Argentina and Spain are riding high after dominant World Cup performances, inching them closer to the tournament’s knockout stage. But prediction market firms like Kalshi and Polymarket are celebrating in equal measure. Just 11 days into the tournament, and with a month still remaining, this upstart sector of the betting industry, which allows users to bet on sports and a wide variety of other real-world events, has already notched billions of dollars in wagers.
To assess the extent of the impact, Fortune collected data from leading prediction markets as of Thursday. Kalshi showed the largest increase: the platform reports that World Cup trading volume has reached $2.9 billion, including combination bets, and continues to rise. That figure has already exceeded other marquee sports events, including March Madness, which saw the firm bring in $2.51 billion, and this season’s Champions League, where bets totalled $685 million.
