The 2026 FIFA World Cup sparked a surge in trading volumes on prediction market platforms in June. Kalshi saw over $31 billion in trading, a 70% increase from May, while Polymarket hit a record $10.8 billion.

Newcomer Rothera also recorded $2 billion in volume. This spike highlights growing investor interest and tests platform reliability under high volume, with regulators and institutions closely watching.

As of July 5, 2026, Kalshi states it is available across most of the United States. But the list of states where participation carries legal risk is shifting.

The platform has paused sports betting in Nevada, where a state court found its contracts indistinguishable from regulated gambling.

Massachusetts, Ohio, Michigan, Montana, and Arizona have secured or are pursuing injunctions or enforcement actions limiting the platform’s operations. Illinois and New York have issued formal warnings or enforcement actions.

Minnesota’s August 1 felony date is the hardest deadline in the current calendar. Participating in Kalshi from a Minnesota address after August 1, if courts do not issue an injunctioncould constitute criminal conduct under the state’s new law, not just a regulatory violation.