Kalshi’s parlay offerings received a noticeable uptick in activity during their second week of availability.
Key Takeaways
- Kalshi now has multi-event parlays on top of the same-game parlays it launched two weeks ago.
- Parlays are highly popular at sportsbooks but are only a tiny portion of Kalshi’s trading.
- DraftKings and Flutter saw billions in losses after Kalshi launched parlays.
Kalshi silently launched same-game parlays for its NFL customers a couple of weeks ago and now offer multi-game ones. The platform previously revealed its intent to create the popular market but did not officially announce the launch.
Kalshi only totaled $6 million in parlay trading during its first week of availability, according to Sportico. That number increased to $10.1 million in the second week between Oct. 6 and Oct. 12 based on $5.5 million from same-game parlays and $4.6 million from multi-game parlays.
While the increase was notable, the total handle for parlays represented just 3.1% of all trading volume on Kalshi’s NFL event contracts last week.
Parlays are widely considered sportsbooks’ money-maker due to their popularity and high hold percentage. Still, Kalshi launching parlays came as a surprise to some since it didn’t plan an announcement and the platform is still drawing resentment from state regulators.
Using their contracts as a basis for prices, one user was able to construct a same-game three-leg parlay they got for +750 odds at DraftKings for +1,011 odds at Kalshi.
Parlays are sportsbooks' meal ticket
Parlays in 2025 have accounted for more than 60% of sportsbook revenue and approximately 30% of all money wagered in marquee gambling states Illinois and New Jersey, per Sportico.
This means Kalshi should expect its parlay volume to increase dramatically over the coming weeks and months.
Hold percentages for parlays can reach as high as 20%-30%, depending on the state and sportsbook. That occurs through a compounding vig obtained by the house, the result of combining multiple juiced betting lines.
Operators have placed an increased emphasis on using parlays to drive their bottom line in recent years, whether that be by highlighting featured parlays, expanding parlay options, or offering rewards such as bonus bets in parlay promotions.
While Kalshi is growing more equipped to reap the same rewards that parlay-centric sportsbooks have, it and other prediction platforms maintain they do not mimic state-licensed sportsbooks, like state regulators suggest.
Kalshi’s activity soars
Kalshi reported $1.1 billion in trading volume on its NFL contracts in September, the first month of the NFL season. It also generated $811 million on college football. Sports represented 90% of the total volume during that month.
The platform reported more than $900 million in total trading volume for the second straight week, beating its total from the week of the 2024 U.S. presidential election.
Kalshi’s parlays are still in their infancy, but sportsbooks are braced for further growth for their competition. DraftKings and FanDuel’s parent company, Flutter Entertainment, lost billions of dollars off their market caps the day after Kalshi launched NFL parlays.
