Brett

Kalshi made $110M of the $122M total. One company accounts for 90% of the industry's revenue in the prediction market. Kalshi brought in $1.8M in 2023, $24M in 2024, and $260M in 2025. At its current monthly pace, the company is running at roughly $1.3B a year, according to Wall Street Journal. Almost all of it is sports. About 89% of Kalshi's 2025 fees came from sports contracts, and that share climbed above 90% toward the end of the year. The NFL season alone generated $138M in sports fees between September and November 2025. The product works through "event contracts," which are yes/no bets on outcomes like "Will the Eagles win by 3+ points?" Kalshi calls it trading. Sportsbooks call it competition. At $1.3B a year in sports revenue, Kalshi is now roughly a fifth the size of DraftKings, which expects $6.5-6.9B in 2026. Both DraftKings and FanDuel's parent company Flutter have lost more than half their market value over the past year. The #2 on this chart, Polymarket, charged zero fees for all of 2025. It brought in $0 in revenue that entire year. It only started collecting fees in January 2026. That $4.2M comes from a fee structure that's been live for about two months, charging 0.01% per trade. Kalshi charges around 1.2% on average. Roughly 100x higher. Kalshi's valuation doubled in seven weeks last fall: $300M raised at $5B in October, then $1B at $11B in December. Both Kalshi and Polymarket are now in talks to raise at $20B. Monthly active users on Kalshi went from 600,000 at the start of 2025 to 5.1 million by February 2026, per Sensor Tower. The chart's fine print notes that Kalshi and Crypto.com fees are estimated (Dune data). And the regulatory fights are piling up. Multiple states are suing Kalshi, a class action alleges it's operating unlicensed sports betting, and members of Congress introduced legislation in March to block prediction markets from offering sports and war contracts. The $122M/month "prediction market" is really a $110M/month sports betting exchange running under a different regulatory label.