Fanatics Buys CFTC Exchange to Push Into Prediction Markets
Fanatics bought Water Street Labs and CX Clearinghouse from BGC to list and settle its own event contracts.
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Key takeaways
- Fanatics acquired BGC's Water Street Labs and CX Clearinghouse.
- The purchase provides a CFTC-registered exchange and clearinghouse.
- Fanatics can now list, clear, and settle event contracts in-house.
- DraftKings and FanDuel are also pursuing prediction market deals.
Fanatics isn't relying on third parties anymore. By acquiring Water Street Labs and CX Clearinghouse from BGC, the sports betting and apparel giant picked up a CFTC-registered exchange and clearing facility. That means handling the full lifecycle of an event contract in-house. No middleman.
It's part of a broader rush. Heavyweights like DraftKings and FanDuel are scrambling to secure their own positions in event contracts, too.
Why it matters
The line separating sportsbooks, prediction platforms, and regulated derivatives venues is rapidly dissolving. As corporate betting giants move into CFTC-regulated prediction markets, traders will see massive liquidity shifts that directly challenge decentralized platforms like Polymarket.
Source: Decrypt
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