Kalshi and Polymarket could become M&A targets as prediction markets consolidate: Bernstein

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Kalshi and Polymarket are being eyed as potential M&A targets as prediction markets consolidate, according to Bernstein. The broker notes that operational consolidation is blurring lines between exchanges, brokerages, and sportsbooks, creating conditions for acquisitions across the prediction market ecosystem, which could lead to further consolidation and potentially impact market share.