After eight years of regulatory battles, the compliance-oriented prediction market platform Kalshi finally reversed its fortunes in the race for market share. In October 2025, Kalshi’s monthly transaction volume reached a record high of $4.4 billion, officially surpassing the long-dominant offshore platform Polymarket, whose transaction volume during the same period was approximately $4.1 billion.

This turning point marks a profound transformation of the event trading market from a gray area for speculation to a mainstream financial infrastructure, and it also validates the correctness of the strategy of obtaining regulatory licenses before launching the service.