Fanatics Markets
Sports commerce and betting group assembling its own exchange, clearinghouse and FCM for prediction markets.
Regulatory posture
- Holds an approved FCM registration through Morton St Trading Investments LLC, cleared by the NFA in March 2026 to hold customer funds directly under the d/b/a Fanatics Markets FCM.
- Agreed on July 27, 2026 to acquire Water Street Labs LLC, a CFTC-registered DCM, and CX Clearinghouse L.P., a CFTC-registered DCO, from BGC Group, which would let it list and clear its own contracts rather than rely on a partner venue.
- Has run a prediction-market product live in 23 states and four territories since December 2025.
- Following DraftKings into full vertical integration, which concentrates regulatory exposure in one group but removes dependence on third-party exchanges.
Licensing
- FCM
- Approved (Morton St Trading Investments LLC, NFA, March 31, 2026)
- DCM
- Pending acquisition of Water Street Labs LLC (DCM) and CX Clearinghouse L.P. (DCO) from BGC Group, announced July 27, 2026
- State coverage
- Live in 23 states and four territories since December 2025
Filings on the tracker (2)
Licensing Tracker- DCMFanatics Markets (via acquisition of Water Street Labs / CX Clearinghouse)ApprovedJul 27, 2026
- FCMFanatics Markets FCM (Morton St Trading Investments LLC)ApprovedMar 31, 2026
Products
Development timeline
Dated developments compiled for this operator, newest first. Select an entry for the full detail.
- July 27, 2026
Agreed to buy a CFTC-registered exchange and clearinghouse from BGC Group
Fanatics announced an agreement to acquire Water Street Labs LLC, a CFTC-registered DCM, and CX Clearinghouse L.P., a CFTC-registered DCO, from BGC Group, with the parties also partnering on prediction markets. Closing is subject to customary conditions.
- March 31, 2026
NFA approved the Fanatics Markets FCM to hold customer funds directly
- August 2025
Morton St Trading Investments LLC filed for NFA membership and FCM registration for Fanatics
Morton St Trading Investments LLC filed for NFA membership and FCM registration on behalf of Fanatics. The exact filing day is not publicly disclosed; press reports place it in August 2025.
Regulatory history
No enforcement actions matching this operator by name.
Recent activity
No recent regulatory activity tagged to this operator.
Sia Insights
Sia's analysis from broader market, trading, and industry-press signals. Not a primary regulatory source and not legal advice.
No Sia Insights for this operator yet.
Scoring is illustrative and based on public information. SiaPredict does not provide legal advice.