Kalshi recorded a record month of trading volume in June, as the 2026 FIFA World Cup fueled activity in prediction markets.
Data from DefiLlama shows that Kalshi recorded a trading volume of almost $9.4 billion in June, up from around $5.3 billion in May. Polymarket International also climbed to about $4.3 billion, up from about $3.5 billion a month earlier.
The tournament began on June 11 and is the first FIFA World Cup to bring together 48 teams, compared to 32 in previous editions. CNBC reported Competition became the main driver of trading in the Predictive Market in June, with Dune Analytics posting record notional trading volumes on Kalshi and Polymarket.
Kalshi trading volume hits June record high. Source: ChallengeLlama
The tournament’s knockout matches attract some of the highest commercial activity. Canada’s round of 16 match against Morocco, scheduled for Saturday, generated a trading volume of more than $48 million. Kalshi and more than $26.8 million on Polymarket at the time of writing.
The United States’ round of 16 also attracted the attention of traders. The Kalshi market where the team will advance generated over $2.1 million in volume, while a comparable market on Polymarket had attracted around $1.6 million as of Saturday.
Source: Kalshi
Related: US dominates political betting on Polymarket despite geo-blocking: report
Legal battles intensify as prediction markets grow
The high trading volumes come as prediction markets remain at the center of a growing legal and regulatory debate in the United States.
By March, nearly a dozen US states had already taken action against companies such as Kalshi and Polymarket, with some seeking to shut down the markets while others pushed to subject them to existing gambling laws and state tax frameworks.
Source: Cointelegraph
Federal regulators have rejected state attempts to control prediction markets. The following month, CFTC Chairman Michael Selig accused The states pursued “unlawful enforcement actions” against federally regulated exchanges, arguing that Congress had given the agency exclusive authority over commodity derivatives markets, including forecasting markets. “To any state that seeks to overturn federal law and seize authority over these markets,” Selig said, “we will see you in court again.”
The debate has broadened beyond regulators. In June, casino operators, tribal organizations and labor groups urged Congress to remove sporting event contracts of the CFTC’s authority with an amendment to the Digital Asset Market Clarity (CLARITY) Act, arguing that contracts should instead remain subject to state gambling laws and existing gambling oversight.
Europe has taken a different approach. On Friday, the European Securities and Markets Authority (ESMA) reminded businesses that many event contracts could already fall under the existing restrictions on binary optionsspecifying that the fact that a product is regulated depends on its characteristics rather than the “event contract” label attached to it.
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