Fanatics vs. Kalshi
Jan-Erik Asplund
TL;DR: After counting on its sportsbook to drive its next phase of growth, Fanatics is delivering, with betting & prediction markets growing to 7% of revenue in 2025 as it builds toward a vertically integrated sports platform that can bundle merchandise, collectibles, and gaming. Sacra estimates Fanatics hit $9.6B in revenue in 2025, up 19% YoY from $8.1B in 2024. For more, check out our full report and dataset on Fanatics.
We first covered Fanatics in March 2025 at $8.1B in 2024 revenue, up 15% YoY, as the company was counting on its nascent sportsbook to drive its next phase of growth.
Key points from our April 2026 update via Sacra AI:
- With Commerce falling from 77% to ~70% of revenue ($6.7B), Collectibles growing from 20% to ~23% ($2.25B) on the back of activated NBA & NFL licenses, and Gaming (sportsbook & prediction markets) doubling from 3% to ~7% ($650M), Fanatics is transitioning from a merch-first retailer into a multi-vertical sports platform where trading cards and betting sit alongside jerseys as co-equal growth lines.
- Sacra estimates Fanatics generated about $9.6B in 2025 revenue, up 19% year-over-year from $8.1B in 2024, valued at $33.5B by Fidelity as of November 2025 for a 3.5x revenue multiple—compared to DraftKings (NASDAQ: DKNG), at $6B in 2025 revenue, up 27% YoY, valued at $11B for a ~1.8x revenue multiple, and FanDuel owner Flutter (NYSE: FLUT), at $16.4B in 2025 revenue, up 17% YoY, valued at $18.5B for a 1.1x revenue multiple.
- With only $1B (8%) of revenue outside the U.S., Fanatics is making international expansion its next biggest target using collectibles as the wedge, launching trading cards for the Premier League and national teams (England, Brazil, Germany, Italy) as well as F1, acquiring live streaming commerce platform Voggt to own trading cards in France & Germany, opening a London-based trading-card store, and running exclusive on-site retail for the 2026 FIFA World Cup.
For more, check out this other research from our platform:
- Fanatics (dataset)
- Fanatics at $8.1B
- Scott Sillcox, sports licensing consultant, on the economics of Fanatics' contracts
- Gen Z degen economy
- $24M/year FanDuel for prediction markets
- Shein (dataset)
- Kurush Dubash, CEO of Dome, on unified API for prediction markets
- Sean Frank, CEO of Ridge, on the state of ecommerce post-COVID
- ShipBob: TikTok's $500M/year fulfillment arm
- Rokt: the $480M/year ad network behind Uber & Lyft
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