Fanatics Acquires CFTC-Registered Exchange and Clearinghouse from BGC Group

Fanatics agreed Monday to acquire Water Street Labs, a CFTC-registered designated contract market, and CX Clearinghouse, a registered derivatives clearing organization, from Nasdaq-listed BGC Group. The sports betting platform said owning both the exchange and clearinghouse lets it list and settle event contracts directly on Fanatics Markets, its prediction-markets subsidiary launched in December, rather than routing trades through third parties. The move mirrors rival strategies: DraftKings acquired exchange operator Railbird, while FanDuel partnered with CME Group before building proprietary infrastructure. Controlling the underlying rails has become industry standard as prediction markets surge, with Kalshi recording $33 billion in trading volume in June alone.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments