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Fanatics acquires a regulated exchange, betting on event contracts and sports prediction markets

PANews
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PANews July 27, according to CoinDesk, U.S. sports company Fanatics announced it will acquire Water Street Labs and CX Clearinghouse, subsidiaries of BGC Group, to obtain federally regulated exchange and clearinghouse licenses, enabling it to self-manage the listing and settlement of contracts for prediction markets. Through this acquisition, Fanatics can accelerate the launch of new event contracts and directly compete with platforms such as Kalshi and Polymarket. Both sides also plan to jointly develop a new category of data products that combine prediction market trading data with traditional financial market data. Fanatics’ Markets platform launched at the end of 2024 and currently covers 23 U.S. states and four overseas jurisdictions.
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