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(AsiaGameHub) –   To expedite its planned expansion into the prediction market sector, Betr, the daily fantasy sports platform co-founded by influencer Jake Paul, has purchased Ascent Capital Management Inc. This strategic acquisition grants the company registration with both the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC).

Betr Can Now Offer Prediction Markets Platforms

Following this acquisition, Betr will operate as a CFTC-registered introducing broker, allowing it to provide federally regulated event contracts via designated contract markets (DCMs). Betr stated that the transaction will accelerate its growth strategy, with the integration of prediction markets into the Betr super app anticipated for later this year.

As an introducing broker, the company can collaborate with federally regulated exchanges, such as Kalshi and Crypto.com’s derivatives platform, to grant users access to event contracts. Unlike futures commission merchants (FCMs), however, introducing brokers are prohibited from holding customer funds directly.

Nevertheless, the acquisition of Ascent Capital Management remains a key milestone in the objectives Betr executives shared during a recent shareholder meeting. Joey Levy, founder and CEO of Betr, noted that prediction markets signify a significant advancement in the intersection of interactive entertainment and fintech. He further explained that by acquiring an existing broker and obtaining IB registration, Betr can concentrate on delivering a compliant, seamless prediction market experience supported by Polymarket.

Betr Follows In the Footsteps of Others

By acquiring Ascent Capital Management Inc., Betr bypasses the typically protracted NFA application and approval timeline. Fanatics utilized a comparable strategy last year by acquiring Paragon Global Markets, which allowed it to become the first sports betting firm to launch prediction markets, outpacing DraftKings Predictions and FanDuel Predicts.

Betr initially submitted its NFA membership application in early October, but the filing remained stagnant for seven months. While NFA registration timelines vary by company, Betr’s wait was notably long; for comparison, DraftKings secured approval in roughly six months, while PrizePicks finished the process in approximately four months.

The NFA website indicates that the approval process can take “six weeks or longer.” By acquiring ACM, however, Betr circumvents the need to wait for the standard approval process and is now functioning as an active introducing broker.

This latest move involving Ascent Capital Management represents a significant expansion for Betr, adding to the company’s recent list of accomplishments. In March, the firm launched its online casino across 30 states, a bold expansion during a period of heightened regulatory scrutiny within the industry.