TLDR Kalshi parlay takers have lost $1.004 billion since the feature launched in September 2025. That total includes $608.9 million in losses before fees and $400 million in fees. Market makers have earned $519.8 million on parlays after fees. Almost half of all taker losses came in the eight weeks since the 2026 NFL season began. Sunday set a new taker-side volume record of $1.04 billion.
Kalshi parlay takers have lost more than $1 billion since the feature launched in September 2025, according to an analysis by InGame. The milestone came after a busy weekend of football trading on the prediction market.
Since launch, total volume on multi-leg trades has reached $165.6 billion. Taker stakes, the closest match to sportsbook handle, stand at $7.1 billion.
Takers lost more than $17 million across Saturday, Oct. 31, and Sunday, Nov. 1, after staking close to $200 million. Both days were better than normal for takers, but the losses still pushed the total past $1 billion.
How the $1 Billion Adds Up
Before fees, parlay takers have lost $608.9 million. They paid another $400 million in fees, bringing total losses to $1.004 billion.
Cash-outs added to the total. Takers lost an extra $141.8 million on cash-out trades, and losses would be just short of $862 million if every position had been held to settlement.
Market makers took the other side and made $608.9 million before fees. Parlay market making is not available on the Kalshi app or website, so makers are mostly professional or institutional traders.
Kalshi did not charge parlay maker fees until Aug. 20. Since then, it has collected $88.9 million in those fees, leaving market makers with $519.8 million in profit after fees.
Takers lost $579.5 million on non-correlated parlays, which include most multi-game bets. They lost