In a pivotal move that narrows the UX gap with sportsbook behemoths DraftKings and FanDuel, prediction market exchange Kalshi debuted its same game parlay (SGP) product ahead of Monday Night Football.
The launch marked the biggest story of a record-shattering Week 4, which also saw the platform’s total NFL trading volume for the season soar past the $1 billion milestone.
Kalshi NFL parlays arrive
While Kalshi’s expansion into sports has put sportsbooks on guard, the introduction of SGPs represents another challenge to the traditional sports betting experience.
The new product enables traders to combine multiple outcomes within a single game into one trade, offering the potential for higher payouts—a core appeal of parlays that have become a revenue engine for U.S. sportsbook companies.
Breaking news! @Kalshi just revealed the first fully customizable same game parlay system ever on prediction markets. These NFL nights just got a lot better! pic.twitter.com/VNqbPghNII
— Noah 💥 (@Nostroah) September 29, 2025
The initial rollout ahead of MNF mimicked the familiar feel of creating an SGP on a sportsbook like DraftKings or FanDuel, despite having different mechanics operating under the hood.
For now, the product is limited to pre-game parlays with no live, in-game options available, and the markets for this week’s games have not yet been posted. Still, the launch signals a significant step in Kalshi’s innovation and competitive strategy, and if proven successful, could turn into the exchange’s most potent growth lever yet.
Amid the news, DraftKings Inc. (DKNG) shares dropped 11.10% and FanDuel’s parent company Flutter (FLUT) slid 10.40%, as 12:45 P.M ET Tuesday.
What to watch for next:
- Decimal pricing, enabling larger payouts
- More props, allowing for parlays with additional legs
- Live same game parlays that can be built mid-game
- Cross-game combos
Kalshi’s NFL week 4 by the numbers
The parlay news capped off Kalshi’s largest NFL week to date, with a whopping $356.7 million traded:
- That’s +16.4% week-over-week growth, after +22.4% the week prior.
- In-play dominated with $260.4 million (≈73%), versus $86.2 million pre-game (≈27%).
- The milestone inside the milestone: on Sunday, Kalshi crossed $1B in cumulative NFL volume, just four weeks into the season.
- At the recent two-week run rate (~$327M/week), the next billion is plausibly around 3 weeks away, assuming game scripts continue to cooperate
Packers-Cowboys finish blindsides traders
Packers-Cowboys finish blindsides tradersThe week’s trading was led by the wild Green Bay Packers at Dallas Cowboys matchup, which became the most-traded game in the exchange’s history with $69.9 million in volume. The back-and-forth thriller, which went into overtime, saw $57.5 million traded live as odds fluctuated with every play.
The game ended in a tie, which sparked confusion and frustration among some traders. Both sides of the contracts settled to 50¢, which means those who had bought ‘Yes’ contracts on the Packers pre-game resulted in a loss.
This outcome highlights a key difference between Kalshi and traditional sportsbooks.
On Kalshi, these are binary ‘Yes/No’ contracts and there’s no strike for a tie. A win settles at $1, and a loss at $0, but a tie is neither a definitive ‘Yes’ or ‘No’, so Kalshi chooses to resolve at the midpoint, 50¢.
This is fundamentally different from a sportsbook which grades the same wager as a push, simply refunding users their stakes. Kalshi avoids pushes in its spread and total markets by using half-points (e.g., +/- 3.5 points), but moneyline-style markets remain susceptible to tie outcomes.
Other popular games in Week 4 included:
- TNF: Seahawks at Cardinals closed at $44.5M, an impressive Thursday handle that set the tone early.
- Dublin (Sunday morning): Vikings at Steelers added $26.2M in the early international window.
Week 4 delivered the exchange’s biggest NFL week yet, a record individual game, and a flagship product launch. If Week 5 serves up more tight finishes—and Kalshi’s SGPs expand toward live and with more props—volume should continue to grow while Kalshi chases its second billion of NFL flow before Halloween.
