Regulations
By Bruce Buterin
1 / 15
Sports Contracts Drive Volume — and Risk. The reliance on sports contracts is hard to overstate.
2 / 15
Canada and UK Traffic Climbs, But Share Shrinks. International interest is real, but it's kind of getting swamped by US growth.
3 / 15
What the Growth Actually Means. Fifteen million visits a month is not a niche platform anymore.
4 / 15
Kalshi's numbers are staggering. The prediction market platform pulled in 15.4 million US visits in July, up from under 1 million in August 2025 — a 1,520% jump in roughly a year.
5 / 15
Trading volume tells an even wilder story. Kalshi recorded around $40 billion in monthly notional trading volume in August, compared to $874 million a year earlier.
6 / 15
They made up 83% of Kalshi's trading volume in July. That concentration is either a strength or a vulnerability — probably both — depending on how courts rule.
7 / 15
The reliance on sports contracts is hard to overstate. When 83% of your trading volume sits in one contract category that's actively being litigated, the regulatory outcome isn't…
8 / 15
What's clear is that Kalshi's domestic focus has intensified. US traffic made up roughly 72.8% of visits in August 2025. By July, that share had climbed to nearly 80%.
9 / 15
International interest is real, but it's kind of getting swamped by US growth. Canada sent about 450,000 visits in July, up from 50,000 the previous August.
10 / 15
Related: Kalshi Halts Betting on Its Supreme Court Fate Amid $500K Fine Threat from Michigan
11 / 15
Both Canada and the UK have restrictions that block direct trading on Kalshi's platform. So the visits aren't necessarily translating to accounts in the same way US traffic does.
12 / 15
In June, Kalshi teamed up with Wealthsimple to offer Canadian users access to its contracts through a new app. It's a workaround, basically.
13 / 15
The Wealthsimple deal is worth watching. Wealthsimple has a large, digitally native Canadian user base — the kind of retail investor that's already comfortable with app-based…
14 / 15
Fifteen million visits a month is not a niche platform anymore. Kalshi has crossed into mainstream attention territory, at least by web traffic standards.
15 / 15
See also: OpenReserve Secures OCC Preliminary Charter Backed by $25M from Andreessen Horowitz
The Currency Analytics
Want the full story?