Prediction markets hit a record week after trading on the Masters climbed sharply. Covers reported that $545 million was traded on the tournament at Kalshi, making it the biggest single sports event in the platform’s history. Sports also made up 85% of Kalshi’s record week, showing how much one major event can lift activity across the platform.
The spike is another sign of how quickly sports-linked prediction contracts are growing in the US. Kalshi has expanded further into sports. At the same time, it is facing legal pressure in some states over whether those contracts look too similar to traditional sports betting.
Masters trading led the record week
The Masters was the biggest reason for the jump in trading. Covers said the tournament alone set a new sports trading record at Kalshi, with $545 million traded across related markets.
That helped push sports to the front of the platform’s weekly mix and gave Kalshi its biggest week on record. Across all categories, the platform handled more than $3.4 billion during the week, according to Covers.
The timing also helped. The Masters is one of the few golf events that draws casual fans as well as regular bettors and traders, which likely widened the audience for those markets. This appears consistent with the reported trading totals and the tournament’s broad reach.
Record week comes while legal fights continue
The trading spike came while Kalshi was still facing legal challenges over where and how its event contracts can be offered. State regulators and gaming bodies have continued to question whether sports prediction markets should be treated differently from regular sports betting.
Prediction markets are now in a difficult position. User demand is rising, major sports events are producing record volumes, and operators are trying to grow the category. At the same time, the legal fight around these products is still not settled.
The Masters spike gives the clearest signal yet. Demand for sports prediction markets is rising fast, and major events are now bringing in trading volume at a level the wider gambling industry can no longer ignore.
