Prediction markets continue to attract significant global attention. As trading volumes in prediction markets continue to grow, a number of regulatory questions are being raised across jurisdictions. In the UK, the Financial Conduct Authority and the UK Gambling Commission have provided some clarity on their respective positions on prediction markets in the UK. In our Briefing Note, we consider the key legal issues arising in relation to prediction markets in the UK, and in particular the trading of event contracts, that market participants should be aware of.