While it’s been fighting the agency in court, New York-based Kalshi, which settles bets in dollars, has watched crypto-powered rival Polymarket, which is barred from doing business in the U.S., nevertheless rack up record volumes during this election year. Over $1 billion alone has been staked on Polymarket’s contract on who will win the presidency.
Despite the legal challenges faced by Kalshi, the prediction market industry is heating up, especially with the ongoing U.S. presidential election. Kalshi, operating in New York and settling bets in dollars, has been facing tough competition from Polymarket, a crypto-powered rival that is not allowed to operate in the U.S. However, Polymarket has managed to attract significant volume, with over $1 billion staked on its contract regarding the presidential election outcome.
