Gambling within Prediction Markets

Event-contract exchanges regulated by the CFTC, which now take most of their trading on sports. States are fighting them in court as unlicensed sports betting.

U.S. volume, September 2026

$75.1B

Change from a year earlier

+2,524%

Kalshi fees from sports, 2026

81%

States challenging them

Pending federal license bids

Trading volume

Include Polymarket's international exchange

KalshiPolymarketRobinhood MarketsDraftKingsOther

$20.0B$40.0B$60.0B$80.0B20252026

Notional volume: the dollars traded on each contract. Other: Novig, Underdog Fantasy, ProphetX, Gemini.

By company

Company	September 2026	September 2025	Change	Last 12 months	Share of U.S.	Data
Kalshi	$60.8B	$2.9B	+2,025%	$257B	88.8%	Third-party estimate from Nov 2024[1]
Polymarket (international)	$4.7B	$1.6B	+194%	$85.8B		Third-party estimate from Jan 2024[2],[3],[4]
Polymarket	$8.8B	—		$21.7B	7.5%	Third-party estimate from Jun 2026[5]
Robinhood Markets	$1.2B	—		$5.6B	1.9%	Third-party estimate from Jun 2026[6]
DraftKings	$1.9B	—		$2.0B	0.7%	Third-party estimate from Jul 2026[7]
Novig	$1.4B	—		$1.4B	0.5%	Third-party estimate from Sep 2026[8]
Underdog Fantasy	$715M	—		$1.1B	0.4%	Third-party estimate from Aug 2026[9]
ProphetX	$241M	—		$539M	0.2%	Third-party estimate from Jul 2026[10]
Gemini	$44.0M	—		$306M	0.1%	Third-party estimate from Jan 2026[11]

Sports share of trading

Share of each exchange's activity that comes from sports contracts, latest period reported.

All periods (6)

Company	Period	Measure	Sports	Politics	Crypto	Other	Notes
Kalshi	2026	Fees	81%			19%	Estimate by InGame (via SCCG Management, 2026-10-07) for 2026 year-to-date (through ~2026-10-07); non-sports share (almost entirely 15-minute crypto contracts) rose to 19.2% of fee revenue in 2026 from 11% in 2025. Not a full-year figure. Kalshi does not publish financials.[15]
Kalshi	2025	Fees	89%			11%	Estimate by InGame, applying Kalshi's published fee formula to trade data: sports fee revenue $234.6M of $263.5M total 2025 fee revenue. Non-sports (mostly elections and Fed decisions) exceeded 90% of fee revenue in the final four months of 2025. Kalshi does not publish financials.[17]
Novig	2026	Volume	100%				Novig is described in its own Series B press release as "a sweepstakes-based sports prediction market" operating "a commission-free, peer-to-peer exchange designed for sports traders," with no non-sports categories mentioned. Platform-description inference, not a measured volume split; Novig's own site returned HTTP 405 on direct fetch in this research pass.[12]
Polymarket	2026	Volume	40%	32%	20%		Sacra estimate of Polymarket's current (as of ~2026-07) active category mix: sports "the largest active category at ~39% to 40% of total volume," politics ~32%, crypto ~20%. Consistent with Pew Research's cumulative figures above.[16]
ProphetX	2026	Volume	100%				ProphetX markets itself as "America's[13]
Sporttrade	2026	Volume	100%				Sporttrade markets itself as "The prediction market for sports" with no non-sports categories described on its own site; as of this research pass the site stated it was "RE-ENTERING THE MARKET SOON." Platform-description inference, not a measured volume split.[14]

Prediction-market revenue

Company	Period	Revenue	Share of company revenue	Notes
Kalshi	2026	$2.0B est.	100%	Third-party estimate by InGame (via SCCG Management, retrieved 2026-10-07), described as cumulative fee revenue reaching $2.04B "last week" (i.e., year-to-date through roughly 2026-10-07, not a full-year total). Kalshi does not publish financials.[15]
Kalshi	2025	$264M est.	100%	Third-party estimate by InGame, applying Kalshi's published taker-fee formula to trade data (fee revenue only; Kalshi does not publish financials). Sports contracts were 89% of this figure (see mix).[17]
Kalshi	2024	$24.0M est.	100%	Third-party estimate (TSG Invest, citing trade-data analysis) since Kalshi does not publish financials.[18]
Polymarket	2026	$1.0B est.	100%	Sacra estimate of annualized revenue run-rate as of ~2026-06 (quarterly pace x4), not a recognized full-year total. Taker fees began January 2026 for crypto markets and expanded to sports (February) and more broadly (March 2026).[16]
Polymarket	2025	$0 est.		Sacra estimate; Polymarket operated without trading fees in 2025, so (estimated) fee revenue was $0 for the year.[16]
Robinhood Markets	2026 Q2	$156M	12%	Event contracts revenue, per Robinhood's Q2 2026 earnings release narrative (10x+ growth year-over-year); total net revenues for the quarter were $1,308M per the Q2 2026 10-Q income statement. Growth driven partly by World Cup-related contract volume.[19],[20]
Robinhood Markets	2026 Q1	$104M	9.8%	Event contracts revenue, Robinhood Q1 2026 10-Q. Total net revenues for the quarter were $1,067M. Press release described a broader "other transaction revenue" of $147M that "primarily consists of event contracts revenue" (combines the $104M event-contracts line with a separate $43M "Other" line).[21]
Robinhood Markets	2025 Q2	$10.0M	1.0%	Event contracts revenue for Q2 2025, per Motley Fool's reporting of Robinhood's Q2 2026 10-Q comparative figures (the primary SEC filing's revenue-disaggregation table could not be fully retrieved in this research pass due to page truncation). Share of company computed as $10M / $989M total net revenues (Q2 2025, confirmed directly from the Q2 2026 10-Q's income statement).[22],[20]
Robinhood Markets	2025 Q1	$3.0M	0.3%	Event contracts revenue, from the comparative-period column of Robinhood's Q1 2026 10-Q. Share of company computed as event contracts revenue ($3M) / total net revenues ($927M) for the quarter.[21]

Federal licenses and applications

Companies need a CFTC-registered exchange (DCM) to list event contracts, or a partnership with one. Sportsbooks and brokers are getting in by applying, buying an exchange, or routing through Kalshi, Polymarket or Crypto.com.

Company	Route	License	Filed	Decided	Status	Notes
Sporttrade Sporttrade, Inc.	Own application	Exchange and clearinghouse	Jan 27, 2026		Pending	Sporttrade filed DCM and DCO applications with the CFTC, dated Jan 27, 2026, to offer event contracts nationwide. The CFTC gives no fixed timeline for registration (often 180 days or longer). Separately, Sporttrade announced in May 2026 that it was exiting US online sports-betting markets (Arizona, Colorado, Iowa and Virginia users given until June 25, 2026 to withdraw funds), consistent with its own site showing "RE-ENTERING THE MARKET SOON" as of Oct 2026.[23]
Robinhood Markets Cboe/Robinhood KPI contracts	Partnership with Cboe Global Markets	SEC	Sep 30, 2026		Announced	Cboe and Robinhood announced plans Sept 30, 2026 for binary-option KPI contracts tied to company performance metrics; launch expected Oct 2026, subject to regulatory approval. SEC-regulated, not a CFTC event-contract route.[24]
Betr Betr (Polymarket partnership)	Partnership with Polymarket		Mar 2026		Announced	Betr signed a multi-year partnership with Polymarket, reported March 2026, intended to bring prediction markets to Betr users nationwide using Polymarket's event-contract infrastructure.[25]
PrizePicks PrizePicks Predict (via Polymarket)	Partnership with Polymarket		Nov 2025		Announced	PrizePicks announced a partnership with Polymarket in early Nov 2025, days before its Kalshi launch, saying it would work with Polymarket as it resumed US operations. This research pass found no confirmation that the Polymarket integration has gone live.[26]
Trump Media & Technology Group Truth Predict (via Crypto.com Derivatives North America)	Partnership with Crypto.com		Oct 28, 2025		Announced	Trump Media & Technology Group announced Truth Predict, a prediction-markets product for Truth Social, Oct 28, 2025, via integration with CFTC-registered Crypto.com Derivatives North America (CDNA). The announcement set no fixed beta/launch date, and this research pass found no confirmation it has gone live.[27]
Betr Ascent Capital Management (NFA/CFTC-registered introducing broker)	Bought a licensed exchange	Introducing broker		May 2026	Approved	Betr acquired Ascent Capital Management, an NFA- and CFTC-registered introducing broker, reported May 20, 2026, giving Betr IB registration to distribute event contracts through DCMs such as Kalshi and Crypto.com's platform. A product launch was expected later in 2026 but was not confirmed live in this research pass.[25]
Robinhood Markets MIAXdx (MIAX Derivatives Exchange)	Bought a licensed exchange	Exchange and clearinghouse	Nov 25, 2025	Jan 20, 2026	Approved	A joint venture of Robinhood (controlling partner) and Susquehanna International Group (day-one liquidity provider) agreed Nov 25, 2025 to acquire 90% of MIAXdx from Miami International Holdings (MIAX), which retains a 10% stake; MIAXdx is a CFTC-licensed Designated Contract Market, Derivatives Clearing Organization and Swap Execution Facility. The acquisition closed Jan 20, 2026.[28]
CME Group Chicago Mercantile Exchange Inc.	Own application	Exchange (DCM)	Nov 19, 2025	Dec 5, 2025 Launched Dec 2025	Approved	CME self-certified new sports event "swap" contracts (NBA, NFL, college football, then NHL and men's college basketball) for listing on CME Globex; filed for self-certification Nov 19, 2025, with certification effective no later than Dec 5, 2025. CME has held DCM/DCO registration for decades; this entry covers its specific move into sports/event prediction-style contracts rather than its original designation.[29]
Bitnomial Bitnomial Clearinghouse, LLC / Bitnomial Exchange, LLC	Own application	Exchange and clearinghouse		Dec 2025	Approved	Bitnomial Clearinghouse, LLC (a DCO registered Dec 15, 2023) received CFTC approval in Dec 2025 to clear fully-collateralized swaps, enabling prediction markets; a related CFTC no-action letter (Jan 8, 2026) gave limited relief from certain swap-reporting rules for event/prediction contracts on Bitnomial Exchange, LLC, a CFTC-registered DCM.[30],[31]
Polymarket Polymarket (intermediated trading platform)	Own application			Nov 25, 2025	Approved	CFTC Amended Order of Designation permits Polymarket to operate an intermediated U.S. market-access platform, enabling U.S. re-entry. A Jan 2022 CFTC settlement ($1.4M fine, cease-and-desist for failing to register as a Swap Execution Facility) had blocked Polymarket's US customers from 2022 until Dec 2, 2025.[32]
DraftKings Railbird Exchange, LLC (f/k/a Railbird Technologies Inc.)	Bought a licensed exchange	Exchange (DCM)		Oct 21, 2025	Approved	DraftKings acquired Railbird Technologies Inc. and its CFTC-registered-DCM subsidiary Railbird Exchange, LLC on Oct 21, 2025 per DraftKings' FY2025 Form 10-K; deal terms undisclosed. Secondary sources date Railbird's own CFTC DCM designation to June or July 2025 (not independently confirmed against the CFTC register in this pass). DraftKings has said it plans to migrate trading onto Railbird after launch; Railbird has since self-certified sports event contracts directly with the CFTC under its own name.[33],[34]
Kraken Small Exchange, LLC	Bought a licensed exchange	Exchange (DCM)		Oct 16, 2025	Approved	Kraken acquired Small Exchange, LLC, a CFTC-licensed DCM, from IG Group for $100M, announced Oct 16, 2025, to build a US-regulated derivatives platform. A prediction-markets launch on top of this license has been discussed but was not confirmed as live in this research pass.[35]
Crypto.com Crypto.com Derivatives North America (CDNA), f/k/a NADEX / HedgeStreet, Inc.	Own application	Exchange and clearinghouse	Jun 2024	Sep 26, 2025	Approved	CFTC approved amended DCO and DCM licenses for CDNA Sept 26, 2025 (DCM amendment request dated May/June 2024 per Crypto.com's own release; DCO amendment request filed June 7, 2024). CDNA's original DCO registration dates to Feb 18, 2004 as HedgeStreet, Inc. A separate affiliate, Foris DAX Markets LLC, was registered the same day as an FCM/NFA member.[36],[37]
PrizePicks Performance Predictions II, LLC (d/b/a PrizePicks Predict)	Own application	Broker (FCM)		Sep 22, 2025	Approved	The NFA approved Performance Predictions II, LLC -- a PrizePicks/SidePrize subsidiary -- as a CFTC-registered futures commission merchant on Sept 22, 2025 (announced Sept 23), the same day Allwyn announced a $1.6B stake purchase in PrizePicks. The FCM registration lets PrizePicks partner with existing DCMs rather than list its own contracts; PrizePicks says it was the first sports-entertainment operator to receive FCM registration.[38]
PredictIt Aristotle Exchange DCM, Inc. / Aristotle DCO, Inc.	Own application	Exchange and clearinghouse		Sep 5, 2025 Launched Oct 2025	Approved	CFTC approved Aristotle's DCM and DCO applications Sept 5, 2025; the new exchange was expected to open for trading Oct 2025 (PredictIt relaunch under the new designation). Aristotle later sold these DCM/DCO entities to Underdog in March 2026 while keeping the PredictIt exchange itself.[39],[40]
Polymarket QCX LLC d/b/a Polymarket US (branded QCEX, with clearing affiliate QC Clearing LLC)	Bought a licensed exchange	Exchange and clearinghouse		Jul 9, 2025	Approved	Polymarket acquired QCX LLC and QC Clearing LLC (together branded QCEX), a CFTC-licensed exchange and clearinghouse, for $112M, around July 2025. The CFTC's industry-filings listing for "QCX LLC d/b/a Polymarket US" shows DCM status Designated effective 2025-07-09.[41],[42]
Kalshi Kalshi Klear LLC	Own application	Clearinghouse (DCO)		Aug 29, 2024	Approved	CFTC order registering Kalshi's clearinghouse affiliate as a derivatives clearing organization under CEA Section 5b; KalshiEX LLC was already a registered DCM at the time.[43]
Interactive Brokers ForecastEx LLC	Own application	Exchange and clearinghouse		Jun 24, 2024 Launched Jul 8, 2024	Approved	CFTC designated ForecastEx LLC as a DCM effective June 24, 2024; ForecastEx also holds a DCO registration and runs its own clearinghouse. Interactive Brokers' press release said operations would start Mon July 8, 2024; some trade press reported a delay to later that summer, and several third-party review sites give Aug 1, 2024 as the actual trading-start date (not independently confirmed against a primary source in this pass).[44],[45]
Robinhood Markets Robinhood Derivatives, LLC	Own application	Broker (FCM)	Sep 2022		Approved	Robinhood Derivatives, LLC (NFA ID 0424278) was incorporated in Delaware in Sept 2022 to obtain FCM registration; it is a CFTC-registered futures commission merchant and NFA member that gives Robinhood Financial's retail customers access to prediction markets and other CFTC-regulated derivatives. Exact CFTC approval date not independently confirmed in this pass.[46]
Kalshi KalshiEX LLC	Own application	Exchange (DCM)		Nov 3, 2020 Launched Jul 2021	Approved	CFTC Order of Designation issued Nov 3, 2020 (CFTC and Kalshi announcements dated Nov 4); Kalshi publicly launched its exchange July 2021.[47]
ProphetX ProphetX, Inc.	Own application	Exchange and clearinghouse			Approved	Per its own site, ProphetX is CFTC-regulated and registered as both a Designated Contract Market and a Derivatives Clearing Organization; exact designation dates are not stated on the fetched page. Charges a 2% fee on winnings only and does not trade against participants.[48]
Cboe Global Markets Cboe Exchange, Inc. (Cboe Predicts)	Own application	SEC		Jun 23, 2026 Launched Jun 23, 2026	Live	Cboe's event-contract products are listed options regulated by the SEC, not CFTC event contracts -- included here for competitive context, not as a CFTC license route. First products (Mini-S&P 500 binary options, tickers XSPBW/XSPBX) launched June 23, 2026, initially on Interactive Brokers, with Charles Schwab expected to follow.[49]
FanDuel FanDuel Predicts (via Crypto.com / OG Prediction Markets)	Partnership with Crypto.com			Launched Jun 2026	Live	Crypto.com and its subsidiary OG Prediction Markets partnered with FanDuel Predicts in June 2026, integrating Crypto.com's regulated clearinghouse infrastructure alongside the existing CME Group relationship.[50]
Novig Ludlow Exchange LLC d/b/a Novig	Own application	Exchange (DCM)	Jan 2026	Jun 2026 Launched Jun 2026	Live	Novig's subsidiary Ludlow Exchange LLC (formed Oct 14, 2025 per a related court filing) filed DCM paperwork with the CFTC in Jan 2026 and was approved as a DCM in June 2026 -- reported as one of the fastest designations of its kind in CFTC history. Event contracts are now offered nationwide to players 21+, alongside required NFA approval.[51]
Underdog Fantasy Aristotle Exchange DCM, Inc. / Aristotle DCO, Inc. (acquired from Aristotle, Inc.)	Bought a licensed exchange	Exchange and clearinghouse		Mar 9, 2026 Launched Jul 15, 2026	Live	Underdog acquired a CFTC-registered DCM and DCO from Aristotle, Inc. (the PredictIt operator), reported March 9, 2026; terms undisclosed, and Aristotle retained PredictIt itself. The resulting in-house exchange, branded UDX (Underdog Exchange), self-certified its first sports event contracts (baseball and basketball) July 15, 2026.[52]
DraftKings DraftKings Predictions (player-prop contracts)	Partnership with Crypto.com			Launched Feb 2026	Live	DraftKings added player-prop prediction-market contracts sourced from Crypto.com, reported Feb 9, 2026.[53]
Coinbase Coinbase Financial Markets	Partnership with Kalshi	Broker (FCM)		Launched Jan 27, 2026	Live	Coinbase Financial Markets, a CFTC-registered FCM and NFA member, offers Kalshi-supplied event contracts; first shown publicly Dec 17, 2025, began as a limited pilot, and expanded to all 50 states around Jan 27-28, 2026.[54]
Sleeper Sleeper (FCM status secured Jan 2026)	Partnership with Kalshi	Broker (FCM)		Jan 2026 Launched Feb 6, 2026	Live	Sleeper secured FCM status in Jan 2026 after an earlier dispute in which it accused the CFTC of blocking its prediction-markets expansion; launched Kalshi-powered prediction markets Feb 6, 2026, just ahead of the Super Bowl, for its roughly 10 million users.[55]
DraftKings DraftKings Predictions (introducing-broker subsidiary)	Partnership with CME Group	Introducing broker		Launched Dec 19, 2025	Live	DraftKings Predictions launched Dec 19, 2025 in roughly 38 states; a wholly owned DraftKings subsidiary operates the product under CFTC oversight, registered as an Introducing Broker and NFA member. Trading routed through a CME-owned exchange at launch rather than DraftKings' own (then newly acquired) Railbird exchange; FanDuel shares the same CME market, so orders from competing apps can fill each other at identical prices.[56]
Gemini Gemini Titan, LLC	Own application	Exchange (DCM)	Mar 2020	Dec 10, 2025 Launched Dec 2025	Live	CFTC designated Gemini Titan, LLC as a DCM Dec 10, 2025, the conclusion of a process Gemini says began with its original application in March 2020; Gemini Predictions launched within days. Clearing affiliate Gemini Olympus received a CFTC DCO license in April 2026.[57],[58]
Fanatics Betting and Gaming Fanatics Markets	Partnership with Crypto.com			Launched Dec 2025	Live	Fanatics Markets, a prediction-markets platform, launched with support from Crypto.com/CDNA's regulated infrastructure; announced Dec 2025.[50]
FanDuel FanDuel Prediction Markets Holdings LLC	Partnership with CME Group		Aug 2025	Nov 12, 2025 Launched Dec 22, 2025	Live	CME Group and FanDuel (Flutter) first revealed a joint-venture deal in Aug 2025; CME paid $10.2M for a 51% stake in FanDuel Prediction Markets Holdings LLC per SEC filings. Formally unveiled Nov 12, 2025; the standalone FanDuel Predicts app launched Dec 22, 2025 in five states (Alabama, Alaska, North Dakota, South Carolina, South Dakota) with a phased rollout toward all 50 states.[59]
PrizePicks PrizePicks Predict (via Kalshi)	Partnership with Kalshi			Launched Nov 2025	Live	PrizePicks launched prediction markets with Kalshi in Nov 2025 through Performance Predictions II, described as a multi-year partnership; initially live in 15 states, later expanding to roughly 38 states plus Washington, DC.[60]
Webull Webull Financial LLC / Webull Futures LLC	Partnership with Kalshi	Broker (FCM)		Launched Jun 10, 2025	Live	Webull partnered with Kalshi, announced Feb 2025, to offer prediction markets via a separate futures account; crypto hourly contracts launched June 10, 2025, with a broader event-contract rollout reported in Q3 2025, and a $0-commission sports promotion around the 2026 Big Game (Jan 27, 2026). Sources disagree on whether the regulated entity is Webull Financial LLC or Webull Futures LLC.[61]

State actions

LiveLegal, not launchedLimitedContestedProhibitedNot authorizedRepealedNA

Contested 23Not authorized 28

Prediction markets by state

Recent actions

Sep 25, 2026 · Tennessee
Sixth Circuit vacates Tennessee's Kalshi injunction and remands, holding Kalshi did not show its sports-event contracts are CFTC-exempt "swaps" and that the Commodity Exchange Act would not preempt state law regardless; affirms denial of Kalshi's injunction in the parallel Ohio case[62],[63]
Sep 25, 2026 · Ohio
6th Circuit decides KalshiEX LLC v. Schuler, affirming denial of Kalshi's preliminary injunction against OCCC enforcement[64],[65]
Sep 18, 2026 · Missouri
AG Hanaway sends cease-and-desist letters to Kalshi, Polymarket, Crypto.com, Robinhood, Underdog and Novig over unlicensed sports event contracts[66]
Sep 9, 2026 · Iowa
Federal judge denies Kalshi's preliminary-injunction request against Iowa, holding sports event contracts are not "swaps" under the Commodity Exchange Act[67]
Sep 2026 · Kentucky
CFTC sues Kentucky over its new prediction-market excise tax and event-contract restrictions, reported as the 9th state the CFTC has sued on this issue[68]
Aug 28, 2026 · Washington
Ninth Circuit rules against Kalshi on CFTC-preemption grounds in KalshiEX v. Assad (Nevada), consistent with Washington's state-court position[69]
Aug 28, 2026 · Nevada
Ninth Circuit rules Kalshi's sports-event contracts are sports bets, not CFTC-regulated swaps, siding with Nevada; remands election-contracts dispute[70],[71]
Aug 27, 2026 · Connecticut
Connecticut (AG Tong, Gov. Lamont, DCP Commissioner Cafferelli) sues Kalshi over unlicensed sports wagering after Judge Oliver denies Kalshi's injunction bid[72]
Aug 13, 2026 · Washington
King County Superior Court issues final order requiring Kalshi to cease offering wagers on sports, elections, politics, entertainment, culture, and tech/science to Washington residents, with geofencing deadlines of Aug. 19 and Sept. 2, 2026[69]
Aug 2026 · Utah
Federal judge rules Utah may enforce its gambling statutes against Kalshi's prediction-market contracts[73]
Jul 31, 2026 · New York
Governor Hochul and AG James announce New York has sued KalshiEX LLC for operating an illegal, unlicensed gambling business[74]
Jul 15, 2026 · Minnesota
U.S. District Judge Katherine Menendez issues a preliminary injunction blocking Minnesota's prediction-market ban before its Aug. 1, 2026 effective date, on federal-preemption grounds (exact date approximate)[75]

Sources

Kalshi Volume: Daily, Monthly & All-Time Trading Volume · Ticker Tracker
Monthly Volume — Last 24 Months ... November 2024 $1,270,733,587 ... September 2026 $60,847,344,368
Polymarket's huge year: $9 billion in volume and 314,000 active traders redefine prediction markets · The Block · Jan 3, 2025
In January 2024, Polymarket recorded just $54 million in trading volume ... with a monthly all-time high of $2.63 billion in November alone.
Polymarket hits $1.16 billion monthly volume but active trader count continues to fall · The Block · Jul 10, 2025
Polymarket saw $1.16 billion worth of volume on the platform for the month of June ... the platform's highest monthly volume total since January's $1.26 billion.
Polymarket Trading Volume: Updated Daily with Charts · DeFi Rate · Sep 28, 2026
Polymarket volume by month, every month DeFi Rate tracks ... September 2026 $4.7B ... August 2025 $1.1B. Volume is contracts traded at their $1 face value.
Polymarket US Trading Volume: Daily, Weekly & Monthly Charts · DeFi Rate · Sep 25, 2026
Polymarket US volume by month, every month DeFi Rate tracks ... September 2026 $8.8B ... May 2026 so far $325M. Do these numbers include Polymarket US? No.
Rothera Trading Volume: Daily, Weekly & Monthly Charts · DeFi Rate · Oct 3, 2026
Rothera is a prediction market exchange ... formerly LedgerX (MIAXdx), a CFTC-designated contract market ... Its busiest whole month was June, with $2.1B.
DraftKings Predictions Volume: Daily, Weekly & Monthly Charts · DeFi Rate · Oct 8, 2026
DraftKings Predictions is DraftKings' prediction market ... through Railbird, its CFTC-registered exchange ... Its busiest whole month was September, with $1.9B.
Novig Trading Volume: Daily, Weekly & Monthly Charts · DeFi Rate · Sep 26, 2026
Novig volume by month, every month DeFi Rate tracks ... September 2026 $1.4B ... Its busiest whole month was September, with $1.4B.
Underdog Exchange (UDX) Trading Volume: Daily & Monthly · DeFi Rate · Oct 3, 2026
These figures are Underdog Exchange's own (UDX) ... not all volume placed through Underdog, some of which trades on other exchanges ... busiest month was September, with $715M.
ProphetX Volume: Daily, Weekly & Monthly Charts · DeFi Rate · Oct 4, 2026
ProphetX volume by month, every month DeFi Rate tracks ... September 2026 $241M ... Its busiest whole month was September, with $241M.
Gemini Volume: Daily, Weekly & Monthly Charts · DeFi Rate · Oct 8, 2026
Gemini volume by month, every month DeFi Rate tracks ... July 2026 $50M ... Its busiest whole month was July, with $50M.
Novig Raises $75M Series B To Build A Trader-First Sports Prediction Market · FXStreet (press release) · Feb 18, 2026
Novig is a sweepstakes-based sports prediction market ... a commission-free, peer-to-peer exchange designed for sports traders.
ProphetX · ProphetX, Inc.
America's
Sporttrade · Sporttrade, Inc.
The prediction market for sports ... RE-ENTERING THE MARKET SOON
Kalshi non-sports fee revenue approaches $100 million monthly run-rate, driven almost entirely by 15-minute crypto contracts · SCCG Management · Oct 7, 2026
The platform reached $2.04 billion in cumulative fee revenue last week, according to reporting by InGame. Non-sports contracts accounted for 19.2% of total fees this year compared with 11% in 2025.
Polymarket revenue, valuation & funding · Sacra
Sports is the largest active category at ~39% to 40% of total volume, followed by politics at 32% and crypto at 20%.
Kalshi Fee Revenue In 2025 Was $263.5 Million, With 89% Coming From Sports · InGame
A late-year surge helped Kalshi make $263.5 million in fee revenue in 2025 ... That means 89% of Kalshi's fee revenue came from sports.
Kalshi Stock: $22B Valuation — Is It a Buy? · TSG Invest
generated approximately $260 million in fee revenue in 2025 — up from $24 million in 2024.
Robinhood Reports Second Quarter 2026 Results · Robinhood Markets, Inc. (SEC Form 8-K Exhibit 99.1)
Event contracts $156 million [Q2 2026]; Options $342 million; Equities $129 million; Cryptocurrencies $100 million; total net revenues $1,308 million.
Robinhood Markets, Inc. - Form 10-Q (quarter ended June 30, 2026) · SEC EDGAR / Robinhood Markets, Inc.
Transaction-based revenues $539 [million, Q2 2025] / $776 [million, Q2 2026]; Total net revenues $989 / $1,308; six months $1,916 / $2,375.
Robinhood Markets, Inc. - Form 10-Q (quarter ended March 31, 2026) · SEC EDGAR / Robinhood Markets, Inc.
Event contracts $3 [million, Q1 2025] / $104 [million, Q1 2026]; Other $32 / $43; Total transaction-based revenues $583 / $623; Total net revenues $927 / $1,067.
Robinhood's Event Contracts Went From $10 Million to $156 Million of Quarterly Revenue in a Year · The Motley Fool · Jul 31, 2026
It generated around $10 million in transaction revenue [in Q2 2025] ... $156 million in the second quarter of 2026.
Sporttrade Submits CFTC-Approval Application to Take Platform Nationwide · Covers.com · Feb 4, 2026
Cboe and Robinhood Announce Planned Launch of New KPI Contracts, Further Expanding Prediction Market Offerings · Cboe Global Markets · Sep 30, 2026
Betr Acquires Broker to Fast-Track Prediction Market Entry · Covers.com · May 20, 2026
PrizePicks Launches Prediction Markets With Kalshi, Not Polymarket · Prediction News
Trump Media to join Crypto.com in prediction markets push · The Washington Times · Oct 28, 2025
Robinhood and Susquehanna Form Joint Venture, Agree to Acquire MIAXdx · Robinhood Markets, Inc. · Nov 25, 2025
a CFTC-licensed Designated Contract Market (DCM), Derivatives Clearing Organization (DCO) and Swap Execution Facility (SEF) ... On Jan. 20, 2026, the joint venture closed its acquisition of MIAXdx.
CME Group launching pro and college sports prediction markets in December · SBC Americas
Bitnomial Gains CFTC Approval to Launch Prediction Markets · PR Newswire / Bitnomial
Derivative Clearing Organizations (DCO): Bitnomial Clearinghouse, LLC · U.S. Commodity Futures Trading Commission
Polymarket Receives CFTC Approval · Markets Media · Nov 26, 2025
has issued an Amended Order of Designation, permitting Polymarket to operate an intermediated trading platform
DraftKings Inc. - Form 10-K - FY2025 · U.S. Securities and Exchange Commission
DraftKings buys CFTC-registered prediction market Railbird, signaling entry into event contracts · CDC Gaming
Kraken acquires a CFTC-regulated Designated Contract Market, expanding derivatives footprint in the U.S. market · Kraken · Oct 16, 2025
a CFTC-licensed Designated Contract Market (DCM) ... Kraken bought Small Exchange from IG Group for $100 million
Crypto.com Becomes First Major Crypto Platform to Obtain a Full Stack of CFTC Derivatives Licenses · Crypto.com · Sep 30, 2025
approvals for the DCO amendment and FCM registration on September 26, 2025 ... first major cryptocurrency platform globally to hold FCM, DCM, and DCO licenses
Derivatives Clearing Organizations (DCO) Filing: NADEX d/b/a Crypto.com Derivatives North America · U.S. Commodity Futures Trading Commission
Formerly known as HedgeStreet, Inc.; d/b/a Crypto.com Derivatives North America (CDNA); registered by Commission order; permitted to clear margined futures, and fully collateralized futures, options on futures, and swaps.
PrizePicks gains CFTC approval following Allwyn takeover · CasinoBeats · Sep 23, 2025
Designated Contract Markets (DCM) Filing: Aristotle Exchange DCM, Inc. · U.S. Commodity Futures Trading Commission
Organization: Aristotle Exchange DCM, Inc. Status: Designated Date: 2025-09-05
Aristotle Receives CFTC Approval for DCM and DCO, Paving the Way for New U.S. Prediction Market Exchange · GlobeNewswire / Aristotle, Inc. · Sep 5, 2025
has approved its applications to operate as both a Designated Contract Market (DCM) ... expected to open for trading in October 2025
Designated Contract Markets (DCM) Filing: QCX LLC d/b/a Polymarket US · U.S. Commodity Futures Trading Commission
Organization: QCX LLC d/b/a Polymarket US Status: Designated Date: 2025-07-09
Polymarket · Wikipedia
Polymarket acquired QCEX, a CFTC-licensed derivatives exchange and clearinghouse, for $112 million. It received an Amended Order of Designation from the CFTC in November 2025.
Kalshi Klear LLC Order of Registration as a DCO · U.S. Commodity Futures Trading Commission
Designated Contract Markets (DCM) Filing: ForecastEx LLC · U.S. Commodity Futures Trading Commission
Organization: ForecastEx LLC Status: Designated Date: 2024-06-24
ForecastEx press release · Interactive Brokers · Jun 26, 2024
Legal Entity Disclosures · Robinhood
CFTC Designates KalshiEX LLC as a Contract Market · U.S. Commodity Futures Trading Commission · Nov 4, 2020
today announced that it has issued an Order of Designation to KalshiEX LLC ... status as a designated contract market (DCM)
ProphetX · ProphetX, Inc.
registered as a Designated Contract Market and a Derivatives Clearing Organization ... currently not operating in Nevada
Cboe Introduces Cboe Predicts, Launching First Products in New Prediction Markets Suite · Cboe Global Markets
Crypto.com · Wikipedia
On 26 September 2025, the company announced that CDNA received CFTC approval to offer "cleared margined derivatives" under an amended Derivatives Clearing Organization license.
Novig enters prediction market space with CFTC approval · SBC Americas · Jun 17, 2026
Underdog Acquires CFTC-Registered Aristotle Exchange to Expand Prediction Markets · CasinoBeats · Mar 10, 2026
Underdog will gain control of a Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO)
DraftKings Adds Player Prediction Markets From Crypto.com · SBC Americas · Feb 9, 2026
Coinbase rolls out Kalshi-powered prediction markets across all 50 US states · TradingView (Invezz)
Sleeper enters into prediction markets through Kalshi partnership · CDC Gaming
DraftKings Launches 'Predictions' Without the Exchange It Bought · Sportico · Dec 19, 2025
Designated Contract Markets (DCM) Filing: Gemini Titan, LLC · U.S. Commodity Futures Trading Commission
Organization: Gemini Titan, LLC Status: Designated Date: 2025-12-10
Winklevoss-Backed Gemini Wins CFTC Approval to Offer U.S. Prediction Markets · CoinDesk
FanDuel and CME Group Unveil New Prediction Markets Platform to Launch in December · CME Group · Nov 12, 2025
PrizePicks partners with Kalshi for prediction markets launch · NEXT.io
Webull Connects to Kalshi to Offer Investors Innovative, Prediction Markets · PR Newswire / Webull
Kalshi loses appeal over Ohio and Tennessee sports betting laws, widening circuit split · The Block
too attenuated, indirect, and speculative
Tennessee Wins Appeal in Major Sports Betting Fight with Kalshi · Office of the Tennessee Attorney General
The court unanimously rejected Kalshi's claim that federal commodities law exempts its sports bets from Tennessee's laws.
KalshiEX LLC v. Schuler · Leagle (6th Circuit opinion, Judge Gibbons; argued 2026-07-30, decided 2026-09-25; before Clay, Gibbons, Bloomekatz)
Kalshi is a financial services company that operates a designated contract market (DCM),
Kalshi loses again as Sixth Circuit sides with Ohio, Tennessee · SBC Americas
Missouri AG targets Polymarket, Kalshi, others in prediction market crackdown · KCTV5
Chances are they may sue us once they get this cease-and-desist letter
Iowa loss for Kalshi adds to string of federal court troubles · SBC Americas
Trump Administration Backs Kalshi, Polymarket With Lawsuit Against Kentucky · Front Office Sports
Judge orders Kalshi cease numerous Washington operations · Washington State Office of the Attorney General
A King County Superior Court judge issued a final order requiring KalshiEX (Kalshi) to cease many of its Washington operations... The order requires Kalshi to stop offering, accepting, or facilitating wagers on sports, elections, politics, entertainment, culture, tech and science, or mentions in Washington.
Ninth Circuit Rules Against Kalshi, Backs Nevada Gambling Law · Gambling.com
KalshiEX, LLC v. Assad — Docket No. 25-7516 (9th Cir. 2026) · CourtListener (Free Law Project)
Connecticut sues Kalshi over unlicensed sports betting · WFSB (CBS Connecticut)
Utah Becomes Eighth State to Gain Authority to Ban or Restrict Kalshi's Prediction Markets · BettorsInsider · Aug 12, 2026
clears the path for state regulators to act whenever they choose
Governor Hochul and Attorney General James Announce New York Has Sued Kalshi · New York Attorney General
New York has sued KalshiEX, LLC (Kalshi) for running an illegal gambling operation in New York
U.S. Prediction Market Legal Status, State By State · Lines.com