Kalshi Hits Record June Volume as World Cup Fuels Betting
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- Kalshi recorded its highest-ever June trading volume, with DefiLlama data showing World Cup knockout matches driving much of the activity.
- Canada's Round of 16 match against Morocco had generated over $48 million in trading volume on Kalshi and more than $26.8 million on Polymarket as of writing.
- The United States' Round of 16 market drew more than $2.1 million on Kalshi and around $1.6 million on Polymarket by Saturday.
- Nearly a dozen US states had moved against Kalshi and Polymarket by March, with some seeking to halt the markets and others pushing to bring them under existing gambling laws and state tax frameworks.
- CFTC Chair Michael Selig accused states of pursuing "illegal enforcement actions" against federally regulated exchanges, vowing to fight any state that "seeks to nullify federal law and seize authority over these markets."
- Casino operators, tribal organizations, and labor groups urged Congress to remove sports-event contracts from the CFTC's authority through an amendment to the Digital Asset Market Clarity (CLARITY) Act.
- ESMA reminded firms that many event contracts may already fall under existing restrictions on binary options, signaling a separate regulatory path from the US fight.
Why it matters: A single World Cup match moved $75 million-plus across Kalshi and Polymarket while federal regulators, nearly a dozen states, tribal groups, and Congress all fight over who gets authority — meaning the platforms' explosive growth is happening in a legal gray zone that could be shut down, federally legitimized, or shoehorned into gambling law depending on which side wins in court.
