Prediction markets experienced a remarkable weekend, surpassing $9.4 billion in trading volume, largely driven by combo bets. In parallel, new studies are investigating the rise in gambling-related emergency room visits and the influence of political bias in election markets.
Kalshi reported a staggering $7 billion in trading volume alone, as per Aldrin Research and TickerTracker data. This figure contributed significantly to the overall prediction market volume, which reached over $9.4 billion. Kalshi's trading figures for Saturday and Sunday were recorded at $7.13 billion, with Sunday alone generating $3.68 billion, breaking the previous daily record of $3.45 billion set just a day earlier. Notably, sports and combo bets made up approximately 91% of the total volume for both days.
Football betting was particularly strong, accounting for around $4 billion (56%) of Kalshi's weekend total, with combo bets contributing $3.1 billion and traditional football markets making up about $897 million.
In the broader market, Polymarket US crossed the $1 billion mark again, though this was a decrease from the $1.25 billion seen the previous weekend. DraftKings Predictions also saw a rise, reporting about $372 million over the two days, up from $334 million the weekend before. Novig noted a significant increase as well, with around $286 million reported, compared to approximately $200 million previously. Combos constituted over 50% of the total volume across all platforms.
DraftKings and FanDuel have each added $3.5 million to the Tax Relief Nebraska campaign in anticipation of the online sports betting vote on November 3. Their contributions bring the total to $7.25 million from July 28 to September 29, including an additional $250,000 from BetMGM. Overall, election-year fundraising has reached $14.65 million.
Voters will decide on two key measures: one that seeks to amend the constitution to allow online sports wagering legislation, and another to establish the regulatory framework for it. These proposals would enable up to 12 mobile sportsbooks to partner with Nebraska’s six gaming facilities.
In other news, Polymarket is taking legal action against the Dutch gambling authority after being barred from operating in the Netherlands. The company argues that its contracts should fall under financial market regulation rather than gambling oversight, a stance it has discussed with European and U.K. regulators. The Dutch Gambling Authority, known as KSA, previously ruled that Polymarket's operator, Adventure One QSS Inc., was offering gambling services without the necessary license, resulting in a €420,000 ($471,000) penalty for non-compliance.
Additionally, the CFTC has approved a new Kalshi futures contract linked to a broad U.S. stock index, marking a significant step in the company's diversification beyond event contracts. This US500 perpetual futures contract, submitted for review in August, was approved on October 3 and features no fixed expiration date, utilizing regular funding payments to maintain alignment with the underlying index.