Bernstein says platforms are bringing exchange, clearing and brokerage infrastructure in-house, setting up potential deals while increasing antitrust and regulatory risks. Prediction-market operators are bringing trading infrastructure in-house, a rapid shift that could trigger a wave of acquisitions across crypto platforms, sportsbooks, brokerages and standalone exchanges, according to analysts at Bernstein. In a research report on Monday, Bernstein said the industry is going through “operational consolidation,” with major platforms moving to control more of the prediction-market stack. “Every consumer platform that matters has merged the front and back end of the prediction-market stack,” they said. This includes distribution, brokerage, exchange and clearing. That convergence had placed businesses that historically operated in separate industries within a single competitive landscape. Read more