs from the legal disclosure. The disclosure is the binding document, and the app shows the exact fee before you confirm. Our guide to odds and implied probability explains the break-even maths in more depth.

What is the Fanatics Markets welcome offer?

On 25 October 2026 Fanatics’ New Customer Rewards page offered new customers a choice of two FanCash offers, available to people who sign up between 28 September and 15 November 2026. We hold no Fanatics promo code and are not paid for sign-ups.

• Up to $150 FanCash over 14 days: Fanatics matches your first trade in each 24-hour day with FanCash, rising from $2.50 on day 1 to $25 on day 14. Only trades priced at $0.90 or below qualify.
• Or $500 FanCash: for trading $10,000 or more in cumulative cash trades within seven days of sign-up, with every qualifying trade priced at $0.70 or lower.

Run the numbers on the $500 option. At an average price of $0.60, $10,000 buys about 16,667 contracts. At $0.02 each, fees come to about $333, so the net value is roughly $167 before any trading gains or losses, and you have pushed $10,000 through the market in a week. FanCash is a loyalty currency, not cash: it can be spent on future trades and across Fanatics (merchandise, tickets, collectibles). Our guide to how bonus terms work covers why volume-based offers cost more than they first appear.

What can you trade, and what else is in the app?

Markets on 25 October 2026 covered American football, baseball, basketball, hockey, soccer, tennis, golf, motorsport, fighting, esports, chess, table tennis and sailing, alongside politics, economy, crypto, culture and climate. Contract types include moneylines, spreads, totals, player props and season futures.

• Combos: several picks stacked into one position; pricing comes through a request-for-quote process in which liquidity providers respond to your order.
• FanCash on every trade: earned win or lose through the Fanatics ONE loyalty programme.
• Multi View and FanViz: up to eight live order-book screens side by side, plus live play-by-play visualisations.
• Safer trading tools: deposit and session limits, a timeout of 3 to 365 days, and self-exclusion for one year, five years or life.

Is Fanatics Markets legal?

Fanatics Markets is federally regulated, but sports contracts face state challenges. The Third Circuit backed Kalshi against New Jersey on 6 April 2026; the Ninth Circuit (Nevada, filed 28 August 2026) and the Sixth Circuit (Ohio and Tennessee, 25 September 2026) held that states may apply gambling law to sports contracts. New Jersey’s Supreme Court petition, No. 26-299, filed 2 September 2026, was pending on 25 October 2026, with Kalshi’s response due 9 November.

Fanatics’ narrow 22-state list keeps it out of most of the states that are suing. Its 21+ age rule also sidesteps the 18 versus 21 argument raised against rivals.

Pros and cons

Fanatics Markets vs DraftKings Predictions vs FanDuel Predicts

Those who want sports picks without exchange mechanics can compare pick’em operators such as Underdog, or read how social and sweepstakes sportsbooks differ from CFTC products.

Frequently asked questions

Is Fanatics Markets legal in my state?

Fanatics Markets operates in 22 states and four territories listed on its availability page, including California, Texas, Florida and Georgia. It is not offered in the other 28 states, such as New York, Illinois or Ohio. You must be physically inside an eligible state to trade.

How old do you have to be for Fanatics Markets?

You must be 21 or older. Fanatics states “Must be 21+” for Markets, which is stricter than DraftKings Predictions and FanDuel Predicts, both of which accept customers from age 18.

Who owns the exchange behind Fanatics Markets?

On 25 October 2026 contracts were offered through Crypto.com | Derivatives North America. Fanatics agreed on 27 July 2026 to buy Water Street Labs, a CFTC-registered exchange, and CX Clearinghouse from BGC, which would give it its own exchange and clearing house.

What fees does Fanatics Markets charge?

Between $0.00034 and $0.02 per contract on matched orders, highest from $0.20 to $0.80 and lower near $0.01 or $0.99. ACH deposits and all withdrawals are free; debit card, Apple Pay, PayPal and Venmo deposits can cost up to 2%.

Is there a Fanatics Markets promo code?

We do not have one. On 25 October 2026 Fanatics offered new sign-ups either up to $150 in FanCash matched over 14 days or $500 in FanCash for trading $10,000 within seven days, for accounts opened between 28 September and 15 November 2026.

Is Fanatics Markets part of the Fanatics Sportsbook app?

Yes. Since 2 September 2026 Fanatics Markets, Fanatics Sportsbook and Fanatics Casino share one app, Fanatics Sports & Casino, with one account and FanCash balance; the app shows whichever product your location allows.