A late-year surge helped Kalshi make $263.5 million in fee revenue in 2025, the vast majority coming from sports, putting it on a similar scale to the third tier of U.S. sports betting operators in terms of full-year performance.
The upstart platform’s growth as the year went on, however, suggests its revenue from fees in 2026 could be significantly higher.
Fees for purchasing contracts are Kalshi’s main source of revenue. The fee the platform charges varies depending on the odds of the contract, with higher fees for events close to 50/50 and lower fees for extreme favorites or longshots. This system, unlike flat fees, ensures that there is no price at which a bet would be a guaranteed loser or where the fees paid exceed the stake.
