Fanatics to acquire prediction-market exchange and clearinghouse from BGC

BGC BGC Group Inc

$12.20 +3.57%

View chart & analysis →

DKNG +5.43%

1. 1Fanatics has agreed to acquire the CFTC-registered exchange Waterstreet Derivatives and clearinghouse CX Clearinghouse from BGC Group (BGC).
2. 2The terms of the deal were not disclosed; the acquisition will enable Fanatics Markets, the company's prediction-market subsidiary launched in December, to list and settle event contracts directly without going through a third party.
3. 3DraftKings and FanDuel have also entered the CFTC-regulated event-contract space; Kalshi posted $33 billion in trading volume in June, the overall prediction-market market reached $48 billion in July, and ICE has invested $1.6 billion in Polymarket.

Source Reuters +1 · View original ↗

Today's 5 AI picks, all free

Nothing hidden: past picks and how they did against the S&P 500.

See today's picks →