Kalshi Inc. Overview
Pro stress-test →Kalshi Inc. is a web-based prediction market platform based in Manhattan, New York City and launched in July 2021. The platform is used primarily for sports betting, which constitutes more than 90% of the activity on the site and 89% of the site's revenue in 2025. Kalshi is the world's largest prediction market, founded in 2018, where people can trade on real-world events.
Strategic Profile
Pro stress-test →Kalshi's federal CFTC regulation allows it to operate sports markets in all 50 states immediately, bypassing the patchwork of state regulations that limit traditional sportsbooks to roughly 38 states. As of March 2026, the company is valued at $22 Billion. Kalshi recorded $871 million in trading volume on Super Bowl Sunday alone and has reached weekly trading volume of $2B, with active traders growing 5x from 240K to 1.2M during 2025.
Competitive Landscape
Pro stress-test →DraftKings and FanDuel dominate the $30B US sports betting market with 85% combined market share, operating fundamentally different business models that profit when customers lose, earning 7-9% margins, though their expansion is constrained by state-by-state gaming licenses and regulatory scrutiny. Companies like Underdog Fantasy and PrizePicks occupy an adjacent space with their Pick'em products that function similarly to prediction markets, though these platforms have already faced regulatory challenges, including a $17.5M settlement between Underdog and New York state. Top competitors of Kalshi include Polymarket, Versus Game and Manifold Markets.
Industry Context
Kalshi Inc. operates in Prediction Markets / FinTech / Sports Betting.
Key facts
Founded: 2018 · Headquarters: New York, US · Employees: 467 · Market cap: $22B