The Short Answer
- After April 2026, Fanatics holds exclusive licenses to NBA, NFL, MLB, Premier League, F1, and WWE cards.
- Exclusive licensing alone is not automatically an antitrust violation — it must cause consumer harm.
- The relevant market definition is contested: sports cards, or all collectibles?
- Collectors may face higher prices and fewer choices even without a legally provable monopoly.
The License Map: What Fanatics Controls
Through its 2022 acquisition of Topps and subsequent deals with leagues and player unions, Fanatics has secured exclusive trading card rights across virtually every major North American sport:
- MLB / MLBPA — acquired via Topps (2022)
- NBA / NBPA — effective October 2025
- NFL / NFLPA — effective April 2026
- Premier League, F1, WWE — also under Fanatics
After April 2026, Panini — the former NBA and NFL license holder — has no major U.S. sports card license. That level of consolidation is unprecedented.
What Makes a Monopoly Under Antitrust Law
Under U.S. antitrust law (Sherman Act, Section 2), a monopoly is not illegal per se. What is illegal is monopolization — acquiring or maintaining monopoly power through anticompetitive conduct, and using that power to harm consumers. The key questions courts ask:
- Does the defendant have monopoly power in a defined relevant market?
- Did the defendant willfully acquire or maintain that power?
- Did consumers suffer antitrust injury (higher prices, reduced quality, less choice)?
Evidence of Consumer Harm
Collectors point to several potential harms:
- Higher product prices — less competition means less pricing pressure on boxes and packs.
- Reduced product variety — with one manufacturer per sport, design diversity shrinks.
- Less innovation — no competitive pressure to improve card technology or chase sets.
- Vertical integration risks — Fanatics also owns retail (Fanatics.com), breaking, and live commerce, creating potential conflicts.
Fanatics counters that it is investing heavily in product quality and that the market definition is broader than just licensed sports cards — competitors include unlicensed products, TCGs, and memorabilia.
Do Real Alternatives Exist?
The "relevant market" debate is central. If the market is "licensed sports cards," Fanatics dominates. If the market is "all trading cards and collectibles," then Pokemon, Magic, and unlicensed products provide competition. Courts have split on narrower vs. broader market definitions in similar cases. For collectors, the practical reality is that a single company now controls the look, price, and availability of cards for the three biggest U.S. sports.
Frequently Asked Questions
Is Fanatics a legal monopoly?
What licenses does Fanatics control in 2026?
Can Fanatics raise card prices because it has no competitors?
Why was the antitrust case against Fanatics dismissed?
Sources & Further Reading
- Sportico — Fanatics Wins Antitrust Lawsuit
- Fox Business — Federal judge dismisses lawsuit
- CNBC — How Fanatics cornered the sports collectibles market
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