“Not a Sportsbook”, Still…Kalshi Ranks Among Top US Sportsbooks

As Kalshi continues not to identify as a sports wagering company, the debate over the topic continues. Recent March data from Eilers & Krejcik Gaming (EKG) shows the prediction market platform is currently competing with some of the biggest names in US online betting, adding more fuel to the fire.

Last month, says the boutique research firm, Kalshi ranked as the fourth-largest US sportsbook on an adjusted handle-per-adult basis, only topped by DraftKings, FanDuel, and Fanatics. 

The prediction market left behind well-established sportsbooks like BetMGM, Bet365, and Caesars Sportsbook, once again showcasing the strong period for prediction markets during the NCAA Tournament, where activity on yes or no contracts typically increases.

Context Is Important

The EKG data also showed that the platform moved up five positions year over year. However, the numbers come with important context. EKG does not use traditional sports betting handle metrics, but instead applies a model called handle-analog, which tracks changes in open interest, execution pricing, and activity patterns across millions of markets. 

This makes the comparison different from standard sportsbook reporting.

There is also the question of partner-driven activity, with EKG noting that Kalshi’s figures include trading volume that flows through partners such as Robinhood Markets and Coinbase Global. 

In other words, some users are accessing event contracts through those platforms rather than directly on Kalshi itself.

“Kalshi, Crypto.com, and Polymarket U.S. adjusted handle-per-adult figures reflect both organic activity and partner-driven volume and are therefore not strictly comparable to standalone OSB operators,” EKG said.

Prediction Markets Attract Specific Users

Nonetheless, prediction markets are clearly gaining ground in the US sports ecosystem. Much of the trading volume on these platforms is tied to sports outcomes, even if companies avoid describing it that way.

Industry research also suggests these platforms are attracting a specific type of user. Some sharp bettors who were limited or restricted by traditional sportsbooks have moved into prediction markets. 

At the same time, recreational users still tend to prefer mainstream sportsbooks like DraftKings and FanDuel when both options are available.

EKG estimates that US sports prediction markets reached about $2 billion in monthly handle in March 2026, representing roughly 11% of combined US sportsbook and prediction market activity. 
For the full year, the firm projects the figure could rise to $34 billion.