alt Hacker News> And now here come the prediction markets, such as Polymarket and Kalshi, whose combined 2025 revenue came in around $50 billion.
Bizarre to call trading volume "revenue". Last year, trading fees for Kalshi amounted to about $263 million[0], whereas Polymarket largely did not have fees in 2025 and is turning them on in a few days[1].
[0]: https://finance.yahoo.com/news/kalshi-fee-revenue-2025-263-1...
[1]: https://gamingamerica.com/news/polymarket-free-ride-over-int...
Replies
shimman • yesterday at 11:56 PM
It's DT, don't expect honesty from his posts (unless he is bashing unions or workers, he's very honest about that).
Thank you for this call out. I was blown away by that number because it would have meant volume was maybe pushing 1T.