Fanatics is reportedly in early discussions with Crypto.com about a joint platform for contracts tied to sports, politics, entertainment and cultural events. The report says no agreement has been reached, and Fanatics has not commented on the proposal.
A potential partnership could bring Fanatics into event-contract trading, subject to regulatory and commercial agreement.
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Underdog filed a federal lawsuit against Connecticut officials after the state Department of Consumer Protection ordered it and eight other companies to stop offering or advertising sports-event contracts and let users withdraw existing funds. The company asked the court to block state enforcement, arguing that federal law gives the Commodity Futures Trading Commission authority over its event contracts; Connecticut officials say the contracts breach state gaming rules.
The US Court of Appeals for the Ninth Circuit ruled unanimously for the Blue Lake Rancheria Indians and the Chicken Ranch Rancheria of the Me-Wuk Indians in their dispute with Kalshi and Robinhood. The court found the tribes had valid grounds to argue that Kalshi’s sports-event contracts could violate their rights under federal law; it sent the case back to the lower court and did not order Kalshi to stop offering contracts in California.
Joe Webster, a partner with Hobbs Strauss, expects the US Supreme Court ultimately to resolve sports event contract disputes. Webster said some 80 cases had been filed across state and federal courts, with about 85% of decisions going against prediction markets.
Robinhood reported $156m in revenue from event contracts in the second quarter of 2026, more than ten times the figure for the same period in 2025. The company also recorded 13.6 billion event-contract volumes during the quarter and said its Rothera exchange and clearing house, authorised by the CFTC, had passed 3.5 billion contracts traded. The report said Robinhood had not indicated that prediction markets were available to European users.
It was reported that Judge Katherine Menendez blocked Minnesota’s planned ban on most event contracts. Former senator Chris Dodd disputed the ruling’s interpretation of a rule he said should prohibit sports contracts.