Britain’s Financial Conduct Authority is exploring whether to ease restrictions on prediction markets for retail users, a policy shift after effectively banning them in 2019, as British users increasingly access US platforms like Kalshi and Polymarket using VPNs. Combined monthly transaction volumes on these two platforms surged from under $5 billion in September 2025 to roughly $24 billion by April 2026, a nearly fivefold increase in seven months. The UK Gambling Commission indicated in February 2026 that commercial prediction markets may require a betting intermediary license. Platforms like Versus have already launched UK-facing offerings operating within existing licensing frameworks.
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