Numbers Say Kalshi Continues To Be A Sports Betting App
NBA betting accounted more than half of trading volume for the past week, and sports accounts for more than 60%. Plus updates in Kalshi lawsuits in New Jersey and Maryland.
The “bet on anything” app is largely a sports betting app as Kalshi has continued to expand its sports event offering, data from the prediction market platform shows.
More than half of all trading was on NBA markets for the past week, and more than 60% of all trading came on sports events contracts:
Data provided publicly by Kalshi did not include trading on May 9. There were two NBA playoff games on that day, so it’s likely the trading volume is skewed low for NBA and sports.
Some notes:
Twelve of the top 20 markets involved sports.
All five of the top-level NBA markets were in the top 10.
Despite outsized media interest in betting on whom the next Pope would be, that market was just the sixth-most popular of the week (KXNEXTPOPE), although it did resolve early in the week.
Trading on whether the Federal Reserve would cut or raise rates was the most popular non-sports market (KXFEDDECISION).
A rundown of the other markets in the top 20:
NBA series winners (KXNBASERIES)
NBA game winners (KXNBAGAME)
NBA champion (KXNBA)
MLB game winners (KXMLBGAME)
Bitcoin price today at x time (KXBTCD)
NHL playoff series winners (KXNHLSERIES)
NBA conference winners (KXNBAEAST and KXNBAWEST)
NASDAQ price today at x time (KXNASDAQ100U)
S&P price today at x time (KXINXU)
NHL game winners (KXNHLGAME)
Bitcoin price range at x time (KXBTC)
Inflation in May (KXCPIYOY)
PGA Tour tournament winner (KXPGATOUR)
Champions League game winners (KXUCLGAME)
Gas price this month (KXAAAGASM)
NHL champion (KXNHL)
UFC match winners (KXUFCFIGHT)
Legal updates
A couple of updates on Kalshi lawsuits vs. states in The Closing Line earlier today; click through for more, but quick updates:
New Jersey is appealing the preliminary injunction granted to Kalshi to the Third Circuit Court of Appeals.
Maryland offered its opposing brief in the lawsuit Kalshi brought in federal court. The Event Horizon is cited in the brief.
Both states have sent cease-and-desist letters to Kalshi for offering illegal sports betting; Kalshi responded by suing those states.