Bernstein Says Vertically Integrated Prediction Markets Are Driving More M&A Activity

Bernstein said vertically integrated prediction market platforms are contributing to increased merger and acquisition activity among sports betting companies, exchanges, and consumer finance firms. According to Odaily, Bernstein said companies that combine consumer distribution channels with exchange infrastructure are capturing more economic benefits internally and increasing strategic pressure on competitors. Bernstein added that Kalshi and Polymarket may become acquisition targets, and that consolidation among large sports betting companies is becoming more strategically feasible.