CoinDesk·3 min read·medium
Fanatics buys regulated exchange in bid to grow prediction markets business
H
Helene Braun
✦AI Summary
Fanatics has acquired Water Street Labs and CX Clearinghouse to expand its footprint in the prediction markets industry. This move allows the sports merchandise giant to list and settle its own prediction contracts, aiming to leverage its massive sports audience.
On Monday, the sports merchandiser announced that it has agreed to acquire Water Street Labs and CX Clearinghouse from BGC Group, giving Fanatics ownership of a federally regulated exchange and clearinghouse which allows it to launch and settle its own prediction market contracts. Financial terms were not disclosed.
businesstechnologysports
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