Limitless Labs co-founder and CEO CJ Hetherington said he does not expect any single prediction market platform to dominate the category, comparing its likely trajectory to offshore perpetual futures exchanges where no operator has approached 90% market share.
Hetherington made the comments on a call hosted by Bernstein analysts Gautam Chhugani, Ian Moore and Nosher Ali Khan, who regularly cover Coinbase, Robinhood, DraftKings and Flutter.
No winner-take-all outcome
During the conversation, Hetherington pointed to Binance's perpetual futures market share, which peaked at roughly 50% before gradually eroding as rival exchanges gained traction, as the structural template for how prediction markets will evolve.
Hetherington stated that professional market makers and high-frequency traders generate most of the volume and fees in derivatives markets and multi-tenant across venues to arbitrage pricing differences.
