Kalshi and Polymarket, two of the industry’s leading platforms, collectively logged more than $7.4 billion in trading activity signalling unprecedented growth for both regulated and decentralised prediction markets. Kalshi recorded its best month to date with $4.4 billion in trading volume, reflecting the increasing appeal of compliant, event-driven trading for institutional investors.
Polymarket, on the other hand, delivered a remarkable comeback. Monthly active traders surged by 93.7% to nearly 478,000, and trading volumes soared to $3.02 billion, tripling from the mid-year slump. The revival was largely driven by innovation, speculation around a native POLY token, and user excitement over potential airdrops all of which amplified engagement and liquidity.
Kalshi’s success underscores the strength of regulatory alignment and operational transparency, while Polymarket’s performance demonstrates the explosive potential of decentralised ecosystems powered by user participation. Together, they represent two distinct yet converging paths shaping the prediction market industry’s future.
As the platforms expand with Polymarket reportedly eyeing a $15 billion valuation and Kalshi strengthening its U.S. footprint industry observers see October as a turning point. Prediction markets are no longer niche instruments; they’re becoming integral to both the iGaming and financial trading landscapes.
With billions in monthly turnover and increasing mainstream attention, the competition between regulated and decentralised prediction platforms is set to intensify through 2025.
