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[10x Research: Prediction Market Profits Driven by a Few Elites, Majority Are Emotion-Driven Bettors] 10x Research points out that the accuracy and profitability of prediction markets primarily come from a very small group of professional traders with superior information, rather than the general participants. Most user behavior resembles sports betting, favoring narratives and emotion-driven decisions; the professional group, on the other hand, achieves stable returns through pricing probabilities and hedging risks. The team believes that as prediction markets further expand by 2026, the current period is a critical window to understand the core mechanisms of prediction markets before simple arbitrage opportunities disappear.