Prediction markets are extremely popular right now, which is why I knew it was time to do some research and write up my Fanatics Markets review. While you should do your own due diligence, this review will save you time.
In just moments, you’ll learn how this prediction site works, what types of prediction markets are available, what types of payment options you can use, and much more. Overall, I think this is a polished site from a reputable brand, though I did find some areas that need improvement. Read on to get all the details…
Facts
How does Fanatics Markets work?
Before we jump into my review, I wanted to give you a quick overview of the site. This platform lets you trade event contracts in a variety of prediction markets. Let me break that down for you:
What is an event contract?
This is a binary contract that’s priced between $0.01 and $0.99, with the price of each contract roughly equivalent to the implied probability of an event happening.
For example, the question might be whether the Atlanta Braves or the San Diego Padres will win a baseball game. If the “Yes, the Braves will win” contract is priced at $0.71 and the “Padres will win” contract is priced at $0.29, that suggests that the market thinks there is a 71% chance the Braves will win.
What you do is purchase the event contract with your predicted outcome. If you’re incorrect, the contract you purchase settles at $0, and you get nothing. If your prediction is correct, your contract settles at $1, with your profit for each contract being $1 minus the price of the contract when you purchased it, minus the trading fees. For example, if you purchased the” Padres will win” contract at $0.29 and you’re correct, you’d get $0.71 for every correct event contract you purchased, minus fees.
What are the fees?
The fees range from $0.0034 and $0.0275 per event contract trade, with contracts priced near $0.50 having the highest fees. You’ll want to check the full fee schedule on the site for more information.
What is a prediction market?
Here’s what a prediction market is: These are the different markets where you can make your predictions and purchase event contracts. Fanatics Markets includes predictions across categories such as sports, politics, culture, crypto, and economics, with climate options coming soon. Note that the markets you see may vary depending on where you’re located.
Now with that explanation out of the way, let’s jump into my Fanatics Markets review…
Are newcomers offered a welcome bonus?
Yes, you can collect a bonus with no Fanatics Markets promo code required. New traders who create and verify their account get the opportunity to collect up to $170 in FanCash (Fanatics’ reward currency) by trading daily during their first 10 days on the site. On day #1 you’re capped at collecting $5 in FanCash, with the caps increasing daily until you reach day #10, where you can collect up to $35 when the brand provides a match to your first trade of the day.
This brand’s bonus is a bit different since it’s spread out over 10 days. For example, if you’ve read this Kalshi review, then you know the platform offers bonuses such as “trade $10, get $10,” or randomized bonuses that you get in one shot rather than over time. However, I like the 10-day window, as it allows traders to fully explore the site while collecting FanCash matching bonuses.
Read more about Fanatics Markets
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Put your predictions in motion at Fanatics Markets
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Trade predictions anytime with Fanatics Markets
Does Fanatics Markets offer a VIP or loyalty program?
Yes. The loyalty program is called Fanatics ONE, and the program is accessible across all of the brand’s websites and businesses. Users can collect FanCash in multiple ways, such as the welcome bonus mentioned above, and then they can redeem this rewards currency on merchandise, sports bets, future trades, and other rewards.
This loyalty program consists of five tiers, and you need to collect points to move up the loyalty ladder. You’ll collect from 2.5 to 15 Tier Points for every $100 in event contracts you trade, with the variable points depending on the price of the contracts. Take note that there are other ways to collect Tier Points across the brand’s business. You’ll need 1,000 Tier Points to move from the first to the second tier, and as you climb upwards your rewards will get bigger and better.
My opinion? I like the transparency, I appreciate that there are multiple ways to collect Tier Points, and I like being able to redeem the rewards currency on real-world experiences and products, as well as for future trades.
Now let’s turn our attention to the site itself…
Review of Fanatic Markets’ website
Overall, this is a polished looking and user-friendly site with a thoughtful layout. At the top of the page you’ll find the trending prediction markets, as well as the categories available such as sports, crypto, politics and so on. Your account info will be up top, and the trending/popular markets will appear in the middle of your screen, at least until you tap another category.
Buying a contract is easy, as all you need to do is tap the contract you want to purchase, enter the quantity you want, and tap the “Buy” button. You can set your slippage tolerance in case the contract pricing changes as your order fulfills. Note that you can only place market orders on the site, not limit orders. This means all trades execute immediately at the current price that’s available.
Overall, if you’ve traded in event contracts on other sites, then this one should feel familiar. If you’re new to this platform, it will only take you a few minutes to familiarize yourself with it, since everything is easy to find directly from the homepage. And that brings us to the next question…
Does Fanatics Markets offer an app?
Yes, the brand offers both an Android app and an iPhone app, which you can find in the Google Play and Apple store, respectively. The app itself has a great user-friendly layout and it looks sleek and polished. However, I had issues with the Android app being a little glitchy, such as getting errors on my location. A quick glance at the Fanatics Markets app reviews in the app store shows that others are experiencing the same problem, and the app is rated at 3.7/5 currently.
I suspect the next version of the app will resolve these issues. My recommendation is to skip the app for now and use the website until the next app version comes out.
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Get the Fanatics Markets app and start trading
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Trade outcomes smarter with Fanatics Markets
Review of Fanatics Markets payment options
The current deposit methods available include debit cards, Apple Pay, online banking, and wire transfer. It’s important to note that the site does NOT accept credit cards at the current time. Note that all debit card and Apple Pay transactions may incur up to a 2% fee. Most transactions process instantly, with the exception of a bank wire that may take one to three business days.
Your withdrawal options include an online bank transfer, which is the default if you didn’t save a payment method while making a payment. Otherwise, you can withdraw to your debit card if you saved the payment info. Online banking withdrawals take three to five days, while debit card transactions take two to three days. There aren’t any fees associated with the withdrawals.
Overall, these are solid options, as most people will be able to use one of the methods. Nonetheless, I’d like to see additional options available, and ideally there wouldn’t be any transaction fees. For example, if you’ve read the DraftKings Predict review, then you know they have more payment options, including Venmo and PayPal.
If you have any issues with payments, you can contact customer support. Which brings us to the next part of my Fanatics Markets review…
Fanatics Markets customer service: is anyone out there?
This brand has a nice collection of searchable and browseable FAQs organized by topics inside their “Support” section, which will likely answer your basic questions. If you have a question that requires human help, you can reach out to support using the provided contact form. When you submit your form, you’ll be notified that it takes 24 to 48 hours to get a reply back, though when I asked a question I got the answer back the same day (around 10 hours later).
Overall, both the extensive FAQs collection and the human support were both helpful. However, I would like to see live support offered via online chat or even over the phone so that users can get quicker replies.
And that brings us to the next part of my review, where we take a look at whether this is the type of site you’ll want to join. Spoiler alert, it is. Read on for the longer answer…
Oversight and security: is Fanatics Markets legit?
Yes, this platform is legit. Fanatics is a well-known company that runs multiple businesses and sites under the Fanatics branding including sites related to licensed merchandise, sports betting, sports collectibles and more. Fanatics Markets falls under this reputable umbrella, and separately it’s powered by Crypto.com | Derivatives North America (CDNA), which is federally regulated by the Commodities Futures Trading Commission (CFTC).
In addition to being compliant with federal and state regulations, this platform is also highly secure and employs advanced encryption technologies to keep your data safe. Moreover, the company works with reputable third-party providers, such as payment gateways, which also employ the same high-level tech to keep your account secure. So, yes, Fanatics Markets is safe and legit.
Wrapping up this Fanatics Markets review…
I’ve spent some time trading on other prediction markets sites, so I can say from experience that this brand is a very solid entry into the market. I like the peace of mind in knowing that the brand is well-regarded across the internet, and that the trading platform is regulated by the federal government. The welcome bonus is a nice touch, and I found it easy to find prediction markets and execute trades, with fees being similar to other platforms. I would like to see live chat support and an upgraded app, but other than that, I like this platform.
When you’re ready to join, all you have to do is tap the Fanatics Markets banner on this page to get started!
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Fanatics Markets prediction markets FAQs
- 🇺🇲 Who is eligible to join?
You must be at least 21 years old and a U.S. resident. Take note that the service is available in 20+ states, but different states have different limitations on how you can use the site. As such, be sure to read the terms to verify your own eligibility,
- ⌛ How quickly do event contracts settle after an event ends?
Fanatics Markets prediction markets contracts settle immediately after an event ends and the outcome is officially confirmed, and the money will appear in your account shortly thereafter (usually within the hour).
- 💯 Which prediction markets are popular?
Big events such as NFL prediction markets, presidential elections, pop culture events (like movie awards) and similar tend to be very popular with high liquidity.