Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates Fanatics generated about $13B in 2025 revenue, accelerating sharply from $8.1B in 2024 (up 16%), driven by Collectibles reaching $5B and Gaming reaching $1.6B.</li><li>CEO Michael Rubin reiterated in June 2025 that Fanatics is in &quot;absolutely no rush&quot; to go public.</li><li>Fanatics Betting &amp; Gaming has grown its sportsbook to 24 states, with the division generating $1.6 billion in revenue in 2025.</li></ul>

Sacra estimates Fanatics generated about $13B in 2025 revenue, accelerating sharply from $8.1B in 2024 (up 16%), driven by Collectibles reaching $5B and Gaming reaching $1.6B.CEO Michael Rubin reiterated in June 2025 that Fanatics is in &quot;absolutely no rush&quot; to go public.Fanatics Betting &amp; Gaming has grown its sportsbook to 24 states, with the division generating $1.6 billion in revenue in 2025.

<ul><li>Fanatics is delivering, with betting &amp; prediction markets growing to 7% of revenue in 2025 as it builds toward a vertically integrated sports platform.</li><li>Sacra estimates Fanatics hit $9.6B in revenue in 2025, up 19% YoY from $8.1B in 2024.</li><li>Fanatics is making international expansion its next biggest target using collectibles as the wedge.</li></ul>

Fanatics is delivering, with betting &amp; prediction markets growing to 7% of revenue in 2025 as it builds toward a vertically integrated sports platform.Sacra estimates Fanatics hit $9.6B in revenue in 2025, up 19% YoY from $8.1B in 2024.Fanatics is making international expansion its next biggest target using collectibles as the wedge.

<ul><li>Sacra estimates that ByteDance generated $186B in revenue in 2025, up roughly 20% year-over-year from $155B in 2024, with domestic revenue growing nearly 20% and overseas revenue surging nearly 50%—pushing international revenue above 30% of total for the first time.</li><li>In November 2025, Capital Today purchased a block of ByteDance shares from Bank of China Group Investment at a $480B valuation in a secondary auction, with Fidelity Investments and T. Rowe Price also marking ByteDance above $410B and $450B respectively.</li><li>TikTok's U.S. future is secured through the establishment of TikTok USDS Joint Venture LLC, a majority-American-owned entity covering U.S. data protection, algorithm security, content moderation, and software assurance.</li></ul>

Sacra estimates that ByteDance generated $186B in revenue in 2025, up roughly 20% year-over-year from $155B in 2024, with domestic revenue growing nearly 20% and overseas revenue surging nearly 50%—pushing international revenue above 30% of total for the first time.In November 2025, Capital Today purchased a block of ByteDance shares from Bank of China Group Investment at a $480B valuation in a secondary auction, with Fidelity Investments and T. Rowe Price also marking ByteDance above $410B and $450B respectively.TikTok's U.S. future is secured through the establishment of TikTok USDS Joint Venture LLC, a majority-American-owned entity covering U.S. data protection, algorithm security, content moderation, and software assurance.

Underdog Fantasy / Private Capital Markets

<ul><li>While DraftKings and FanDuel go upmarket into the even more valuable iGaming sector (70% margins vs. ~12% for fantasy and ~30% for sportsbooks) of online blackjack, poker, and slots, traditional casino operators like BetMGM head downmarket, launching their own sportsbooks and partnering with fantasy platforms like Yahoo—with the entire industry converging around a unified customer lifecycle that begins with free-to-play fantasy and culminates in maximum-ARPU online casino games.</li><li>Underdog now has a sportsbook up and running in North Carolina, and they&#39;re figuring out how to launch across many states.</li><li>They&#39;re competing over the same customers at this stage with these products.</li></ul>

While DraftKings and FanDuel go upmarket into the even more valuable iGaming sector (70% margins vs. ~12% for fantasy and ~30% for sportsbooks) of online blackjack, poker, and slots, traditional casino operators like BetMGM head downmarket, launching their own sportsbooks and partnering with fantasy platforms like Yahoo—with the entire industry converging around a unified customer lifecycle that begins with free-to-play fantasy and culminates in maximum-ARPU online casino games.Underdog now has a sportsbook up and running in North Carolina, and they&#39;re figuring out how to launch across many states.They&#39;re competing over the same customers at this stage with these products.

Trevor John, co-founder Of Underdog Fantasy, On The Business Model Of Fantasy Sports

<ul><li>Sacra estimates that Fanatics revenue hit $8.1B in 2024, up 15% YoY.</li><li>Fanatics revenue consists of Fanatics Commerce (apparel and merchandise) at 77% of revenue ($6.2B in revenue) growing 8% YoY.</li><li>With the $148B upside of the fast-growing (up 24% YoY) sports betting market, Fanatics is channeling its free cash flow into Fanatics Betting &amp; Gambling.</li></ul>

Sacra estimates that Fanatics revenue hit $8.1B in 2024, up 15% YoY.Fanatics revenue consists of Fanatics Commerce (apparel and merchandise) at 77% of revenue ($6.2B in revenue) growing 8% YoY.With the $148B upside of the fast-growing (up 24% YoY) sports betting market, Fanatics is channeling its free cash flow into Fanatics Betting &amp; Gambling.

United States

Ecommerce and wholesale retailer for licensed sports apparel, collectibles, and memorabilia

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Fanatics (FANATICS US)

Primer: Fanatics - 31 May 2026

Ecommerce and wholesale retailer for licensed sports apparel, collectibles, and memorabilia

Sacra

Fanatics Vs. Kalshi

TL;DR: After counting on its sportsbook to drive its next phase of growth, Fanatics is delivering, with betting & prediction markets growing to 7%...

Sacra

Primer: ByteDance - 24 Aug 2026

Conglomerate of consumer apps including TikTok and Douyin for short-form video content

Sacra

Trevor John, co-founder Of Underdog Fantasy, On The Business Model Of Fantasy Sports

From your vantage point, how has the fantasy sports market evolved over the years—from your early days with Draft and then Underdog Fantasy to now...

Sacra

Fanatics At $8.1B

TL;DR: With its structural CAC advantage vs. traditional online betting sites, Fanatics is channeling the free cash flow from its profitable...

Sacra

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