Prediction Markets Record $123.3B October Volume as Kalshi Takes About 80%

Prediction markets recorded $123.3 billion in October volume, about 53.9% above September’s record, with Kalshi accounting for about 80% as activity topped $100 billion for the first time.

The markets logged 642.9 million transactions overall. Kalshi recorded $98.2 billion in volume and 465.5 million transactions. Polymarket recorded $20.2 billion and 148 million transactions.

Kalshi’s tally counts each contract at its full $1 settlement value, so the total does not measure the cash traders put in. Football-season parlays made up 67.6% of the platform’s monthly volume, although most of those contracts were priced below 1 cent.

Markets tied to the U.S. midterm elections exceeded $1.4 billion in volume. Crypto contracts on Kalshi and Polymarket topped $3 billion for two consecutive weeks for the first time. Polymarket’s U.S. platform neared $10 billion in October volume, about 15% above its previous record.

The October total followed prediction markets recording $188 billion in Q3, nearly 70% more than in the previous quarter.