Overview

• Polymarket is valued at about $9 billion after a reportedly ICE-led $2 billion investment, while Kalshi raised $300 million at a $5 billion valuation in a round led by Sequoia Capital and Andreessen Horowitz.
• Kalshi announced a partnership with Pyth Network to pipe real-time event odds to more than 100 blockchains, described by the companies as the first large-scale integration of regulated prediction data on-chain.
• September trading hit roughly $1.44 billion across the two platforms, with Kalshi gaining about 60% market share following its integration with Robinhood.
• Kalshi operates as a CFTC-regulated Designated Contract Market with off-chain infrastructure, whereas Polymarket runs fully on-chain with publicly viewable markets and positions.
• Kalshi plans to expand access to over 140 countries and added Donald Trump Jr. as a strategic adviser earlier this year, and Polymarket has teased a future token that has not been launched.