The football might have been a tad ugly at times in Super Bowl LX, but the betting action on the game remained fast and furious, including at federally regulated prediction markets.
Kalshi, for example, reported more than $500 million in trading volume tied to the Big Game.
That was around three times the $167 million in buying and selling reported as of Thursday afternoon, and far more than the $27 million in volume tied to last year’s Super Bowl.
A big chunk of Kalshi's action came during Sunday's game, as users traded in and out of positions on who would win.
"Prediction markets are built around tentpole events, notably the Super Bowl," wrote Jordan Bender, analyst for investment bank Citizens, in a note to clients Monday. "Prior to the game, Kalshi had $361M of volume for the overall winner of the game, compared to $499M total volume at the time of the final whistle, implying $138M of volume in game, or 28%."
With eight hours to go before kickoff, Kalshi has taken in $248.1 million in "predictions" for the Super Bowl.
— Darren Rovell (@darrenrovell) February 8, 2026
Three years ago, Kalshi's total trading volume was $183 million.
The busy Super Bowl for Kalshi suggests more football bettors found their way to prediction markets this year, as the federally regulated exchanges continue to offer sports event contracts for trading despite the objections of state gambling regulators.
While the legality of the contracts is being challenged in court by those regulators, a definitive answer may not be reached for years.
In the meantime, prediction markets are offering de facto sports wagering all over the U.S., including in states that have yet to legalize sports betting. That includes California, where Super Bowl LX was held.
Over $100M has been traded at @Kalshi on which Bad Bunny song will be sang first during the halftime show.
— Covers (@Covers) February 9, 2026
There is approximately $1M in volume being traded EVERY THREE MINUTES. pic.twitter.com/GPGNkMIdBH
There were more prediction market platforms active for this year's Super Bowl as well, facilitating even more wagering on the game.
Kalshi's chief rival, Polymarket, reported more than $55 million in volume tied to the Super Bowl.
DraftKings, meanwhile, said the Super Bowl helped its prediction market platform set "its all-time record on trading volume for a single event."
The company, which only launched its prediction market in December and which announced a new partnership with Crypto.com right before the game to help expand its offerings, also said bets on Sam Darnold to be the game's MVP attracted the most trading volume of any "player-specific" contract.
DraftKings didn't provide any trading-related numbers, though.
The forecast calls for speculation
Research firm H2 Gambling Capital estimated there would be around $630 million in prediction market trading volume for this year's Super Bowl. That estimate was excluding de facto futures on the winning team (i.e. somebody who bought "yes" on the Patriots to win the championship back in October).
The prediction market-based Super Bowl action would also be in addition to wagering with state-regulated sportsbooks, which H2 forecast would see approximately $1.78 billion in action.
"We note that prediction market volume (the sum of traded contract value) is different to sportsbook handle (amounts wagered), but for this purpose we view them as comparable," H2 said in its report. "On this basis, growth in volume on prediction markets is estimated to account for (approximately) 80% of the year-on-year growth in Super Bowl wagering activity and will account for (approximately) 26% of all ‘legal’ Super Bowl wagering activity."
