Nasdaq’s filing signals intensifying competition in the fast-growing prediction market sector, where platforms like Polymarket and Kalshi have already built strong retail followings. Monthly trading volumes in prediction markets have surpassed $10 billion, attracting attention from both traditional finance and crypto-native firms such as Coinbase.

Other financial heavyweights are also entering the space. CME Group has partnered with FanDuel to explore non-financial event contracts, while Cboe Global Markets is focusing on finance and economic-linked contracts. Nasdaq plans to expand its Outcome Related Options beyond MRX to other exchanges including Nasdaq NOM and Nasdaq PHLX, positioning itself to compete across multiple trading venues if regulators grant approval.