[Digital Today reporter Jinju Hong] HBO's satirical current affairs show "Last Week Tonight with John Oliver" took a close look at prediction market platforms and strongly criticised regulatory gaps and the potential for manipulation.

Cointelegraph, a blockchain outlet, reported on April 20 local time that host John Oliver mentioned major platforms such as Kalyshi and Polymarket and described how they allow bets on political statements or whether specific events occur.

Oliver pointed to Donald Trump Jr, the eldest son of former President Donald Trump, serving as an adviser to a related platform. He also criticised the Commodity Futures Trading Commission (CFTC) for failing to adequately control contracts tied to risky events such as terrorism, assassination and war.

He particularly stressed structural vulnerabilities that allow individuals or companies to influence market outcomes. As an example, he cited a case in which Brian Armstrong influenced some betting outcomes by repeatedly using cryptocurrency-related terms during a third-quarter earnings call in 2025.

Near the end of the programme, Oliver continued his criticism by twisting the same approach. "I promise you, I will not change my behaviour just because someone online has placed a bet," he said. "Mentioning bitcoin, ethereum, blockchain, staking and Web3 is not an attempt to move the market, it is just a joke," he said.

Prediction markets have been growing rapidly in recent months. Some in the industry forecast that the market could reach $1 trillion by 2030 on the back of rising user numbers and trading volumes. Some experts, however, point to controversial betting products and differing legal status by state as key risks.

In the United States, regulatory conflicts are also intensifying. Gambling authorities in several states have filed lawsuits against Kalyshi and others alleging illegal sports betting, and legal disputes are widening. Coinbase's chief legal officer Paul Grewal mentioned the possibility the dispute could go to the U.S. Supreme Court.

Traditional finance and major media are also showing interest in prediction markets. CNN, CNBC, Fox News and Dow Jones have already built partnerships with related platforms.

Charles Schwab and Citadel Securities are also reviewing the possibility of entering the market. Charles Schwab CEO Rick Wurster said on a recent investor call that it was "closely reviewing prediction markets," while Citadel Securities' Jim Esposito also said it was "watching market trends."

The industry says prediction markets are growing quickly while also amplifying regulatory gaps and ethical controversy. Regulators' responses and legal rulings are expected to emerge as key variables shaping the market's direction.