Taken together, these developments hold a mirror up to the prediction markets landscape: effective surveillance programs must keep pace as scrutiny catches up with scale. For several years, prediction market participants have debated whether traditional insider-trading concepts could be applied to event contracts. Recent regulatory developments suggest that prediction market surveillance is becoming increasingly risk-based. As prediction markets attract greater public attention, exchanges are facing not just regulatory questions, but political scrutiny. The common thread across all five lessons is that prediction market surveillance can no longer be treated as an extension of traditional market surveillance with a few added filters.