Why Prediction Market Regulation Is At Major Inflection Point

The recent growth of prediction markets in the U.S. and around the world has been staggering. While these were smaller markets in 2024, annualized trading volume expanded nearly 200-fold last year, from roughly $300 million in 2024 to an estimated $40 billion to $50 billion in 2025, with leading platforms Kalshi and Polymarket accounting for the majority of this volume. Originally published in Law360 - March 16, 2026.... By: Latham & Watkins LLP