Bernstein: Kalshi and Polymarket Could Become Acquisition Targets

Bernstein stated vertically integrated prediction market platforms are driving increased M&A activity among sports betting companies, exchanges, and consumer finance firms. According to the firm, companies that own both consumer distribution channels and exchange infrastructure are capturing more economic benefits internally while increasing strategic pressure on competitors. Kalshi and Polymarket could become acquisition targets, with mergers among major sports betting companies also becoming more strategically viable.