Advertisements for Kalshi in New York City predicted a victory for Zohran Mamdani in the city’s mayoral election before the votes were counted and polls closed on Nov. 4, 2025. Olga Fedorova/Associated Press
Olga Fedorova/Associated Press
Prediction market platform Kalshi is surging so much in Trump’s second term, that it’s prompted something of an arms race: Robinhood, Coinbase, FanDuel and DraftKings have all announced rival services in a bid to tap into prediction market mania, as traders put up hundreds of thousands of dollars speculating about future events.
But the long-term outlook for this nascent industry could hinge on how