Fanatics agrees to acquire BGC Group prediction market businesses
Fanatics agreed to acquire Water Street Labs and CX Clearinghouse from BGC Group, the companies said. Water Street Labs is registered with the CFTC as a Designated Contract Market and CX Clearinghouse as a Derivatives Clearing Organization; Fanatics and BGC also plan to develop a prediction markets ecosystem for retail and institutional users.
The proposed acquisition would give Fanatics ownership of exchange and clearing infrastructure for its prediction market offering.