Prediction markets hit $29.4 billion in May as Kalshi leads
Prediction markets hit a record $29.4 billion in trading volume in May 2026, according to data published June 5 by The Currency Analytics, with Kalshi leading the category as traditional brokers continued entering the space. Kalshi's year-to-date 2026 volume remains roughly 80% sports contracts, though its non-sports share has risen from 9%, according to a June 5 Robonomics update. On June 5 alone, Kalshi launched 304 new prediction markets across 44 events. The activity comes as state regulators and tribal litigants intensify pressure on Kalshi's sports offerings, Robinhood routes some World Cup contracts to rival Rothera, and the CFTC sues to block Minnesota's felony ban on prediction markets.
Kalshi's 80% sports concentration now sits atop record monthly flow just as four state attorneys general, a Nevada judge, and New Mexico pueblos all target sports event contracts. Any adverse gambling-classification ruling forces Kalshi to geofence multiple states and rebuild its retail pipeline even as Robinhood diverts World Cup volume to Rothera.
Firms, regulators, and tribal litigants are simultaneously scrambling to shape or blunt a market now trading multiples of its 2025 size, with Kalshi's sports-heavy share drawing state-court bans while brokers like Robinhood begin routing flow away.