Betr acquires Ascent Capital to accelerate prediction market launch

(AsiaGameHub) –   Betr, a company that operates a real-money gaming “super app,” has acquired Ascent Capital Management Inc., an introducing broker (IB). This acquisition is intended to accelerate the launch of Betr’s prediction market, which is anticipated in 2026.

Ascent Capital is registered with the US Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Following this acquisition, announced on Wednesday, Betr will become a CFTC-registered introducing broker. This move will also allow the company to expand its offerings beyond conventional sports betting and casino games.

Betr states that this acquisition will facilitate the integration of prediction markets, powered by Polymarket technology, directly into its app. Betr had previously established a partnership with the well-known prediction market operator in March.

Betr, co-founded by Joey Levy and social media personality Jake Paul, has amassed over one million paying users. The company plans to introduce event contracts across a wide range of categories, including sports, politics, and culture, by the end of this year.

A ‘major milestone’

Levy, who also holds the position of CEO, characterized the acquisition as a “major milestone,” emphasizing the increasing importance of prediction markets.

“Prediction markets represent one of the most exciting evolutions in interactive entertainment and financial technology,” Levy stated. “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.”

Polymarket, the technology partner for Betr’s prediction markets, is recognized as a leading platform in the sector. This combined approach, utilizing advanced market technology alongside licensed intermediaries, is becoming a more common strategy for introducing prediction market products to the US market in a compliant manner.

Polymarket itself has recently faced scrutiny, with the Argentinian government ordering its blocking and removal from app stores. The government alleged that Polymarket operated as an “covert online betting system” without the necessary authorization.

Ascent Capital Management has been an NFA-registered IB since 2011, and its compliance infrastructure is expected to support Betr’s regulatory requirements as it enters the rapidly growing prediction market sector.

Prediction market landscape

Prediction markets enable users to trade contracts tied to the outcomes of future events, merging aspects of betting and financial securities. These markets have attracted interest from retail investors, institutional players, and gaming operators, distinguishing them from traditional sportsbook or casino offerings. However, prediction markets have encountered regulatory hurdles in the US, and discussions regarding their integrity are ongoing globally.

Brazil recently declared prediction markets illegal. Brazilian Finance Minister Dario Durigan indicated that offering bets on unpredictable events, such as weather, does not align with existing laws for sports betting and online gaming.

In contrast, Gibraltar licensed its first prediction market operator last month. Predict Street, the operator in question, claims to be the official prediction market partner for the 2026 Fifa World Cup.

Future outlook

In the US, a significant Congressional hearing on sports integrity on Wednesday largely focused on prediction markets. Two witnesses, Bill Miller of the American Gaming Association and Patrick McHenry of the Coalition of Prediction Markets, presented differing perspectives on how this new asset class should be regulated. The AGA reiterated its long-standing stance that the regulation of sports-event contracts should be managed by state and tribal gaming authorities.

Betr’s acquisition of a registered IB reflects a broader industry trend toward establishing compliant frameworks within the US. This acquisition effectively allows Betr to bypass a lengthy NFA registration process by acquiring Ascent Capital. While Betr will continue to operate its online sportsbook, this move also highlights a larger industry shift. Last week, US sports exchange Sporttrade announced it is ceasing operations of its online sports betting platform, potentially signaling a move towards prediction markets.

Betr intends to provide users with access to prediction markets through the same app wallet currently used for its Picks, Sportsbook, Casino, and Arcade offerings. Although the company has not provided specific timelines, it has reiterated its plan to launch prediction market contracts later this year.