Fanatics has announced an agreement to acquire Water Street Labs and CX Clearinghouse from BGC Group, gaining direct ownership of CFTC-registered exchange and clearinghouse infrastructure. The sports merchandise giant’s platform, Fanatics Markets, launched in December 2025 and currently operates in 23 US states and four territories. Previously relying on Crypto.com Derivatives North America’s exchange infrastructure, Fanatics will now directly control both contract listing and trade clearing functions. This acquisition positions Fanatics to vertically integrate its prediction market business, cutting out middlemen and competing directly with established players like Kalshi and crypto-native platforms such as Polymarket.
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