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Bernstein sees prediction markets' annual trading volume reaching $10 trillion by 2035

Bernstein estimates prediction markets will reach $10 trillion in annual trading volume by 2035, from an estimated $410 billion this year. It expects about 70 percent compound annual growth through 2035, with the market shifting from sports toward contracts tied to financial assets such as cryptocurrencies, stocks and commodities. Activity has already surged, and crypto and commodities trading have risen sharply on Kalshi. U.S. regulatory uncertainty remains a key variable.