Kalshi recorded a record month of trading volume in June, as the 2026 FIFA World Cup boosted activity in prediction markets.
Data from DefiLlama shows that Kalshi recorded almost $9.4 billion in trading volume in June, up from $5.3 billion in May. Polymarket International also rose to about $4.3 billion from about $3.5 billion a month earlier.
The tournament began on June 11 and is the first FIFA World Cup to feature 48 teams, compared to 32 in previous editions. CNBC reported that competition became the biggest driver of prediction market trading in June, with Dune Analytics showing record theoretical trading volumes on Kalshi and Polymarket.
Kalshi trading volume hits June record. Fountain: DefiLlama
The tournament’s knockout matches are attracting some of the biggest commercial activity. Canada’s round of 16 match against Morocco, scheduled for Saturday, had generated over $48 million in trading volume on Kalshi and over $26.8 million on Polymarket at the time of writing.
The United States’ round of 16 match has also attracted a lot of attention from traders. The Kalshi market that the team will advance had generated more than $2.1 million in volume, while a comparable market at Polymarket had attracted around $1.6 million as of Saturday.
Fountain: Kalshi
Related: US dominates Polymarket political bets 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 like Kalshi and Polymarket, with some seeking to halt the marketplaces while others pushed to bring them under existing state gambling laws and tax frameworks.
Source: Cointelegraph
Federal regulators have rejected attempts by states to control prediction markets. The following month, CFTC Chairman Michael Selig accused states of taking “unlawful enforcement actions” against federally regulated exchanges, arguing that Congress had given the agency exclusive authority over commodity derivatives markets, including prediction markets. “Any state that seeks to override federal law and take authority over these markets,” Selig said, “will see you in court.”
The debate has expanded beyond regulators. In June, casino operators, tribal organizations, and labor groups voted in Congress to remove sporting event contracts from the CFTC’s authority with an amendment to the Digital Asset Market Clarity (CLARITY) Act, arguing that the contracts should remain under state gaming laws and existing gaming oversight.
Europe has taken a different approach. On Friday, the European Securities and Markets Authority (ESMA) reminded companies that many event contracts may already fall under existing restrictions on binary options, saying that whether a product is regulated depends on its characteristics rather than the “event contract” label attached to it.
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