Kalshi Shatters Volume Records as Long-Odds Parlays Drive Activity but Deliver $46.1 Million in Taker Losses

Kalshi posted record trading volumes over the NFL weekend, reaching $3.01 billion on Saturday, easily shattering the high of $2.46 billion set on Sep. 13. On Sunday, volume was not quite as high, but still blew past the old record, at $2.82 billion, according to reporting by InGame. The gains stemmed heavily from parlay activity at extended odds.

Parlay volume totaled $1.92 billion on Saturday and $1.76 billion on Sunday. Parlays with eight or more legs priced at two cents or below accounted for 38% of Saturday’s total volume, or more than $1 billion. Yes-takers staked only $4.1 million on that segment. One 10-leg parlay at average odds of 0.3% traded more than 40,000 times, generating $71.5 million in volume against $219,000 in yes-taker stakes. It did not pay out.

Volume Mechanics, Fee Records and Taker Outcomes

Kalshi counts both taker and maker sides in volume, which inflates totals on long-odds parlays where market makers are often professional. New maker fees on most parlays, introduced last month, contributed to record fee revenue with $18.2 million on Saturday, followed by $17.6 million on Sunday, topping the old record of $16.8 million set in July. Without parlay maker fees, neither day would have been a record. Fees now run closer to 0.5% of volume versus around 1% in the platform’s earlier history.

Parlay takers lost $23.2 million on Saturday and $22.9 million on Sunday for a two-day total of $46.1 million, the worst such period on record. Recreational bettors absorbed the bulk of those losses while the early NFL slate proved especially adverse.

Market-Wide Records and Structural Questions

Polymarket US, DKeX, Crypto.com’s OG, Novig and ProphetX all set new highs, with Polymarket US exceeding half a billion dollars each day. Aggregate volume across CFTC-regulated prediction markets approached $8 billion for the weekend.

These results highlight how parlay structures can inflate reported activity while concentrating losses among recreational participants. Operators and regulators will need to assess whether such volume patterns support durable liquidity and fee generation or primarily reflect episodic, high-risk speculation that may invite closer product and user-protection review.

Reporting: InGame

Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.