Brett Smiley

Kalshi parlay takers have now lost more than $1 billion since the feature launched last year, after a huge surge in popularity this football season, an InGame analysis shows. Since parlays first became available in September 2025, Kalshi’s total volume on multi-leg trades has been $165.6 billion. Taker stakes — the closest equivalent to sportsbook handle — are $7.1 billion, and takers have lost $1.004 billion.

Kalshi -- a company that has built its brand by pushing boundaries and challenging the establishment -- doesn't list college player props and says they are are "subject to manipulation." But two CFTC-registered exchanges currently list them.

On Polymarket US and DraftKings’ DKeX — the two biggest non-Kalshi venues for parlays — parlay taker losses have been at least as steep as on Kalshi, with takers on DKeX losing the highest percentage of their stakes, at more than 25%, an InGame analysis reveals.

The CFTC's new definitions of a swap, published last week, carry some extra weight because Congress gave the agency powers to "further define" the term. But lawyers do not expect them to have a major impact on prediction market litigiation.

Kalshi had easily its biggest weekend ever during NFL Week 1, breaking its volume record Saturday and then breaking it again — by a narrow margin — Sunday. Kalshi’s fees on Saturday were $15.99 million, and on Sunday were $16.02 million, both a little short of the all-time record.