By setting new trading records, the prediction platform Kalshi has caused a stir in the sports betting industry. The platform broke its previous record of $260 million, set on the day of the 2024 election, with over $270 million in trades last weekend.

Of the $260 million traded on Kalshi during the weekend, 98% of the volume was associated with sports contracts. More than 90% of that amount pertained to football.

NCAA football accounted for $226 million in trades, which included a matchup between Alabama and Georgia that reached $23.4 million. Eight of the college games over the weekend attracted eight-figure trading volumes.

The same trend was observed in the professional games, where eight of the NFL matches on Sunday generated at least $10 million in trading volume each.

The Sunday Night Football overtime thriller featuring the Packers and the Cowboys became the highest-traded game in history at $57.2 million, marking the first instance of a game surpassing $50 million on Kalshi. (The total volume for this game eventually reached $67.7 million, with additional trading occurring after the day transitioned.)

To provide context, an average NFL game typically generates around $60 million in betting handle through traditional state-regulated sportsbooks in the United States. However, it is important to note that trading volume differs from sports betting handle.

A rough estimate is that Kalshi is pulling away between 5% and 10% from the sports betting sector. Of course, the platform has a big advantage in that it is legal in states like California and Texas, where sports betting has not been approved.