Kalshi processed more than $1.1 billion in election trading during the 10 days surrounding the midterms, accounting for just 3% of the platform’s volume as sports and parlays dominated.
Texas‘ closely watched U.S. Senate race led individual election contests with $145 million traded over the final 10 days, according to a Legal Sports Report analysis of prediction market data from TickerTracker.
Over the same period, Kalshi processed $25.3 billion in parlays — nearly $23 for every dollar traded on elections — in addition to $6.1 billion in non-parlay sports contracts. Even on Election Day, when election trading captured 17.5% of daily volume and surpassed non-parlay sports for the first time, parlays drew more than three times as much.
Known as combos on prediction markets, parlays combine multiple outcomes for larger payouts. Kalshi expanded them to include elections ahead of the midterms, though sports have historically dominated and accounted for 99.3% of combo trading from Sept. 1–19, according to a GuardianBlock analysis.
