Prediction Markets Soar, But Major Risks Still Loom

Prediction markets experienced rapid growth in 2025, with annual trading volume increasing fourfold and activity consolidating around a small number of platforms, according to the 2026 Certik Skynet Prediction Markets Report.  Kalshi, Polymarket, and Opinion now account for the majority of global trading volume, each operating under different regulatory frameworks and technical architectures. As per the report, between 2024 and 2025, prediction market volume jumped from $15.8 billion to $63.5 billion. User counts followed a similar trajectory.  Although overall network liquidity in prediction markets grew steadily, by mid-January BNB Chain had overtaken Polygon as the leading liquidity network, accounting