Kalshi was last valuated at $11 billion, and Polymarket at up to $9 billion.
According to reporting by the WSJ, Kalshi and Polymarket are talking to new investors, which would see valuations shoot up to $20 billion. , both companies have recently spoken with potential investors about raising capital at valuations near that level, which is double their 2024 valuations.
The talks, however, are said to be in their early stages. Founded in 2018 by Tarek Mansour and Luana Lopes Lara, Kalshi is currently the only fully regulated prediction market exchange in the U.S. It allows users to trade contracts on a wide range of outcomes, including political events, economic indicators, and sports results. It was valued at around $11 billion as recently as December. Its main rival, Polymarket, was founded in 2020 by Shayne Coplan and has become one of the largest prediction markets globally. At its last valuation in October 2025, it was rated at $9 billion, after Intercontinental Exchange, the owner of the New York Stock Exchange, Despite their growth, both companies have been criticized for some of their available contracts. In recent months, users have been able to place bets on geopolitical developments such as a potential U.S. attack on Iran or the removal of Iran’s former supreme leader. Lawmakers have also raised concerns about marketing aimed at younger users. The WSJ also reported last week that both companies had been heavily promoting their services on social media and even partnered with college fraternities to recruit new users. More scrutiny surrounds prediction markets Kalshi and Polymarket, as lawmakers have also introduced new legislation aimed at limiting who can trade the event contracts they offer and those of their rivals. drafting a bill that would ban members of Congress, the President, and the Vice President from trading such contracts. Under the proposed rules, other executive branch officials could also face restrictions. Violations would carry fines of $10,000 per incident, while offenders would have to repay any profits they earned through the banned trades. “When public officials use non-public information to win a bet, you have the perfect recipe to undermine the public’s belief that government officials are working for the public good, not for their own personal profits,” Merkley said in a statement.. In one case, anonymous traders reportedly made a profit from bets predicting a U.S. strike on Iran just before it happened, and in another, one trader earned over $400,000 betting on the removal of the Venezuelan President. Senator Chris Murphy is reportedly working on separate legislation to curb trading tied to government actions, while some conservative policy groups have said the sector should instead be regulated more like traditional sports betting. Charlotte lives and breathes the iGaming world, always eager to uncover the latest scoop. Whether it be new slot launches, the latest regulator news, or overnight affiliate marketing trends, she’s all over it. With plenty of experience covering the pulse of digital casinos, tech innovation, and the evolving US gambling landscape, Charlotte makes complex industry developments feel like a backstage pass to a party. She deciphers industry maneuvers, mergers, and launches briefly and clearly. Imagine breaking news explained over coffee, not a boardroom memo. Charlotte’s style? No industry jargon, just colourful storytelling, insightful context, and a reporter’s curiosity that takes her from legislative hearings to affiliate roundtables without missing a beat. Off duty, you might find Charlotte roaming the casino trade floors, notebooks in hand, chatting up compliance officers, platform developers, or slot-machine designers. Pretty much anyone with inside tales. She’s drawn to the energy and the characters, gathering real-world color to fuel her next story. And when she’s not chasing the latest gambling headlines? Charlotte is glued to Formula 1 weekends, passionately analyzing team strategies like they’re regulatory frameworks and defending her favorite driver and team with the same fire she brings to a breaking story. Just don’t schedule a call during a Grand Prix.Michigan Reissues Sweepstakes Warning During Consumer Protection WeekIf you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so.It is your sole responsibility to understand your local laws and observe them strictly.Covers does not provide any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in your relevant locality.Covers disclaims all liability associated with your use of this website and use of any information contained on it.As a condition of using this website, you agree to hold the owner of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.
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