Prediction Markets Grew 4X to $63.5B in 2025, But Risk Structural Strain: CertiK

In brief

• In a new report, CertiK said that prediction market volume jumped from $15.8B in 2024 to about $63.5B in 2025, concentrating liquidity around Kalshi, Polymarket, and Opinion.
• Research cited by the firm estimates wash trading reached nearly 60% of Polymarket volume during incentive periods, inflating activity without yet breaking prices.
• CertiK warned that hybrid security risks and expanding state regulation could fragment liquidity and pressure long-term sustainability.