Bernstein: Prediction Markets to Reach $10 Trillion by 2035, Kalshi to Capture 60% Share
Bernstein believes the exchange model transforms sports betting into a traffic-driven business, operating without house positions and utilizing a global order book with institutional market making. The firm assigns an Outperform rating to Robinhood (HOOD) and Coinbase (COIN), recommending focus on regulatory progress and the pace of institutional adoption.
