Prediction markets are gaining traction among institutional investors, as evidenced by the recent Kalshi Research conference in New York. The event highlighted the growing interest from Wall Street executives and academics in using prediction markets beyond traditional sports and election betting. Currently, sports predictions account for 80% of Kalshi's trading volume, but other sectors like entertainment, crypto, and politics are rapidly expanding. Despite the progress, prediction markets remain in the early stages of institutional adoption. Most institutions are still integrating prediction market data into their workflows, with only a few engaging in actual trading. A significant hurdle is the requirement for full margin trading, which is less appealing to institutions reliant on leverage. Kalshi is working with regulatory bodies to introduce margin trading, which could accelerate institutional participation. Experts predict that prediction markets could become a mainstream financial tool within five years, akin to the options market's evolution in the 1970s. As prediction markets continue to mature, they are expected to play a crucial role in pricing uncertainty and providing hedging opportunities for a wide range of market participants.