Why Is Trading On Cricket Getting Big At Kalshi?

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Kalshi means “everything.” And everything apparently includes a lot of betting on the Indian Premier League in cricket.

The IPL has generated $100 million in volume over the seven-day period ending April 20. The cricket league is responsible for more volume than things like the NHL and the PGA Tour over the past week, for instance.(Kalshi has seen $3.1 billion in volume over that timeframe.)

Here’s a look at the top markets over the trailing seven days:

Why is this the case? That’s not entirely clear. One possible explanation is simply that it’s something to bet on when North American sports aren’t going on. The games take place in the morning or in midday in the US.

During most recent days, a single match has often gotten into the top five events by trading volume. It’s on par with moneyline trading on many NBA playoff games, for instance. Here’s a look at April 18:

The moral of the story: People like to bet on sports, no matter what time of day.

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For Monday, April 20, at Kalshi:

Trend line for daily volume:

Polymarket US volume on Sunday: $23.7 million

Kalshi, Polymarket Expand Crypto Push With Perpetual Futures (Bloomberg): “Kalshi Inc. and Polymarket are getting closer to launching new products that will take them deeper into crypto trading with so-called perpetual futures. Kalshi plans to launch the product, tied to the prices of cryptocurrencies, in the coming weeks, according to a person familiar with the plans who was not authorized to discuss non-public information. The products will be Kalshi’s first foray beyond the event contracts it offers on its prediction markets.”

ICYMI:

From the New Jersey vs. Kalshi case:

Gov. Pritzker bans state workers from using insider information on prediction market apps like Kalshi (Chicago Sun-Times): “Illinois Gov. JB Pritzker on Tuesday signed an executive order barring state employees from using insider information to bet on prediction market apps, joining six other states that have moved to either restrict or regulate the burgeoning betting field.”

Press release here: Today, Governor JB Pritzker issued Executive Order 2026 – 04 to strengthen guardrails across state government, prohibiting state employees from using nonpublic information to participate or assist any person in prediction markets and event-based contracts. Illinois is doubling down on its commitment to a transparent and ethical government by bolstering its current state laws to prevent insider trading amid the rapid growth of online prediction markets and event-based gambling contracts.

“Prediction markets have rapidly grown into a space where people can bet on real-world events without any oversight, including events people can influence,” said Governor JB Pritzker. “This opens the door to insider trading and abuse of confidential information. While the Trump Administration continues to be riddled with stories of appointees looking to make a profit, Illinois is stepping up to ensure those who are serving the public not their own personal financial gain.”

ProphetX Releases Comments to CFTC on Prediction Markets Rulemaking (press release): ProphetX … submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC) in response to the Commission’s Advance Notice of Proposed Rulemaking (ANPR) on Prediction Markets. ProphetX welcomes and supports the Commission’s efforts to establish a clear, durable federal regulatory framework for sports event contracts and the broader prediction markets industry.

“We are asking the CFTC to use the exclusive statutory authority Congress has given it to both preempt state action against nationwide derivatives markets and establish a framework that puts investors first, supports innovation, and allows event contract markets to continue to grow,” said ProphetX CEO and Co-Founder Dean Sisun. “ProphetX looks forward to leveraging our deep experience with sports event markets to partner with the CFTC and its staff throughout the rulemaking process.”

Kalshi Research Partners with ProCap Financial to Bring Prediction Market Data to Investment Research (press release): ProCap Financial, today announced a partnership with the research arm of Kalshi, the world’s largest prediction market, to create a new category of investment research focused entirely on real-time prediction market data. This is the first time Kalshi has provided its data to a financial research provider with paying subscribers.

The new prediction market research product will be available through ProCap Financial’s research offering, ProCap Insights, which deploys AI agents to analyze mountains of data, pressure test conclusions through agentic debate, and agentically write research reports. ProCap Insights will create reports on individual prediction markets, various platform trends, data-driven investment strategies, mispriced market contracts, and Kalshi-specific data reports. …

“Kalshi Research’s prediction market data paired with our AI agents is a powerful combination,” said Anthony Pompliano, Chairman and CEO of ProCap Financial. “Independent investors have never had access to a research engine like this. By combining real-time market signals with AI-driven analysis, we’ll deliver sharper insights to help investors make smarter decisions in the growing industry of prediction markets. Our goal has always been to help independent investors make money, and this partnership brings us one step closer to delivering on that.”

“Prediction markets turn uncertainty about real-world events into actionable signals,” said Tarek Mansour, co-founder and CEO of Kalshi. “We’re partnering with ProCap Financial to bring wisdom-of-the-crowds intelligence directly to financial research, so both retail and institutional investors can benefit from this data and analysis.”

Prediction Markets Step Up Lobbying to Fight Stricter Rules (Bloomberg/Yahoo Finance): “Leading online platform Kalshi, alongside crypto and sports gambling companies that have launched their own prediction markets, are hiring teams of lobbyists as Congress eyes a crackdown on the multibillion-dollar industry. Together, the companies spent at least $1.84 million on lobbying during the first quarter of 2026. That’s a record amount, up more than 60% from the $1.1 million the industry spent during the same quarter last year.”

Prediction markets as a public health threat (Science.org): “For decades, economists and computer scientists championed online academic and institutional prediction markets (PMs) as elegant instruments of collective intelligence. Yet a 2024 federal court ruling legalizing event-based political contracts on commercial PMs in the US catalyzed a qualitative shift. Whereas academic and institutional PMs continue to serve research-oriented forecasting purposes, the broader PM landscape has expanded to include gamified, large-scale digital trading platforms enabling continuous, real-time global participation across jurisdictions, some operating on crypto-based infrastructure and optimized for engagement over epistemic rigor.”

“Contemporary discourse on PMs now primarily denotes these commercial platforms rather than their long-standing academic counterparts. We discuss below what we see as three main areas of concern regarding the structural features and rapid institutionalization of these commercial PMs: democratic manipulation, gambling-like design, and public health concerns. Many commercial PM advocates claim scientific credibility while flouting the very principles and evidence on which that credibility depends.”

Investors are valuing Polymarket $7 billion less than archrival Kalshi—and crypto could be one reason why (Fortune): “The prediction market space is one of the fastest growing in finance. Two years ago, Polymarket reportedly raised funds at a $350 million valuation. Today, the platform is in talks to raise funds at a valuation of $15 billion, The Information reported. But the windfall may be made a little less sweet by the success of Polymarket’s bitter rival, Kalshi, which was most recently valued at $22 billion.”

Taxation of Sports Event Contracts (KPMG): “The explosion of sports event contracts on prediction markets—driven by platforms like Kalshi, Polymarket, Crypto.com, and the CME—was arguably the most disruptive gaming and financial development of 2025. While these platforms have unlocked massive new audiences, they have also ignited fierce regulatory scrutiny and deeply fractured the industry. The fallout is already visible, highlighted by multiple ongoing legal cases and recent decisions from major stakeholders to exit the American Gaming Association. Part of navigating this volatility also means understanding the potential tax implications involved. This article takes a deeper dive into the high-stakes tax landscape of prediction markets and how that may impact the bottom line for investors, market makers, and operators.”

I created a database of startups in the prediction markets industry of companies that asked to be listed. That’s below.

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Want to be a part of the database? Fill out this Google Form. I will try to add new companies soon… I’ve had more responses since I launched it.