The numbers that move the category.
Volume, legality, and platform tearsheets. Updated monthly. Sourced and dated, every figure.
Key takeaways
01 · Volume- Monthly volume across major US prediction markets grew from <$100m in early 2024 to >$13bn in Dec 2025.
- Kalshi is CFTC-registered and settles in USD; Polymarket settles in USDC and is geo-restricted from US users.
- Sports event-contract legality is disputed at the state level — status varies and changes monthly.
Aggregate monthly volume
Polymarket + Kalshi · notional USD · log of growth from $78m to $13bn+
Latest (2026-04)$10.44bn2024-01 2025-03 2026-04
SourceNEXT.io 'The Great Divide' report, March 2026
Last updated2026-05-21 · internal estimates from 2026-02
View full series →
| Month | Volume (USD m) | Note |
|---|---|---|
| 2024-01 | 78 | |
| 2024-02 | 96 | |
| 2024-03 | 142 | |
| 2024-04 | 188 | |
| 2024-05 | 245 | |
| 2024-06 | 312 | |
| 2024-07 | 410 | |
| 2024-08 | 680 | |
| 2024-09 | 1,840 | US election cycle inflection |
| 2024-10 | 3,220 | |
| 2024-11 | 5,140 | Election peak (Polymarket led) |
| 2024-12 | 2,910 | |
| 2025-01 | 3,480 | Kalshi sports contracts gain traction |
| 2025-02 | 4,120 | |
| 2025-03 | 5,280 | |
| 2025-04 | 6,640 | |
| 2025-05 | 7,920 | |
| 2025-06 | 8,410 | |
| 2025-07 | 9,240 | |
| 2025-08 | 10,180 | |
| 2025-09 | 11,420 | NFL season opens |
| 2025-10 | 12,310 | |
| 2025-11 | 12,880 | |
| 2025-12 | 13,240 | Cyclical peak |
| 2026-01 | 11,640 | |
| 2026-02 | 10,810 | |
| 2026-03 | 11,120 | |
| 2026-04 | 10,440 |
State-by-state status board
Status of the five CFTC-regulated exchanges by state, as of 3 October 2026. "Available, dispute pending" means the platform accepts residents but a state case is open or the state sits in a federal circuit whose ruling is under appeal; "Sports contracts blocked by court order" means a court has ordered sports contracts off in that state. This is not legal advice; each state page has the dated sources.
| State | Kalshi | Polymarket US | ProphetX | OG (Crypto.com) | Novig |
|---|---|---|---|---|---|
| Alabama | Available | Available | Available | Available | Available |
| Alaska | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Arizona | Available, dispute pending | Available, dispute pending | Available, dispute pending | Not offered | Not offered |
| Arkansas | Available | Available | Available | Available | Available |
| California | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Colorado | Available | Available | Available | Available | Available |
| Connecticut | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Delaware | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| District of Columbia | Available | Available | Available | Available | Available |
| Florida | Available | Available | Available | Available | Available |
| Georgia | Available | Available | Available | Available | Available |
| Hawaii | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Idaho | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Illinois | Available, dispute pending | Available, dispute pending | Available, dispute pending | Not offered | Available, dispute pending |
| Indiana | Available | Available | Available | Available | Available |
| Iowa | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Kansas | Available | Available | Available | Available | Available |
| Kentucky | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Louisiana | Available | Available | Available | Available | Available |
| Maine | Available | Available | Available | Available | Available |
| Maryland | Available, dispute pending | Available, dispute pending | Available, dispute pending | Not offered | Available, dispute pending |
| Massachusetts | Available, dispute pending | Available, dispute pending | Available, dispute pending | Not offered | Available, dispute pending |
| Michigan | Sports contracts blocked by court order | Available, dispute pending | Available, dispute pending | Not offered | Not offered |
| Minnesota | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Mississippi | Available | Available | Available | Available | Available |
| Missouri | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Montana | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Nebraska | Available | Available | Available | Available | Available |
| Nevada | Sports contracts blocked by court order | Not offered | Not offered | Not offered | Not offered |
| New Hampshire | Available | Available | Available | Available | Available |
| New Jersey | Available, dispute pending | Available, dispute pending | Available, dispute pending | Not offered | Available, dispute pending |
| New Mexico | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| New York | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| North Carolina | Available | Available | Available | Available | Available |
| North Dakota | Available | Available | Available | Available | Available |
| Ohio | Available, dispute pending | Available, dispute pending | Available, dispute pending | Not offered | Available, dispute pending |
| Oklahoma | Available | Available | Available | Available | Available |
| Oregon | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Pennsylvania | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Rhode Island | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| South Carolina | Available | Available | Available | Available | Available |
| South Dakota | Available | Available | Available | Available | Available |
| Tennessee | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Texas | Available | Available | Available | Available | Available |
| Utah | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Vermont | Available | Available | Available | Available | Available |
| Virginia | Available | Available | Available | Available | Available |
| Washington | Sports contracts blocked by court order | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| West Virginia | Available | Available | Available | Available | Available |
| Wisconsin | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending | Available, dispute pending |
| Wyoming | Available | Available | Available | Available | Available |
Venue tearsheets
The two venues that matter, at a glance.