TLDR Combined monthly volume at Kalshi, Polymarket, and Polymarket US fell 14.5% in August to $45.33 billion, the first monthly decline in a year. Kalshi recorded $37.17 billion in volume, down 7.3% from July’s $40.1 billion. Polymarket and its US platform combined for $8.16 billion, down 36.7% from July’s $12.89 billion. The drop follows a World Cup driven surge that pushed volumes higher through June and July. Kalshi faces state lawsuits over sports betting while still signing new sports partnerships and issuing its first permanent trading ban.
Prediction market platforms Kalshi and Polymarket saw their combined trading volume fall last month. It was the first month over month drop in a year.
According to data from The Block, combined monthly volume across Kalshi, Polymarket, and Polymarket US fell 14.5% in August. The total came to $45.33 billion, marking the first decline since August 2025.
Kalshi made up the largest share of that volume. The platform recorded $37.17 billion in August, down 7.3% from $40.1 billion in July.
Polymarket and its separate US platform saw a steeper drop. Combined volume fell 36.7% to $8.16 billion, down from $12.89 billion the month before.
Volume Still Higher Than Spring Levels
The August pullback came after a summer spike tied to the World Cup. The tournament ran from June 11 to July 19 and pushed trading activity up across both platforms.
Even with the decline, August volume stayed well above earlier levels this year. The total was still higher than May’s $25.66 billion.
This suggests the drop reflects a return to normal trading patterns after a major sports event. It does not necessarily point to a longer term slowdown.
Legal Pressure and Sports Expansion Continue
Both platforms are dealing with more scrutiny from state regulators in the US. Much of the
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