Kalshi generated $24 million in total revenue in 2024. The following year it generated an estimated $263.5 million, a 994% increase. Sports contracts accounted for $235 million of that figure, 89% of the total. The NFL season alone, produced $138 million in sports fee revenue, more than five times the company’s entire 2024 output in a single three-month window. December 2025 was the strongest month in company history at $63.5 million. Super Bowl Sunday 2026 generated $1 billion in trading volume in a single day. By March 2026 annualised revenue had crossed $1.5 billion. In May 2026 Kalshi closed a $1 billion Series F at a $22 billion valuation led by Coatue, with Sequoia, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley, and ARK Invest all participating. This valuation is roughly 80% of DraftKings’ current market capitalisation, reached by a company that did not exist as a meaningful revenue business three years ago.
Every sports business publication has covered Kalshi’s growth and the rise of prediction markets. This report takes a different approach. It explores Kalshi’s sports strategy, the thinking behind the partnerships, investments, and decisions it has made across the industry. From the NHL partnership and Chicago Blackhawks deal to its relationship with Giannis Antetokounmpo, Baller League, Pro Pickleball, STATSCORE, and Game Point Capital, this report examines how each piece fits into Kalshi’s broader sports strategy and what it reveals about the company’s ambitions within the sports ecosystem.
Kalshi’s sports investment thesis
The first mechanism is contract variety, but what makes Kalshi different is