Annual prediction-market trading volume could reach $10 trillion by 2035, Bernstein forecasts, compared with its earlier $1 trillion estimate for 2030 and projected volume of $410 billion in 2026. Analysts led by Gautam Chhugani expect volumes to compound at roughly 70% annually through 2035. Bernstein projects financial-asset contracts tied to crypto, equities and commodities will rise from 12% of volume in 2025 to 49% by 2035, while sports declines from 61% to 38%. The forecast assumes prediction markets capture 0.5% of an estimated $900 trillion addressable financial-contract market in 2035, rather than relying on verified trading data. Kalshi held about 60% of industry volume through August 2026, while Polymarket's sports and crypto categories accounted for about 52% and 21% of its global volume, respectively. Bernstein expects growth from KPI markets and the expansion of perpetual futures beyond crypto, but says U.S. regulatory clarity for sports contracts may not arrive until 2027 or 2028.