Fanatics Buys CFTC-Registered Exchange in Prediction Markets Land Grab
Decrypt·
60-second summary
Fanatics acquires BGC's Water Street Labs and CX Clearinghouse, a CFTC-registered exchange, in a strategic move to list and settle its own event contracts. This deal mirrors DraftKings and FanDuel's efforts to expand into prediction markets, as sports-betting giants aggressively pursue a foothold in the rapidly growing sector, further fueling competition and innovation.
The deal for BGC's Water Street Labs and CX Clearinghouse lets Fanatics list and settle its own event contracts, echoing DraftKings and FanDuel as sports-betting giants scramble for a foothold in the sector.