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Prediction markets are becoming increasingly institutionalized, with sophisticated players and firms entering a space once dominated by amateur bettors seeking mispricing edges. Experts say this professionalization threatens to erode the advantage skilled individual traders once had in exploiting inefficiencies. The trend is expected to accelerate heading into a critical fall season, as the NFL season and the 2025-2026 midterm election cycle—following the prominence prediction markets gained during the 2025 football season and 2024 presidential election—drive renewed volume and scrutiny of these platforms.