Kalshi, a platform for prediction markets, revealed that its trading volume on Super Bowl Sunday surpassed $1 billion, reflecting an astounding 2,700% growth from the previous year and establishing a new daily high for the firm.
The cumulative volume throughout Super Bowl week reached $2.8 billion, highlighting the increasing interest in contracts related to events.
In a discussion with CNBC, CEO Tarek Mansour expressed, “It was an extraordinary weekend. This year, Kalshi emerged as the most recognized brand during the Super Bowl without airing an advertisement, and our achievement is a testament to our product.”
Kalshi enables users to trade contracts regarding the outcomes of various events, spanning politics, pop culture, financial markets, and sports. Although the game itself generated substantial trading activity, non-sports-related contracts also contributed significantly to the volume.
Needham analyst Bernie McTernan noted that four out of the top seven Kalshi markets associated with the Super Bowl were not directly related to the game’s on-field events, covering aspects like the first halftime song, ads aired, halftime performers, and celebrity appearances.
Contracts centered around halftime performer Bad Bunny’s opening song accumulated over $100 million in trading volume, as stated by Mansour, while wagers on accompanying artists on stage exceeded $45 million.
Trading activity increased as the game progressed. Pre-game trading volume for the eventual winner started at $361 million and escalated to $499 million by the game’s conclusion, indicating that users dynamically adjusted their positions during the live broadcast.
Kalshi’s dramatic increase in trading volume did face some technical challenges. Co-founder Luana Lopes Lara mentioned on social media that some users encountered delayed deposits due to the surge in traffic during the event. “Rest assured, your funds are safe and on their way, just taking longer than expected,” she assured.
Thank you all for your patience yesterday.
The traffic spike far exceeded our most optimistic expectations, resulting in some deposit delays.
We’re committed to rectifying this: we’ve reimbursed processing fees on those deposits and issued credits to affected users. https://t.co/fbawfnljgD
— Luana Lopes Lara (@luanalopeslara) February 10, 2026
The company has been under increased scrutiny, similar to other prediction market platforms, amidst worries regarding insider trading. Last week, Kalshi announced plans to bolster its surveillance and enforcement protocols to identify and remove accounts involved in questionable trading practices.
“Insider trading poses a genuine risk to the stock market as well,” Mansour remarked. “As a regulated financial market under the Commodity Futures Trading Commission, we adhere to the same regulations as the Nasdaq and the New York Stock Exchange, along with comparable enforcement measures.”
Over the last year, Kalshi has initiated 200 investigations, freezing associated accounts and referring specific cases to law enforcement, according to company disclosures.
Analysts highlighted improved pricing on Kalshi compared to conventional sportsbooks during Super Bowl week. Citizens Equity Research analyst Jordan Bender noted that Kalshi’s average pre-game vig, including fees, was 4.35%, approximately 3% better than what DraftKings and FanDuel typically offer.
For parlay-style combinations, Kalshi’s implied vig stood at 23.7%, around 4% more favorable than the pricing provided by these leading sportsbooks, excluding transaction fees, Bender added.
The Super Bowl seemed to elevate the entire prediction market landscape, with sports gaming applications like PrizePicks and Underdog among the top downloads during the event.