Kalshi and Polymarket could become M&A targets as prediction markets consolidate: Bernstein
The broker said operational consolidation is blurring the lines between exchanges, brokerages and sportsbooks, creating conditions for acquisitions across the prediction market ecosystem.
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Summary
- Bernstein said vertically integrated prediction market platforms are setting the stage for increased M&A across sportsbooks, exchanges and consumer finance firms.
- The broker said companies that own both consumer distribution and exchange infrastructure are capturing more economics in-house, increasing strategic pressure on rivals.
- Kalshi and Polymarket could emerge as acquisition targets, while even large-scale sportsbook combinations now appear more strategically plausible.
