Kalshi and Polymarket combined 2025 volume tops $44 billion
Kalshi and Polymarket generated more than $44 billion in combined trading volume during 2025, according to two exchange reports. Kalshi operates as a Designated Contract Market registered with the Commodity Futures Trading Commission. The figure captures activity across both platforms' verticals without breaking out individual contributions. The $44 billion total comes as both venues face heightened congressional scrutiny over sports and political event contracts.
The $44 billion total gives Senate sponsors of a federal sports contract ban hard numbers to cite. Kalshi and Polymarket now face a narrowing window to self-regulate before lawmakers write rules for them. The volume figure shows CFTC-registered platforms have reached sportsbook scale without state licensing fees or regulatory burden, sharpening the political target.
DraftKings and Robinhood are watching the same signals from their own regulated launches. The platform that builds credible compliance first on insider surveillance and tax reporting will have the best shot at shaping any ban's final form. A legislative hearing could come as early as the fall session, and operators without lobbying infrastructure will struggle to respond in time.
Both CFTC-registered platforms are coming off record World Cup months, with Kalshi's $30 billion monthly total and Polymarket's political dominance now fueling a combined annual figure that Congress can cite directly.