Betr has successfully acquired Ascent Capital Management Inc., a broker registered with the Commodity Futures Trading Commission (CFTC), enabling the company to expedite its entry into the prediction market arena.
This acquisition grants Betr the status of a CFTC-registered introducing broker (IB), which allows them to offer federally regulated event contracts via designated contract markets (DCMs). The company anticipates launching prediction markets within its Betr super app later this year.
These markets will feature contracts related to various sectors, including sports, politics, and culture, all integrated into Betr’s existing Picks, Sportsbook, Casino, and Arcade offerings through a unified wallet and application.
Joey Levy, the Founder and CEO of Betr, expressed his enthusiasm in a press release, stating, “Prediction markets represent one of the most exciting evolutions in interactive entertainment and financial technology. By securing IB registration through the acquisition of an established broker, we can now focus entirely on launching a seamless, compliant prediction markets experience powered by Polymarket.”
The introduction of brokers like Betr allows for partnerships with federally regulated exchanges, such as Kalshi and Crypto.com’s derivatives platform, to provide event contracts to users. However, unlike futures commission merchants (FCMs), introducing brokers do not have the authority to hold customer funds directly.
This strategic acquisition allows Betr to avoid the often lengthy approval process associated with NFA membership applications. A similar approach was taken by Fanatics when they acquired Paragon Global Markets last year, becoming the first sports betting operator to launch prediction markets, ahead of competitors like DraftKings and FanDuel.
Betr had initially submitted an NFA membership application in October 2025, but opted for the acquisition route after the application remained pending for several months.
Ascent Capital Management has held IB registration since 2011 and provides a compliance framework that Betr will leverage to support its growth into regulated prediction markets.
The trend of sports betting and fantasy sports companies entering the prediction market sector continues to grow. In addition to Betr, other operators such as DraftKings, FanDuel, and Fanatics are also making strides in this area.
PrizePicks received FCM approval and entered the prediction market in November 2025 through a partnership with Kalshi, expanding its offerings into 48 states by January 2026. Meanwhile, Underdog partnered with Crypto.com in September 2025 and received FCM approval in January, currently providing event contracts in 36 states. Recently, Underdog made workforce reductions as part of its strategic shift from DFS to prediction markets.