The UK’s Financial Conduct Authority (FCA) is reportedly considering lifting a 2019 ban on prediction markets for retail investors. Platforms like Polymarket and Kalshi offer binary options on sports, politics and weather events. Many UK retail investors have been bypassing the ban using virtual private networks to trade on these US-based platforms. According to Bernstein Research, the industry could reach 240 billion dollars in trading volume in 2026 and 1 trillion dollars in 2030. If the FCA overturns the ban, these platforms could face similar legal challenges as in the US, where state gaming authorities are suing prediction market companies over sporting event contracts.
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