Prediction market startup Kalshi reported a record $27 billion in trading volume during the 2026 FIFA World Cup, more than doubling its initial forecast of $13 billion. [1, 2, 3] The platform attracted about 3 million users over the duration of the tournament, also well above its projection of 1.5 million. [1, 2, 3]
The World Cup took place from July 20 to August 11, 2026, featuring an expanded 48-team format and spanning venues from Estadio Azteca in Mexico to New Jersey, where Spain claimed their second title by defeating Argentina in the final. [1, 2, 3] The event marked the most lucrative in FIFA's history.
Kalshi’s prediction market allows users to wager on outcomes ranging from sports events to elections. These markets have gained momentum since the 2024 U.S. presidential election. During July, Kalshi announced plans to expand into betting on clinical trial results and FDA regulatory reviews, aiming to make drug development odds publicly accessible. [1, 2, 3]
Despite its growth, Kalshi faces significant legal and regulatory challenges. Multiple U.S. states have accused the company of violating gambling laws. In early August, Massachusetts sought an injunction against Kalshi, while Washington obtained a court order blocking Kalshi’s event contracts, citing likely gambling law violations. [1, 2]
The company is also under federal investigation for potential insider trading linked to Gabriel Perez, known as Donald Trump's longtime teleprompter operator, related to trades on Kalshi’s platform. [1, 2]
Kalshi reported its record trading volume and user numbers prior to July 23, 2026, confirming the robust engagement during the World Cup period. [1, 2, 3]
The company faces ongoing legal proceedings and regulatory scrutiny as it aims to launch markets on clinical trials and FDA reviews in the coming months. [1, 2, 3]
