Fanatics Introduces Combos on Prediction Market Platform
With the NBA and NHL playoffs underway, Fanatics Markets has launched Combos, a prediction markets experience that's similar to parlay betting.
Combos allow users to combine multiple sports events into a single contract for a greater payout.
Fanatics Markets launches Combos amid busy sports season
The launch of Combos comes as MLB is in full swing, and the NBA and NHL playoffs are underway. There are now contracts available for the games in those leagues across each playoff series. For example, users can use Combos to join the action for a playoff game between the Boston Celtics and Philadelphia 76ers, predicting the Celtics to cover the spread, the total to go over, and the Celtics to win the Eastern Conference.
Currently, Combos are available for basketball, baseball, hockey, soccer, football, boxing, and MMA markets. Fanatics has stated that it plans to add more sports to the Combos market. Users can also create cross-sport Combos, such as an NBA team to cover the spread in a game, an MLB game to hit the over, and a soccer team to win a match.
The Combos are similar to a parlay bet at typical online sportsbooks. It's a risk-and-reward play: more markets included in the Combos will increase the payout, but they'll be harder to win. Every contract in your Combo has to win to pay out.
More Fanatics products on the way
Fanatics plans to unveil more products on its prediction market platform and stated that Combos were a priority because they were the most requested product by its users. The company has been aggressive with its prediction market product, which launched in December of last year. Fanatics is one of the bigger online sportsbooks, and Fanatics Markets is currently available in 24 states.
Fanatics Markets has sports, culture, and finance categories, and after the launch late last year, the Chief Executive Officer of Fanatics Betting and Gaming, Matt King, stated, “For years, Fanatics has given fans new ways to enhance their fandom through team merchandise, collectibles, tickets, gaming, events, and more. Now, with Fanatics Markets, we’re giving fans a safe and intuitive way to engage with the moments that move sports and culture, and to pick a side.”
Joining the fray
Fanatics entered the predictions market industry alongside a couple of other sports betting giants, DraftKings and FanDuel. The prediction market industry is rapidly expanding and quickly becoming a rival of traditional online sportsbooks. However, unlike traditional betting sites regulated by state-run gaming agencies, prediction market companies are federally regulated by the Commodity Futures Trading Commission (CFTC).
Prediction markets have been a recent hot topic, as state gaming officials oppose them, saying they are similar to typical sportsbooks in the bets (contracts) they offer. While the CFTC and major market prediction company Kalshi recently won a court case allowing it to offer its services in New Jersey, Kalshi was banned from operating in Nevada, and a Minnesota initiative proposed banning prediction markets outright in the state.
