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Fanatics Acquires BGC Prediction Market Exchange Assets
The deal gives Fanatics control of a federally regulated exchange and clearinghouse as prediction markets expand across sports and finance.
- On Monday, Fanatics announced an agreement to acquire Water Street Labs, LLC and CX Clearinghouse L.P. from BGC Group Inc, securing a federally regulated exchange and clearinghouse for its prediction markets platform.
- Prediction markets have exploded in popularity over the past year as traders wager on everything from elections to inflation and sports, prompting Fanatics to capitalize on this rapidly expanding financial sector.
- By owning its infrastructure, Fanatics Markets will directly list and clear contracts, combining its consumer platform expertise with BGC's institutional market infrastructure, liquidity, and trading experience.
- Matt King, CEO of Fanatics Betting and Gaming, said the company has a "unique opportunity to accelerate the growth of prediction markets" by combining institutional foundation with "unmatched understanding of fans."
- Sportsbooks operators are similarly expanding into prediction markets, with DraftKings announcing plans late last year to launch its own platform and Coinbase partnering with Kalshi to offer contracts in 50 states.
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Cryptocurrency News | Cryptocurrency Prices | Market CapFanatics to acquire BGC prediction market exchange
Fanatics agreed to buy BGC’s regulated exchange and clearinghouse, giving it direct control of its prediction market infrastructure.
Fanatics, BGC Ink Prediction Markets Deal With Sale of Exchange
·New York, United States
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Fanatics acquires its own CFTC-approved prediction market exchange
Fanatics is bringing its prediction market technology in-house by acquiring a trading exchange and clearinghouse that is registered with the Commodity Futures Trading Commission (CFTC). On Monday, the gaming and merchandise giant announced that it has reached an agreement to acquire Water Street Labs and CX Clearinghouse for an undisclosed price from BGC Group Inc., a New York-based financial services company that reported $2.9bn in revenue in F…
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