Fanatics, the sports merchandise and betting giant, has acquired Water Street Labs and CX Clearinghouse from BGC Group. This purchase gives the company federally regulated infrastructure to operate its own prediction market exchange. Fanatics will initially offer contracts on sports, financial, and political events before expanding into cryptocurrencies, stocks, and climate-related contracts. The company has over 100 million registered users across its platforms and positions itself to compete directly with Polymarket and Kalshi in the prediction market space.
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