Polymarket and Kalshi draw $1.9M combined on New Jersey and Alabama Senate primaries
Polymarket and Kalshi drew nearly $1.9 million in combined wagers on May 29–31, 2026, for GOP Senate primaries in New Jersey and Alabama. Polymarket alone handled roughly $440,000 on New Jersey's Republican primary, where traders priced Democrats as overwhelming favorites to hold Senator Cory Booker's seat in November. Separately, the two platforms collected nearly $1.5 million on Alabama's GOP Senate primary, which resulted in a runoff. The trading activity reflects sustained retail and institutional interest in election-contract volume even in races with lopsided general-election expectations, and comes as both platforms face escalating regulatory scrutiny from Congress and state enforcers.
Kalshi and Polymarket must convert this election-cycle volume into defensible revenue ahead of the June 5 congressional document deadline. Any shortfall in fee-generating activity will leave both platforms exposed as the House Oversight probe and parallel Nevada and Washington state proceedings intensify.
Becomes the third distinct Senate primary priced by Kalshi and Polymarket this week, after the California governor race and Texas GOP runoff, as both platforms weaponize high-stakes election volume to outflank each other ahead of the June 5 congressional document deadline.