VOTE ONCE , TRADE OFTENOn October 2 , the U . S . Court of Appeals for the District of Columbia affirmed a lower court ’ s ruling that allowed Kalshi , a New York-based derivatives exchange , to list its “ yes / no ” event contracts ahead of U . S . elections November 5 .
In the weeks that followed , the platform was flooded with election bettors to the extent that its mobile app reached the No . 1 spot on the “ finance ” list of Apple ’ s App Store and the No . 6 spot on the entire marketplace , ahead of Facebook , Instagram , YouTube and others .
All told , the exchange took in at least $ 700 million in contracts for this election cycle . At least $ 430 million was traded on the presidential race alone . These numbers ballooned quickly , as the total was approximately $ 15 million in mid-October and $ 250 million in the final days before the election .
The accuracy of the market ’ s data was ultimately a feather in its cap . Donald Trump was a heavy favorite for weeks leading up to the elections , whereas most traditional polls listed Kamala Harris as a short favorite .
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$ 700MILLION amount wagered on U . S . election results |
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6 Global Gaming Business DECEMBER 2024 |