Fanatics Enters Prediction Markets With Exchange Purchase

Fanatics is making a major move into prediction markets by purchasing Water Street Labs and CX Clearinghouse from BGC. This deal gives Fanatics a regulatory approval from the CFTC, allowing the company to list and settle its own event contracts directly.

This purchase follows similar recent moves by rival sports betting giants DraftKings and FanDuel. Traditional betting companies are rushing to secure a foothold in the fast growing prediction market sector as user demand for event contracts increases.

Traders should watch for Fanatics to roll out its new prediction products in the near future. This trend shows traditional sports gambling and crypto style prediction markets continuing to merge into a single industry.