Heretic Research says prediction market growth may shift from trading fronts to the results layer
Heretic Research argues that the next wave of value in prediction markets may come less from traffic, licenses and liquidity, and more from the infrastructure that decides how contracts are interpreted, verified and paid. In its third full research report, the independent crypto and AI research firm said it reviewed 282,191 settled prediction markets through July 15, 2026 and found that disputed markets made up just 0.487% of cases but accounted for 8.64% of final notional volume. That gap, in the report’s view, shows why rule interpretation and settlement standards matter economically rather than operationally. The report frames each contract as carrying two probabilities: whether an event happens, and whether the event is recognized as “Yes” under a platform’s rules. Once rule comparison, evidence verification, result confirmation and payout triggers become standardized and reusable across venues, Heretic Research says they form a second profit pool for the industry. It estimates currently observable annual revenue for that “results layer” at $15 million to $37 million, rising to $64 million to $161 million if existing market volume were broadly covered, with a mature upper bound of about $456 million. The report also says listed or tradable proxies remain imperfect. Platform equity already reflects strong front-end growth assumptions, while HYPE and ICE offer limited direct capture of results-layer economics. Heretic Research says the clearest opportunities may still lie in early projects that can win cross-platform usage and turn that usage into recurring, attributable revenue.








