The numbers
A New York federal judge has dismissed a class-action lawsuit against Fanatics, a leading player in the sports merchandise and trading card market, which alleged that the company engaged in market manipulation. The lawsuit claimed that Fanatics conspired with Major League Baseball (MLB) and other leagues to create a monopoly on trading card licenses, a move that could have significant implications for collectors and investors alike.
The lawsuit was particularly focused on Fanatics’ acquisition of Topps in early 2022, a company that has held an exclusive MLB license since 2009. At the time of the lawsuit, Panini held exclusive licenses for the NBA and NFL, creating a competitive landscape that the plaintiffs argued was being undermined by Fanatics’ actions. “We said from the start that this was a baseless and fundamentally flawed lawsuit, since Fanatics was being accused of raising prices on cards we didn’t even produce,” stated a spokesperson for Fanatics.
The court’s ruling dismissed the case without prejudice, allowing plaintiffs the opportunity to refile their claims within three weeks. The judge concluded that the plaintiffs did not have standing to sue, a decision that was welcomed by Fanatics. “The court agreed and ruled that the plaintiffs did not even have standing to sue,” the spokesperson added, emphasizing the company’s position that the claims were unfounded.
As Fanatics continues to expand its influence in the trading card market, it is also making strides in the sports betting arena. The company is currently promoting a sportsbook offer that allows new users to bet $5 and receive $200 in FanCash, a promotional currency that cannot be withdrawn but can be used for betting or purchasing merchandise. This promotion is available in several states, including Arizona, Colorado, and Connecticut, and is particularly timely as the Elite Eight games of March Madness approach on March 28 and 29, 2026.
During this promotional period, users can earn up to $1,000 in FanCash over ten days, with a maximum daily bet match of $100. However, it is important to note that the FanCash expires seven days from issuance, adding a layer of urgency for users to engage with the platform. “Fanatics will match your stake every day for ten days,” the promotional materials state, highlighting the company’s aggressive marketing strategy.
In addition to these developments, Topps has recently taken over the NBA license and is set to assume the NFL license on April 1, further consolidating its position in the trading card market. This shift in licensing dynamics underscores the competitive landscape that Fanatics is navigating as it seeks to establish itself as a dominant force in both trading cards and sports betting.
As the dust settles from the lawsuit dismissal, observers are keenly watching how Fanatics will leverage its position in the market moving forward. With the potential for plaintiffs to refile their lawsuit, the situation remains fluid, and details remain unconfirmed regarding any further legal challenges that may arise.
