Bernstein Sees Prediction Markets Propelling Robinhood, Coinbase

Prediction markets just got a fresh sell-side stamp of legitimacy. In a new report, Bernstein calls them a viable asset class — arguing that what once looked like novelty bets are now being built into the foundations of mainstream finance, backed by real capital, real users and regulatory approval.

The report pushes back on skepticism that prediction markets are too niche to scale. In the US, Bernstein argues, the landscape looks different: regulation is loosening, and platforms are moving closer to the mainstream through major partnerships and retail integrations.

Robinhood Markets Inc., for instance, clocked around $2.3 billion in ...