Prediction Markets Becoming $1.1T Business: BoA

Bank of America has predicted that the sports betting portion of the prediction market industry could grow into a $1.1 trillion business in the U.S. That would give it an annual income of about $10 billion, Bloomberg reported. Prediction markets allow users to place yes or no/A or B bets on nearly anything, from cryptocurrency prices to culture and election results, as well as the outcome of sporting events. They have gained a reputation for being more accurate than traditional polling results, as users must put their money where their mouths are. Fox News, CNN and CNBC have partnered with Kalshi, the leading U.S. prediction market, while Dow Jones, the…