World Cup season is pulling prediction markets to another ATH. US$31.2B in May notional volume, up ~15% from ~US$27B in January.
What began the year as a competitive field has consolidated into a two-platform market:
🔸Kalshi: $18B (58%)
🔸Polymarket: $8.8B (28%)
🔸Others: ~14%
The growth is also broadening beyond event speculation. Industry-wide open interest hit $1.3B, and Polymarket created 520K new markets in May alone, up 50x YoY across stocks, commodities, sports, and AI. Both regulation and distribution remain key growth vectors.
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