Prediction markets moved from the margins into the center of national wagering debates by exploiting regulatory ambiguity. Platforms like Kalshi expanded as the Commodity Futures Trading Commission failed to define clear limits or enforce its mandate. Weakened federal oversight and delayed enforcement allowed event-based wagering to scale nationally before states, tribes, or consumers had a meaningful voice. This segment grounds attendees in how this moment was created and why it marks a critical inflection point for gaming law.