PitchBook, part of Morningstar, initiates late-stage coverage of prediction markets Kalshi, Polymarket

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

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