This Fanatics company profile covers the company's valuation, revenue, funding rounds, investors and history. Fanatics works in consumer, with a focus on sports merchandise, collectibles and betting. It was founded in 1995 and is headquartered in New York, New York, United States. Its latest valuation on record is US$31 billion (December 2022). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Dec 2022 | Equity round | About US$700M | US$31B | Clearlake Capital (lead) | Fanatics (citing The Wall Street Journal) |
| Mar 2022 | Equity round | US$1.5B | US$27B | See source | DefiLlama |
| Aug 2021 | Equity round | US$325M | US$18B | See source | SportBusiness |
Fanatics timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 1995 — Fanatics is founded in New York by Alan Trager and Mitch Trager; led since 2011 by Michael Rubin (CEO).
- Aug 2021 — Equity round: US$325M, valuing the company at US$18B.
- Mar 2022 — Equity round: US$1.5B, valuing the company at US$27B.
- Dec 2022 — Equity round: About US$700M, valuing the company at US$31B. Investors: Clearlake Capital (lead).
Investors
Overview
Fanatics is one of the world's largest sports businesses. It sells licensed jerseys, hats and fan gear for professional and college teams, runs the online stores of leagues and teams, manufactures merchandise, owns the trading card maker Topps, and operates a sports betting and online casino business. Fans who buy a team shirt online, open a pack of baseball cards or place a bet on a game may well be dealing with Fanatics. The company describes its aim as building a "digital sports platform" that connects all of these experiences, using fan data and loyalty rewards across businesses.
Fanatics began in 1995 as Football Fanatics, a sports apparel store in Jacksonville, Florida, founded by brothers Alan and Mitch Trager. In 2011 it merged with GSI Commerce, the e-commerce company founded by Michael Rubin, who took control of Fanatics and has led it as CEO since. Rubin transformed it from a retailer into a vertically integrated manufacturer and licensee with long-term deals with the major US sports leagues. The company's headquarters are in New York, with major operations in Jacksonville and elsewhere.
Businesses
- Fanatics Commerce: licensed sports merchandise, online stores for leagues and teams, in-venue retail and manufacturing, including the Mitchell & Ness brand.
- Fanatics Collectibles: trading cards and memorabilia, including Topps, acquired in 2022, with exclusive card rights for major US leagues phasing in from the mid-2020s.
- Fanatics Betting & Gaming: an online sportsbook and casino operating in many US states, expanded through the 2024 acquisition of PointsBet's US business.
- Fanatics Live and events: live-streamed card breaking and shopping, and fan festivals such as Fanatics Fest.
Funding and valuation
Fanatics has raised billions of dollars from investors including SoftBank Vision Fund, Silver Lake, Fidelity, Blackstone and Neuberger Berman, along with leagues and players' associations. In August 2021 it raised US$325 million at an US$18 billion valuation. In March 2022 it raised US$1.5 billion at US$27 billion. In December 2022 it raised about US$700 million at a US$31 billion valuation, led by Clearlake Capital, according to The Wall Street Journal. We haven't found a newer priced round; some secondary market commentary has suggested lower values since, so the 2022 figure should be treated as historical.
Business model
Fanatics earns revenue from selling merchandise, from operating e-commerce and retail for partners, from trading cards and collectibles, and from betting and gaming. Its long-term licensing agreements with leagues give it exclusive or preferred rights to produce and sell products, which is a significant competitive advantage. The company doesn't publish audited financials, so we show revenue as not disclosed; press reports have described annual revenue in the billions of dollars.
Competition
In merchandise, Fanatics competes with Nike, Adidas, sporting goods retailers and Amazon, though it often partners with Nike as a manufacturer and distributor. In trading cards, its main rival is Panini, with which it has been in legal disputes over licensing. In betting, it competes with FanDuel, DraftKings, BetMGM and Caesars, which have much larger market shares. In live shopping and collectibles, platforms like Whatnot compete for collectors' attention.
Fanatics at a glance
Fanatics is a New York-headquartered sports company founded in 1995 and led since 2011 by Michael Rubin. It operates licensed merchandise, Topps trading cards, sports betting and events businesses. It raised about US$700 million at a US$31 billion valuation in December 2022, led by Clearlake Capital.
Timeline
- 1995: founded as Football Fanatics in Jacksonville.
- 2011: merges with GSI Commerce; Michael Rubin takes control.
- 2021: raises at US$18 billion and wins exclusive trading card deals with major leagues.
- 2022: acquires Topps; raises at US$27 billion and then US$31 billion.
- 2023: launches its sportsbook.
- 2024: acquires PointsBet's US business.
The trading card boom
Sports trading cards experienced a huge surge in popularity during the pandemic, with rare cards selling for millions of dollars and "card breaking", opening packs live online, becoming a popular form of entertainment. Fanatics moved aggressively to secure exclusive licences, ending decades-long relationships between leagues and established card makers. Collectibles offer high margins and strong fan engagement, and they connect naturally with Fanatics' commerce and live shopping businesses.
Sports betting in the US
After the US Supreme Court struck down the federal ban on sports betting in 2018, states began legalising it, creating one of the fastest-growing consumer markets in the country. Market leaders built large customer bases with heavy marketing spending. Fanatics entered late, betting that its huge database of sports fans and its loyalty programme would help it acquire customers more cheaply. Betting is highly regulated, competitive and capital-intensive, and it has become an important part of Fanatics' growth story.
Who buys from Fanatics
Fanatics serves tens of millions of sports fans, from casual buyers of team gear to serious card collectors and bettors. Leagues, teams and universities are also its partners and customers, relying on it to run their merchandise operations.
Risks
- Licence dependence: its businesses depend on long-term league agreements.
- Betting competition: established sportsbooks have far larger market shares.
- Collectibles cycles: trading card demand can cool after booms.
- Stale valuation: its last round dates from 2022.
Questions for analysts
- How profitable is each business line, and how much is betting costing to grow?
- How durable are the exclusive league licences?
- Would an IPO value the company above its 2022 private mark?
Fanatics has said it intends to remain focused on building its businesses, with an IPO a possibility in the future.
Latest developments (October 2026)
Fanatics has not announced a new priced round since December 2022, when it was valued at US$31 billion. It continues to expand in sports merchandise, trading cards and online sports betting, and remains in legal disputes with card maker Panini over trading card licensing. The 2022 valuation should be read as dated; Fanatics has said it intends to go public eventually but has set no timetable.
What to watch
Watch for IPO plans, betting market share, trading card performance under exclusive licences, and any new funding. Our guide to the largest private companies in the world puts Fanatics in context.
Takeaways
Sports fans encounter Fanatics across merchandise, cards and betting. Founders can see how exclusive licensing creates powerful advantages. Investors should note its last valuation is from 2022.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Fanatics do?
Fanatics is a consumer / sports merchandise, collectibles and betting company headquartered in New York, New York, United States. It was founded in 1995.
What is Fanatics's valuation?
Fanatics was valued at US$31 billion as of December 2022, according to Fanatics (citing The Wall Street Journal). Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Fanatics make?
Fanatics is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Fanatics's latest funding round?
The most recent financing we have verified is a equity round in Dec 2022: About US$700M, at a valuation of US$31B. Source: Fanatics (citing The Wall Street Journal).
Who are Fanatics's investors?
Investors named in public announcements include Clearlake Capital, SoftBank Vision Fund, Silver Lake, Fidelity, Blackstone and Neuberger Berman.
Who founded Fanatics?
Fanatics was founded in 1995 by Alan Trager and Mitch Trager; led since 2011 by Michael Rubin (CEO).
Is Fanatics a public company?
No. Fanatics is a private company (private, venture and private equity backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Fanatics headquartered?
Fanatics is headquartered in New York, New York, United States.