Kalshi vs Fanatics
Fanatics Sportsbook launched in 2023 with aggressive new-user pricing and is now operating in 20+ states. Often boosts home-team moneylines.
Platform profiles at a glance
Founding, scale, regulation, fees, payments — both venues side-by-side. Updated 2025-Q4 from public filings, official sites, and third-party trackers.
Feature-by-feature comparison
| Dimension | Kalshi | Fanatics |
|---|---|---|
| Category | prediction market | sportsbook |
| Founded | 2018 | 2023 |
| Headquarters | New York, NY | Boca Raton, FL |
| Regulator | Commodity Futures Trading Commission (CFTC) | State gaming commissions |
| States available | All 50 US states | 20+ US states |
| Monthly volume | ~$200M+ (sports + politics combined, peaks during major events) | Handle ~$300–500M/month (rapid growth) |
| Annual volume | $1B+ (2024 — driven by ~$430M on the US presidential market alone) | ~$5B+ annual handle 2025 (projected) |
| Total raised | $50M+ across Series A–C | Fanatics Inc. has raised $4B+ in venture (multiple rounds) |
| Reported valuation | ~$2B (reported, 2025) | Fanatics Inc. valued at $31B (Dec 2022 round) |
| Parent company | Independent | Fanatics Inc. (private) |
| Public ticker | Private | Private |
| Fee structure | 0.07% per side, capped at 7¢/contract; 2¢ near 50% probability | Vig ~4–5%; aggressive boosts and odds-improvement on home-team bets |
| Min position | $0.01 (1 contract × $0.01–$0.99 YES/NO) | $0.50 minimum bet |
| Max position | Limited only by orderbook depth — no per-user account caps | Generous during growth phase; limits expected to tighten over time |
| Settlement | USD | USD |
| Withdrawal | 1–3 business days via ACH; same-day for wire | 1–3 business days ACH; same-day for some methods |
| Payments | ACH (Plaid), Debit card, Wire transfer (high-volume) | ACH, Debit card, PayPal (+2 more) |
| Mobile apps | iOS (App Store), Android (Google Play) | iOS, Android |
| Product categories | Sports, Politics, Climate, Economics (+2 more) | Sports betting, Tied to Fanatics merch + tickets (FanCash loyalty) |
Use Kalshi when…
- US users in states where sportsbooks aren't licensed (CA, TX, HI)
- Sharp users who get limited at FanDuel/DraftKings
- Anyone who wants no-vig pricing on championship/MVP/season-long markets
- Traders who want to short an outcome (sell YES) without needing to find the opposite-side book
Use Fanatics when…
- Fans who already shop at Fanatics + want loyalty rollover
- New-user promo seekers (frequent boost/match offers)
- Sharps who've been limited at DK/FD and want a temporary home
FAQ: Kalshi vs Fanatics
Is Fanatics worth tracking against Kalshi?
Yes — Fanatics's home-team boosts often create the cheapest book on the home side, while Kalshi sets a market-driven price. That gap is one of the more reliable buy-edges SportsBookISH flags.
Sources and further reading
All figures best-effort as of 2025-Q4. Funding, valuations, and volume are sourced from public filings, official communications, and third-party trackers (Crunchbase, Wikipedia). Re-verify against primary sources before quoting in compliance-sensitive contexts.
See live Kalshi vs Fanatics edges
Browse every active game across NBA, MLB, NHL, EPL, MLS and golf. No card required.