Overview
- June’s combined trading volume jumped about 75% to roughly $44.8–$45 billion as World Cup wagering lifted activity across Kalshi, Polymarket and Polymarket US.
- Kalshi led the rally with about $31.5 billion in June volume, an 87% month-over-month increase that gave it the largest share of the total.
- The FIFA World Cup was the primary trigger for the spike with more than $800 million wagered on Kalshi’s tournament winner market and roughly $3.8 billion placed across World Cup contracts since early June.
- Independent analyses show most individual contracts remain thinly traded and vulnerable to volatility and bot activity, with about 70% of closed Polymarket markets under $10,000 in reported volume and bots accounting for the bulk of volume in the smallest markets.
- Legal and business risks now matter to the market’s future because over a dozen U.S. states have sued platforms for unlicensed sports betting, investors have pushed high valuations for operators, and post‑World Cup volumes and court rulings will determine whether June is a new baseline or a short‑lived spike.