Prediction Markets Threaten Other Speculative Tools as Gen Z Drives Trading Surge; April Volume Hits $24 Billion

KALSHI-0.43%
According to Barclays analysts, prediction markets are emerging as a competitive threat to traditional speculative investment tools. In April, Kalshi and Polymarket combined achieved $24 billion in notional trading volume, up from $5 billion a year earlier, approaching the scale of leveraged exchange-traded products. The growth is driven primarily by younger generations, with nearly one-third of Gen Z and younger millennials either participating in or considering prediction markets and sports betting. However, prediction markets remain smaller than S&P 500 0DTE (zero days to expiration) options, which recorded $57 trillion in total trading volume in March 2026.
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