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Bank of America (BofA) senior research analyst Shaun Kelley said the expansion of prediction markets is increasing competitive pressure on traditional sports betting operators, according to Walter Bloomberg. Kelley said Wall Street initially underestimated the potential of prediction markets and explained platforms such as Kalshi are challenging established sports betting companies including DraftKings and FanDuel. He cited nationwide availability across all 50 U.S. states and eligibility for users age 18 and older as key competitive strengths of prediction markets. By contrast, traditional sports betting is generally allowed only for those 21 and older under state-by-state regulations.