Kalshi made a little over $15 million in trading revenue in the 90 days to 26 May, InGame estimates, suggesting the business – though partly seasonal and fast-growing– still needs serious sustained growth to catch up to a rumored multi-billion-dollar valuation.
The new figures suggest that Kalshi’s revenue wouldn’t be enough for even a 1% share of the U.S. regulated sports betting market, which makes around $3 billion a month.
InGame analyzed every trade reported by Kalshi for the 90-day period between Feb. 25 and May 25. Data for April 1 was not available. Using Kalshi’s fee structure (below), InGame was able to estimate revenue from these markets.
