Kalshi + Polymarket did 24 billion in April; Generation Z is indeed treating prediction markets as a new casino to play.

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Barclays: Prediction markets pose a threat to other speculative investment tools, with Generation Z enthusiastic about gaming-style investing.
Barclays analysts say that prediction markets are threatening other speculative tools and even becoming strong competitors to leveraged ETPs. Since the 2024 election, trading activity on prediction platforms has been active, with Kalshi and Polymarket's nominal trading volume exceeding $24 billion in April, a significant increase compared to a year ago. The boom is driven by viral spread among the younger generation, with nearly one-third of Generation Z and Millennials participating in or considering participation in prediction markets and sports betting. However, current prediction markets still struggle to surpass flagship retail products like 0DTE, with the S&P 0DTE trading volume reaching $57 trillion in March.
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