Kalshi Volume Surges Amid Parlay Boom
Kalshi reached a new daily volume record of $5.33 billion on Saturday, November 7, driven overwhelmingly by parlay trades, according to Dustin Gouker at The Event Horizon. Parlays accounted for 75.6% of the platform's daily volume, while sports and crypto made up 17.1% and 6.81%, respectively.
The single-day surge pushed Kalshi's seven-day trailing volume to $29.0 billion. This dwarfs domestic competitors in the Kalshi vs Polymarket US ecosystem, with Polymarket US recording $3.89 billion and DraftKings' DKeX seeing $1.43 billion over the same period. Other platforms like Novig and Underdog processed roughly $700 million each.
Looming Political and State-Level Crackdowns
The explosive growth of event contracts is drawing renewed political scrutiny following the midterm elections. Rep. Maxine Waters (D-Calif.), who is bidding to chair the House Financial Services Committee, pledged on Friday to curb "predatory platforms, including prediction markets," signaling an aggressive oversight regime from a Democratic-controlled Congress.
State-level regulators are also forcing market contractions. Four more brokerages—MooMoo Financial, Robinhood, Gemini, and Coinbase—have agreed to drop sports event contracts in Ohio following October 2 orders from the Ohio Casino Control Commission. Coinbase will officially cease offering the contracts by November 13. Meanwhile, Utah Attorney General Derek Brown issued a warning to gamblers as major platforms pull out of the state, and federal appeals courts recently rejected Kalshi's attempts to block state gambling laws in Connecticut, New York, and Nevada.
This state-by-state retreat directly conflicts with recent federal guidance. As Jesse Hamilton at CoinDesk reported, the Commodity Futures Trading Commission recently issued an interpretation demanding that designated contract markets operate nationwide. The agency gave platforms 30 days to reopen closed-off regions or explain why compliance is not feasible. Traders utilizing best Kalshi tools to navigate the platform's expanding markets now face a complex jurisdictional battle between federal mandates and state gambling laws.