The Race to Build Prediction Markets

Conducted in partnership between Acuiti and Connamara Technologies

The Race to Build Prediction Markets is a report on how exchanges and trading venues are approaching one of the fastest-growing new asset classes in financial markets. Conducted in partnership with Acuiti, the research explores how firms across traditional finance, crypto, and retail trading are evaluating opportunities in prediction markets.

Based on surveys and interviews with 51 senior executives across technology, business development, operations, and management roles at exchanges and trading venues globally. Members from FCMs and the buy-side were also polled. DOWNLOAD HERE.

The research provides insights into how firms are approaching prediction markets, how they’re building the required technology, and the key market structure challenges still to be solved.

Despite the widely acknowledged importance of investment, many exchanges have not taken recent action to upgrade their technology stacks. Less than half of survey respondents had made a major upgrade to their matching engine during the past six years.

Read the full report to find out:

  • Why exchanges are evaluating prediction markets
  • How firms are building prediction market tech stacks
  • The biggest technology challenges facing new entrants
  • Which markets and events exchanges plan to launch

Majority of Exchanges and Venues Now Eye Prediction Markets, Acuiti Finds

London – 05 March 2026: Almost 50% of traditional derivatives exchanges are considering launching prediction contracts, a study from Acuiti has found. READ THE FULL STUDY HERE.

The Race to Build Prediction Markets, published today, surveyed senior executives at traditional and crypto exchanges, as well as betting companies, on their plans to develop prediction markets and approaches to the technology investment required to launch. 

The report finds that the number of venues offering prediction markets is set to grow significantly across the globe as firms look to develop event contracts. The range of contracts is also set to grow as venues develop locally referenced contracts. 

However, while the budding market in the US today covers a broad range of underlyings from sports to politics, traditional exchanges say they will focus on financial contracts when they launch. 

The paper, conducted in partnership with Connamara Technologies, also explores how exchanges and other venues are planning to build the technology required to offer prediction markets. 57% of venues plan a hybrid build strategy, combining in-house development with third-party technology. Time to market was the most important factor when evaluating external technology providers, reflecting the expectation of increasing competition in the sector. 

Venues cited they would typically seek a third-party provider due to the complexity of building event contracts versus traditional instruments. 62% of respondents noted market design complexity, particularly the distinction between continuous versus event-based trading, as the leading technological challenge.

The research underscores the difficulty of adapting legacy exchange infrastructure to event-based contracts, particularly around market data, post-trade settlement, and integration with existing systems.

The key findings of the report include: 

  • 51% of all firms surveyed, including 47% of traditional exchanges, are either considering launching prediction markets or are committed to doing so
  • Finance-related events are the top target category for new launches, cited by 86% of respondents
  • 57% of respondents say they will use a mix of in-house and third-party tech to build their prediction markets offering
  • Time to market is the most important consideration for firms considering outsourced exchange and clearing technology to develop prediction markets
  • Several challenges remain unresolved for exchanges and brokers entering the market, particularly in market data

“A central theme of the whitepaper is the technology challenge of launching prediction markets quickly while ensuring resilience, compliance and scalability,” said Ross Lancaster, head of research at Acuiti. 

“Our research suggests that there will be a significant number of venues launching prediction markets globally over the coming years. The ones that succeed will be those that can come to market quickly with robust, institutional grade technology.” 

“Acuiti’s research confirms the flexibility and competitiveness that is needed when building markets. As the leading technology provider to the world’s most exciting markets, we are committed to delivering the infrastructure innovators need to launch new venues and operate with confidence,” said Daniel Davis, Chief Revenue Officer of Connamara Technologies.

Download the full report here: https://www.acuiti.io/insights/ 

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About Acuiti

Acuiti is a management intelligence platform designed to provide Senior Industry Professionals in the Derivatives Industry with high-value insight into industry-wide performance and business operations. Acuiti provides a platform through which our exclusive network of Senior Industry Executives can share and source information on day-to-day operational challenges, providing them and their management teams with increased transparency and in-depth analysis to make more informed decisions and benchmark company performance. Financial Institutions benefiting from our services include Banks, Non-bank FCMs, Brokers, Proprietary Trading Firms, Hedge Funds and Asset Managers.

For more information, contact:

For Acuiti: 

Will Mitting

Tel.: +44 (0) 203 998 9190

Email: [email protected] 

About Connamara Technologies

Connamara Technologies is the company enabling the most exciting and innovative markets in the world. Its flagship product, EP3®, is a new breed of marketplace technology that seamlessly integrates all key exchange, clearing, and market surveillance functions into a single, robust platform. It is adaptable, scalable, and quick-to-market. Engineered for the evolving needs of the next generation of trading venues, EP3 is shaping the future of financial markets.

To learn more, please visit www.connamara.tech or connect on LinkedIn

Contact
Daniel Davis, Chief Revenue Officer
[email protected]

EP3® Clinches Best Matching Engine for Cryptocurrency Trading Venues at TTIA Awards Europe 2026

February 26, 2026

EP3®️ has been named Best Matching Engine for Cryptocurrency Trading Venues at the TradingTech Insight Awards Europe 2026.

Thank you to A-Team Insight, from A-Team Group and the judges for seeing the vision behind our powerful technology.

From our CRO Daniel Davis, on accepting the award: “Digital assets are becoming increasingly adopted by institutional investors, traditional banks, and regulators. Connamara Tech’s EP3 is battle-tested by institutional participants like these and offers cryptocurrency venues a way to leverage that experience while allowing exchange operators to focus on revenue-generating activities and what differentiates their marketplace from others.”

EP3® by Connamara Technologies Powers 12 Exchanges and 3 Clearinghouses

January 6, 2026

AUSTIN, TX – Connamara Technologies is pleased to announce that its award-winning EP3 exchange and clearing platform now powers 12 exchanges and 3 clearinghouses across the globe.

EP3 is widely regarded as the technology of choice for new prediction exchanges and clearinghouses. Among its many customers are ForecastEx, a US-regulated prediction exchange and clearinghouse and wholly-owned subsidiary of Interactive Brokers, and Railbird, a US-regulated prediction exchange acquired by DraftKings in October 2025.

EP3’s capabilities extend far beyond prediction markets. It supports a diverse range of traditional and new asset classes, including perpetual futures, tokenized assets, crypto, energy derivatives, sovereign bonds, sports, and much more. Its innovative customers include ZeroHash, a crypto and stablecoin infrastructure company, AX, the first regulated exchange for the trading of perpetual futures on traditional assets, ElectronX, the first direct-access electricity derivatives exchange, and BEE4, the first regulated marketplace for trading tokenized shares in Brazil.

EP3 meets the demand for an end-to-end, fully-integrated platform that offers all exchange and clearinghouse functionality in a single, robust solution that can be fully operational in a matter of months. Importantly, it offers true 24x7x365 trading capability, making it the optimal choice in a world where trading never stops.

VIA PR NEWSWIRE

Connamara Technologies’ EP3® takes home Best Trading Infrastructure Initiative at AFTAs 2025

December 5, 2025

Connamara Technologies’ EP3® platform was awarded the Best Trading Infrastructure Initiative at the American Financial Technology Awards (AFTA)s 2025, presented by WatersTechnology. In a write-up about the win, WatersTechnology Staff wrote,

“Why they won: Connamara Technologies wins the category for the best trading infrastructure initiative in this year’s AFTAs, thanks to its outstanding EP3 exchange infrastructure offering designed to allow a variety of new exchanges to launch quickly and cost-effectively. The platform—featuring trade matching, clearing, settlement, market surveillance, reporting, risk management, administration, and market access—provides user-firms with an integrated infrastructure that removes the operational and financial barriers that often prevent new exchanges from launching. EP3 is designed specifically to help new operators enter the market and scale quickly as their trade volumes grow, thanks to its ability to support all the above-mentioned functions, while end-users gain access to emerging asset classes on venues built with tried-and-tested technology and safeguards. EP3’s cloud-native and asset-agnostic design ensures that exchanges can adapt to evolving trading models while maintaining stability and security around the clock. The firm’s track record across global predictions, crypto, tokenization and energy markets shows how the solution supports credible, well-regulated venues, ultimately improving market quality and expanding investment opportunities for all market participants regardless of their location.”

Read the full story here: https://www.waterstechnology.com/awards-rankings/7952845/aftas-2025-best-trading-infrastructure-initiative-connamara-technologies

Connamara Technologies a Finalist in 2025 Tech Trailblazer Awards for Financial Technology

Connamara Technologies has been announced as a finalist in the Financial Technology Trailblazer category in the 2025 Tech Trailblazers Awards. For more information on the Tech Trailblazers, please visit www.techtrailblazers.com, follow the buzz on X @techtrailblaze, hashtag #TTawards or check out LinkedIn for the latest updates http://www.linkedin.com/company/tech-trailblazers-awards.

Rose Ross, Founder and Chief Trailblazer, The Tech Trailblazers Awards said:

“2025 has been another big year for the Awards with a large number of very high-quality entrants, making the judges’ work incredibly rewarding. This year’s finalists really do represent a selection of the most promising startups and scaleups across the globe. The Tech Trailblazers team wish all the finalists the very best of trailblazing luck.”

About the Tech Trailblazers Awards 

www.techtrailblazers.com @techtrailblaze

Tech Trailblazers is a new concept in awards, designed explicitly for smaller businesses and startups that are under seven years old and at C-series funding or below. The Awards have low barriers to entry and aim to recognise both established and up-and-coming startups.

 The 2025 Awards include the following categories:

Sustainable Tech Trailblazers

AI Trailblazers

Big Data Trailblazers

Cloud Trailblazers

Containers

Developer Trailblazers

Diversity

Female Trailblazer of the Year 

FinTech Trailblazers

Firestarter Trailblazers

Investment Trailblazers

Male Trailblazer of the Year

Networking Trailblazers

Quantum Computing Trailblazers

Robotics Trailblazers

Security Trailblazers

Storage Trailblazers

Connamara Technologies Promotes Daniel J. Davis to Chief Revenue Officer

Austin, TX , December 2, 2025 – Connamara Technologies is pleased to announce the promotion of Daniel J. Davis to Chief Revenue Officer.  Daniel joined the company in November 2022 as Head of Growth and has played a pivotal role in the branding, marketing, and robust revenue performance of its signature product, EP3.  EP3 is an end-to-end, fully integrated exchange and clearing infrastructure that is enabling disruptive new markets for predictions, crypto, tokenized assets, perpetual futures, energy, sports, and more.  Among its many customers are ForecastEx (subsidiary of Interactive Brokers), Railbird (recently acquired by DraftKings), and ElectronX.

Prior to joining Connamara Technologies, Daniel held development and strategy roles at PIMCO, Dimensional Fund Advisors, and WorkTango.   He earned a B.S. from the Wharton School of Business at the University of Pennsylvania.  While at Penn, he captained the Varsity Football Team and was honored as an All-Ivy player.  

EP3® Nominated in Two Categories for TradingTech Awards Europe 2026

Connamara Technologies has been nominated for the TradingTech Insight Awards – Europe 2026 for Best Matching Engine for Trading Venues AND Best Matching Engine for Cryptocurrency Trading Venues!

This recognition means a lot to us as it reflects our commitment to helping exchanges launch and scale efficiently with EP3. We’re grateful for the support of our customers, partners, and industry peers who make what we do possible.

From TradingTech: “These prestigious awards celebrate excellence in trading solutions and services, highlighting vendors who provide outstanding trading infrastructure, technology, and data solutions to capital markets participants across Europe.”

Traders Magazine Profile of Maureen Downs

Note: This post by Terry Flanagan originally ran on Trader’s Magazine’s LinkedIn page on November 12, 2025

Maureen C Downs likens entrepreneurship to playing quarterback.

A QB needs to overcome a range of obstacles including erstwhile tacklers, ballhawks, and pass defenders to move the ball down the field.

An entrepreneur doesn’t risk physical harm, but there’s a range of challenges including business model, personnel, funding, technology, operations, competition, and market conditions — any of which can result in the equivalent of a drive-killing quarterback sack or turnover.

Maureen considers her entrepreneurial ‘superpower’ to be the ability to deal with the multitude of issues that come at a founder every day, while still being able to see down the field, ie where the receivers are going and where the gaps in the defense are. The focus stays on getting into the end zone, even if it’s not known exactly how or when that will happen.

Maureen is a three-time capital markets entrepreneur with her husband Jim Downs. She co-founded Downs Capital, a proprietary trading firm that worked on the CBOE and CBOT from 1986 through 1995, and Connamara in 1998. EP3 by Connamara Technologies, an exchange platform and order matching engine, was conceived and incubated at Connamara and was spun off as a separate company in 2022.

Connamara Technologies has 13 employees and is self-funded. The firm has managed to carve out a niche in the exchange space despite going up against much larger competitors.

Of course, no entrepreneurship journey is all peaches and cream, and Maureen is candid in Monday-morning quarterbacking herself on certain decisions. Specifically, she said Connamara Technologies should have committed more capital to sales, marketing and branding early on, and the firm also should have added staff quicker to accommodate the growth of the business.

Both aspects underscore that starting a business is more about playing offense than defense.

Advanced academic degrees and Ivy League connections can help an entrepreneur raise capital, but Maureen said being smart hardly guarantees a successful business. Success comes down to execution, which requires a different set of skills such as guts, instinct and perseverance.

In fact, Maureen believes intelligence can even be a detriment to entrepreneurship — if that brainpower goes toward analyzing and overanalyzing every facet of every decision.

“The reality is, in an entrepreneurial business there are so many issues in front of you that you just don’t have the luxury of time and money to try to get the right answer on everything. You get to the best answer you can with the best information you have today, and move forward.”

(This is the seventh of a series of profiles of capital markets business founders in honor of National Entrepreneurship Month.)

https://www.linkedin.com/posts/tradersmagazine_maureen-c-downs-likens-entrepreneurship-to-activity-7394084759234158593-s5Oh?utm_source=share&utm_medium=member_desktop&rcm=ACoAADZqWV4BPjs6O8g8hV3SOs9yZTUBrlrHX3s