PitchBook, part of Morningstar, initiates late-stage coverage of prediction markets Kalshi, Polymarket
MORN•What the report models
The analysis models trading activity, product mix, fees, costs, profit, and cash flow through 2030 to frame long-term business durability.
The report also tests valuation sensitivity to growth, monetization, profitability, and regulatory outcomes to gauge what current pricing implies for future performance.
Regulatory risk remains a key variable
Coverage flags state-by-state and international regulatory risk as a key driver of economics, with court decisions cited as potential industry inflection points.
PitchBook starts late-stage coverage of prediction markets
Morningstar highlighted new PitchBook late-stage research coverage of prediction markets, focusing on Kalshi, with Polymarket coverage due Sept. 30.
