Kalshi parlay wagers totaling about $7.1 billion since Sept. 2025 were associated with estimated fees of roughly $400 million and net prediction losses of about $609 million, putting the combined estimate above $1 billion.
The figures are estimates, not exact totals. Fees were put at roughly $400 million and net prediction losses at about $609 million; together, the amounts were estimated to exceed $1 billion.
A separate sectorwide estimate of prediction-market fees from 1kx put fees above $1.5 billion in Q3 2026. The report said fees were concentrated in Kalshi and Polymarket, and that formats such as parlays can make trading volume track fees less closely.
The 1kx estimate covers fees across prediction markets during the third quarter. The figures here cover Kalshi parlay wagers dating to Sept. 2025 and include estimated net prediction losses as well as fees.
