Kalshi and Polymarket's combined trading volume will exceed $44 billion by 2025.

According to Odaily Planet Daily, Kalshi and Polymarket processed a combined trading volume exceeding $44 billion in 2025. By April 2026, the combined monthly trading volume of the two platforms had risen to $24 billion, surpassing the average monthly betting volume of legal sports betting platforms in the United States. Kalshi's fee revenue last year was $263.5 million, with annualized revenue subsequently exceeding $1.5 billion. Prediction markets operate on a binary contract exchange model, matching buyers and sellers without placing bets, holding positions, or assuming risk regarding event outcomes. The primary revenue comes from transaction fees, with other revenue including data licensing, API access for institutional traders, and market creation fees for some platforms. In the US market, Kalshi is a Designated Contract Market (DCM) registered with the Commodity Futures Trading Commission (CFTC). Polymarket re-entered the US market at the end of 2025 through a $112 million acquisition of QCEX, a CFTC-regulated platform; however, some states still consider prediction market contracts gambling, and related federal and state lawsuits are ongoing. The EU's Crypto Asset Markets Regulation (MiCA) does not directly define the nature of prediction market contracts, and classifications differ among member states. Platforms using crypto settlement and offering custody or transfer services to EU users also need to obtain a Crypto Asset Service Provider (CASP) license.