Kalshi has reported it has exceeded $2 billion in trading volume on sports markets since launching.

Kalshi announced its entry into sports betting in January, allowing users to place bets in all 50 states, while sports betting operators like FanDuel and Draftkings are only allowed to operate in states where traditional sports betting has been legalized, Kalshi takes a different approach in terms of how it generates revenue.

Rather than collecting the money generated from lost bets, Kalshi takes a cut of placed bets. The company allows users to trade directly with others on its platform, permitting its use to be placed in all 50 states.

The CEO of Kalshi says the prediction markets exchange should not be treated as a gambling operation, in part because the U.S.-based company doesn’t make money from losing bets.