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With all that in mind, it’s not surprising that Macquarie expects sports event contracts will drive approximately 80% of taker volume this year, but Beynon sees other categories growing over the long term.

“We expect non-sports categories such as economics, politics, crypto, and entertainment to gain share over time,” says the analyst.

Prediction market operators are on legal losing streaks, confirming that Beynon is onto something when he says the regulatory environment is the biggest risk facing the industry.

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During the second half of 2026, prediction markets have endured the wrath of a plethora of state governors, most notably Kathy Hochul of New York.

As the NFL season begins, a state in close proximity to the New England Patriots became the latest to attempt to curb the influence of the trading platforms. On 10 September, one day after the Pats’ season-opening loss to the Seattle Seahawks, Connecticut Governor Ned Lamont addressed the growth of the markets during a speech in downtown Hartford. On the same day, the Connecticut Department of Consumer Protection issued cease-and-desist orders to nine unregulated operators, including Polymarket, Robinhood and Underdog Predict.

“Prediction markets have branded themselves as legal and safe, but the reality is they are not adhering to Connecticut’s consumer protection standards,” Lamont wrote in a statement.

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“What we do believe is that basic principles should apply across all markets. These include protecting minors, providing effective self-exclusion options, promoting responsible advertising and ensuring that people affected by gambling harm can access support.

“ARGN will help to shape these principles into standards while allowing countries to implement them in ways that fit their local realities.”

When asked what responsible gambling measures the ARGN was seeking the implementation of, Akolade said the network wanted to establish minimum player protection standards across African markets and move responsible gambling requirements beyond paper-based rules towards measures that are actively enforced.