Prediction market Polymarket has recorded its first monthly decline in trading volume since August, with technical issues and growing competition with rival Kalshi blamed for the fall.
Trading volume across Polymarket’s offshore exchange and US app fell by around 9% to US$10.3 billion in April, according to figures published by Dune Analytics.
Polymarket’s previous growth had been fueled by major sporting events, including the NFL season and the March Madness college basketball tournament, which helped the platform reach a record volume in March.
According to Bloomberg, in a statement on Wednesday the company blamed April’s slowdown on a delayed infrastructure upgrade aimed at improving transaction speeds and reducing technical failures.
