Election Betting Extravaganza: Kalshi to Launch Presidential Market Thursday

This move marks a significant victory for the federally regulated prediction market platform, following months of courtroom battles with the Commodity Futures Trading Commission (CFTC). 

On Wednesday, the U.S. Court of Appeals for the District of Columbia Circuit dismissed the stay that had temporarily halted Kalshi’s election-market activities, officially making it the first federally legal platform to offer political contracts.

Kalshi wasted no time following the court’s decision, launching both “Which Party Will Win The Senate?” and “Which Party Will Win the House?” markets yesterday. These markets have seen early traction, with $20,000 and $50,000 in trading volume, respectively. 

However, they trail far behind their unregulated competitor, Polymarket, a crypto-based platform, which boasts $668K and $1.8M in trading volume for the same markets.

Now, just 32 days before the presidential election, Kalshi is going head-to-head with Polymarket on the much-anticipated presidential market. While excitement surrounds the launch, the question remains: Can it draw enough liquidity to compete with its unregulated rival? 

Polymarket already boasts over $1.03 billion in bets on its “Presidential Election Winner 2024” market, a staggering figure that sets a high bar.

Kalshi’s federally regulated status could give it an edge, but whether it can capture the same momentum as its viral competitor remains to be seen.

We will continue to update you on the progress of Kalshi’s new market, providing a breakdown of its first 12 hours of trading. Stay tuned for more updates on this developing story.