Over $1 BILLION lost by Kalshi combo buyers, according to InGame. Market makers have earned roughly $520 million after fees.
One detail deserves more scrutiny: persistent account IDs let market makers recognize repeat bettors and decide whether to quote them.
Kalshi says “we never limit customers for winning.”
What’s that worth if market makers can track your account and stop quoting you once they realize you’re not a fish?
You risk ending up with professional firms selling overpriced parlays to the customers who will be financially ruined by these products.
The prediction market industry calls this “price discovery.”
States call it gambling.
As someone who “gambled” for 20+ years, I can assure you it’s gambling. And a particularly insidious form when you obscure how predatory it is by rebranding parlays as “combos” and betting as “trading.”
These sites can and should do better.
Kalshi parlay takers have now lost more than $1 billion since the feature launched last year, after a huge surge in popularity this football season, an InGame analysis shows.
Since parlays first became available in September 2025, Kalshi’s total volume on multi-leg trades has been $165.6 billion. Taker stakes — the closest equivalent to sportsbook handle — are $7.1 billion, and takers have lost $1.004 billion.