Kalshi

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Kalshi Inc. is a prediction market platform based in Manhattan, New York City, that launched in July 2021. The platform is used primarily for sports betting, which constitutes more than 90% of site activity and 89% of revenue in 2025. Analysts describe activity on the platform as "heavily tied to the sports calendar". Individuals can place bets on other future outcomes, including economic indicators, weather patterns, awards, political and legislative outcomes, and military conflicts. The site has been involved in several controversies and lawsuits regarding the legality of its sports and election markets, the ethics of allowing wagers on sensitive geopolitical issues, and insider trading involving politicians. Concerns over election integrity and declining public trust in the democratic process caused by election betting have been raised by consumer advocacy groups and politicians. As a result, the United States Senate banned its senators and their staff from betting on prediction markets such as Kalshi in May 2026. According to the site, there are 2.9 unprofitable users for each profitable one. John M. Sides has challenged whether Kalshi efficiently and accurately aggregates information about outcomes. On the other hand, Liz Hoffman in Semafor noted that from 2021 to mid-2026, Kalshi demonstrated "a high degree of precision, particularly for economic and financial markets like inflation, unemployment, and commodities prices." A February 2026 study published by the Federal Reserve found that the "prediction market platform is a useful method for measuring macroeconomic expectations." Kalshi does not publicly disclose its total number of users.