World Cup Spurs Record June Trading on Kalshi, Polymarket

Kalshi recorded $9.4 billion in trading volume in June, while Polymarket International reached about $4.3 billion, according to on-chain data aggregators.

Both platforms saw sharp increases from May, when Kalshi posted roughly $5.3 billion and Polymarket International about $3.5 billion.

The 2026 FIFA World Cup, which began on June 11 and expanded to 48 teams, accounted for a large portion of the increased activity as traders bought and sold contracts tied to match results and which teams would advance.

Knockout-round fixtures produced some of the highest single-market volumes. At the time of reporting, Kalshi’s market for Canada’s Round of 16 match against Morocco had generated more than $48 million, while Polymarket’s comparable market drew about $26.8 million. Kalshi’s contract on which U.S. team would advance had accumulated over $2.1 million, and a similar market on Polymarket had about $1.6 million.

Analysts tracking decentralized and on-chain markets recorded record notional trading volumes in June, with concentrated interest in single-event contracts that moved in real time with fixtures, lineups and match developments.

Legal and regulatory disputes continued in the United States. By March nearly a dozen states had taken action against prediction market operators, with some seeking to halt markets and others moving to apply state gambling laws and tax rules to event contracts.

Federal regulators pushed back. CFTC Chair Michael Selig criticized state enforcement as improper and warned, “To any state that seeks to nullify federal law and seize authority over these markets, we will see you in court.”

In June, casino operators, tribal organizations and labor groups urged Congress to remove sports-event contracts from CFTC oversight through an amendment to the Digital Asset Market Clarity Act, arguing those contracts should remain subject to state gambling regulations.

European regulators issued guidance noting many event contracts may fall under existing restrictions on binary options and that regulatory treatment depends on a product’s characteristics rather than the label attached to it.

Market operators reported higher demand for event-focused contracts during the World Cup while legal and regulatory questions about those products remain unresolved.