Kalshi says the election-betting business is booming. A spokesperson for the prediction market operator told Covers on Wednesday that in the three weeks since an appeals court paved the way for Kalshi to restart trading in election-related contracts, there has been more than $70 million in buying and selling.
“Demand for Kalshi has exploded recently,” Kalshi’s Jack Such said in an email.
Moreover, according to Such, “multiple users” have placed trades worth more than $200,000. Some accounts (one might refer to them as “whales”) have even built up positions on candidates totaling more than $750,000.
Trading volume is expected to keep growing ahead of the election on Nov. 5.
