Bryn Mawr native and Fanatics CEO Michael Rubin joined CNBC’s Money Movers to discuss the company’s expanding footprint and confirmed that prediction markets are next on Fanatics’ roadmap.
Rubin said the company will launch its predictions platform in the coming weeks. Fanatics is partnering with Crypto.com to enter what he called one of the fastest-growing areas in the industry.
Rubin argued that Fanatics’ massive customer base gives it a built-in advantage over competitors like DraftKings and FanDuel, noting that the company operates in just 23 states but sees strong demand across the remaining markets. While he acknowledged regulatory uncertainty, Rubin said Fanatics will adapt as rules evolve: “If the regulatory environment says we can do this, we’re going to do it.”
Eisen pressed him on whether the recent NBA betting scandal could undermine industry trust. Rubin offered a contrarian view, saying legalized sports betting is functioning as intended because compliance systems are detecting irregularities that would have gone unnoticed in illegal markets. “You can’t have a business with 1000s of players where there aren’t going to be people who do dumb things,” Rubin said. “What you need is the systems in place to detect these things.”
Rubin emphasized that scandals surfacing now were happening for decades in underground markets—only without oversight.
To learn more about Bryn Mawr’s Michael Rubin’s Fanatics and their foray into prediction markets, visit CSNBC.
