Kalshi Inc. and Polymarket LLC Reach Record $50.59 Billion July Volume

Prediction markets Kalshi Inc. and Polymarket LLC achieved a combined all-time high trading volume of $50.59 billion in July, representing a 7.8% increase over June. This growth was primarily fueled by the FIFA World Cup, where Kalshi Inc.'s final match market drew $1.9 billion and Polymarket LLC's winner market attracted approximately $4 billion.

Kalshi Inc. led the sector with $37.7 billion in monthly volume. Polymarket LLC saw divergent trends between its platforms; while its offshore volume dropped 26% to $7.9 billion, its U.S. platform increased 54% to $5 billion. This U.S. growth follows the removal of waitlist restrictions in May.

Both platforms are currently facing legal challenges from more than a dozen state regulators who allege they are operating unlicensed gambling platforms. The platforms and the Commodity Futures Trading Commission are contesting these claims, arguing that federal oversight takes precedence over state jurisdiction.