How Kalshi Beat the Odds to Become a $2 Billion Prediction Market Giant

Kalshi raised $185 million in funding led by Paradigm, valuing the prediction market company at $2 billion. The company plans to use funds to expand its technology team and integrate with more brokerage platforms beyond current partners Robinhood and Webull. Kalshi won a crucial court battle against the CFTC in 2024, allowing it to offer political event contracts in the US. Sports betting now represents 79% of Kalshi’s trading volume as of March-April 2025. The funding comes as rival Polymarket reportedly seeks $200 million at a $1 billion valuation. Prediction market platform Kalshi has completed a $185 million financing round that values the company at $2 billion. Unlike Kalshi, Polymarket lacks CFTC approval and blocks American users to avoid regulatory issues. The prediction market concept has struggled to gain mainstream adoption historically. The combination of improved regulatory clarity and younger investors comfortable with high-risk investments could drive more widespread adoption.

Sam Boolman | Crypto Enthusiast and Writer

Sam Boolman is a contributing writer at ChainIntel.org with a long-standing interest in cryptocurrency, blockchain technology, and emerging financial trends. A self-directed trader who actively invests his own capital, Sam follows the markets closely and brings a hands-on perspective to the fast-paced world of crypto journalism. With a background in business and digital media, Sam has written across a variety of sectors including tech, startups, and online finance. His curiosity and enthusiasm for the evolving digital economy fuel his exploration of Web3, decentralised finance, and market developments. Sam is passionate about making complex topics more accessible to everyday readers and continues to expand his knowledge through research, trading experience, and industry engagement.

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