Fanatics Expands into Prediction Markets with Acquisition of BGC Assets
U.S.-based sports merchandise giant Fanatics is entering the prediction markets space by acquiring Water Street Labs and CX Clearinghouse from BGC Group. The acquisition grants Fanatics access to a federally regulated exchange and clearinghouse, enabling it to launch its own prediction market contracts. This move positions Fanatics to leverage its existing audience base in the fast-growing sector of real-world event betting. The company plans to develop new products that integrate traditional financial data with prediction markets. The space is currently led by platforms like Kalshi and Polymarket, while other major players such as Coinbase (NASDAQ: COIN), Robinhood Markets (NASDAQ: HOOD), and DraftKings (NASDAQ: DKNG) are also expanding their presence in the sector.
Tickers: $BGC $COIN $DKNG $HOOD
Topics: crypto exchanges M&A activity prediction markets sports betting