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Record Open Interest in Prediction Markets Hits $1.48 Billion on Rising Sports Betting

Open interest in prediction markets has climbed to a record $1.48 billion, mostly thanks to the growth in sports betting. Keep reading to see how Kalshi and Polymarket are dominating the market.

By Zenz van der Wielen
• 1 min read
Record Open Interest in Prediction Markets Hits $1.48 Billion on Rising Sports Betting

Key Takeaways

  • Open interest in prediction markets hit a record $1.48 billion in the week ending June 15.
  • That is a sixfold increase from the same period last year, helped by the growth in sports betting.
  • Kalshi and Polymarket dominate the sector and account for most of the open interest.

Open interest in prediction markets reached a record high of $1.48 billion (€1.3 billion) in the week ending June 15. That marks a sixfold increase from the same time last year. This growth reflects a sharp jump in activity across these markets, with sports betting playing a major role.

Strong Growth Driven by the FIFA World Cup

Along with open interest, notional volume, weekly fees, and the number of active users also climbed to new highs. The ongoing popularity of the FIFA World Cup, which has a record 48 teams and 104 matches this year, has significantly boosted demand for sports betting. This rise in sports-related betting is clearly helping drive growth in prediction markets.

Kalshi and Polymarket Dominate

According to a16z crypto analysis, Kalshi and Polymarket are the biggest platforms in this sector and account for most of the open interest. Smaller platforms like Opinion, Limitless, and Myriad still lag far behind these market leaders. This concentration points to a market that is consolidating, with a few major players drawing most of the activity.

Kalshi is also seeing broader competition emerge outside the traditional prediction market space. The company previously named CME, Robinhood, and DraftKings as major rivals in the fight for users and trading volume: Kalshi CEO Sees CME, Robinhood, and DraftKings as Biggest Competitors.

Relevance for the European Crypto Market

For European crypto investors and users, this development may point to growing interest in prediction markets as a new form of decentralized betting and market forecasting. The sharp rise in open interest and user activity could suggest that these markets are becoming more relevant within the broader crypto market, helped in part by major sports events like the FIFA World Cup.

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