Prediction markets platform Kalshi reported it has exceeded $2 billion in trading volume on sports markets this year.
The company launched its first sports prediction markets six months ago, with futures markets on the Super Bowl, March Madness, and NBA Finals.
The Super Bowl saw about $27 million in trading volume, but the markets took off with March Madness, which had over $400 million in trades.
The platform now offers single-match winner markets on almost all major sporting events. Two-thirds of the trading volume across the whole site was on Wimbledon markets last week.
The company announced on Wednesday that it had surpassed $2 billion in trades on X, which is around 70% of the total traded volume over the last six months.
Less than 6 months ago, we launched our first sports market.
— Kalshi (@Kalshi) July 16, 2025
Today, we crossed $2 billion in sports trading volume. pic.twitter.com/no0uw0wkqt
Trading volume and betting handle are noticeably different, as much of the market liquidity is provided by market makers. Susquehanna partnered with Kalshi last year to provide liquidity for markets.
This means that a large portion of trading volume is not money being risked by individuals in the same way as betting handle at sportsbooks.
Sportsbooks Still Far Exceed Kalshi For Betting Volume
Regulated sportsbooks have seen around $70 billion in betting handle this year, making Kalshi still relatively small-scale in the sports betting industry.
DraftKings and FanDuel make up the majority of the betting volume, with both platforms seeing more than $20 billion wagered on their sites this year. ESPN Bet has the sixth biggest betting handle at $2 billion.
Even with the $2 billion traded at Kalshi indicating less actual money staked by bettors, the platform is likely in the top ten companies for sports betting volume.
The platform is also growing rapidly, having only started out offering limited futures markets before expanding into match markets. Further expansion into other markets, such as parlays, prop bets, and point spreads, will further rival the leading sports betting companies.
Kalshi CEO Tarek Mansour recently reposted an image showing a parlay bet slip at Kalshi. The image has been altered as the site does not allow users to combine bets at this stage, but Mansour’s reposting may indicate the site is considering offering this function in the future.
cash out or let it ride? pic.twitter.com/Zov4I5lxpr
— Molly O’Shea (@MollySOShea) July 8, 2025
Sportsbooks Consider Entering Prediction Market Space
As Kalshi continues to expand despite opposition from state regulators and tribal groups, sportsbooks are considering launching their own prediction markets.
FanDuel has reportedly held talks about a potential partnership with Kalshi, while DraftKings has been discussing the possibility of collaborating with RailBird Exchange, a prediction markets platform that is expected to launch soon after obtaining a license from the Commodity Futures Trading Commission (CFTC).
Incoming CFTC chair Brian Quintenz also opened the door for tribal groups to get involved in the prediction markets, which they have been fighting against.
Tribes have argued that prediction markets and offshore sportsbooks represent a growing threat to tribal gaming compacts.
Over 60 tribal groups filed a brief to the courts in New Jersey in a legal battle between the state regulator and Kalshi. The CFTC regulates Kalshi, but with Quintenz being a board member at the company, he is unlikely to place any restrictions on the platform’s expansion.
Instead, he said that tribes could also offer their own prediction markets, as nothing in the Commodity Exchange Act (CEA), which regulates prediction markets, prevents tribes from participating.
Speaking at a hearing that will decide whether he is allowed to take up the position as chair at the CFTC, Quintenz stated, “Nothing in the CEA that I’m aware of prohibits or affects the opportunity of tribes to offer those products and those markets and those services.”
In the hearing, Quintenz also stated that he will resign from his position at Kalshi upon taking up the role.
Court cases remain open in Maryland, Nevada, and New Jersey, but so far Kalshi has secured favorable rulings from judges. The site, therefore, looks set for further expansion and will likely far exceed the $2 billion traded so far in the next six months.
