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A Fanatic’s Notes

Michael Rubin explains how his $31 billion company evolved from an e-commerce merchandiser into the third-largest sportsbook in the U.S., and why he’s in “no rush” for an exit.

Michael Rubin
"Gambling is a great business. Now the question is: Does it fit for us, with a big brand and a big customer base? I think we were probably the most logical person to get in the business," says Fanatics founder and C.E.O. Michael Rubin. Photo: Bryan Bedder/Getty Images for Puck
William D. Cohan
October 27, 2025

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A few weeks ago, at Puck’s In the Arena sports conference at The Spiral in New York City, Fanatics founder and C.E.O. Michael Rubin joined Michael Nathanson and me for a candid conversation about his $31 billion digital sports juggernaut and the next frontier of the business. Rubin reflected on how he reinvented the fan merchandise industry, expanded into collectibles and sports betting, and why he’s going all in on live events, from Fanatics Fest to teaming up with Tom Brady for the Fanatics Flag Football Classic in Saudi Arabia. He also addressed the competition with DraftKings and FanDuel, and why “you’re not smart” if you gamble on sports anywhere besides Fanatics. And of course, I asked him about the long-rumored Fanatics I.P.O. As always, this conversation has been slightly edited for length and clarity.