Kalshi’s rapid expansion in the U.S. is showing up clearly in web-traffic data, even as the company’s core business—event and prediction contracts—continues to face mounting legal scrutiny. According to Similarweb estimates reviewed by Cointelegraph, Kalshi logged 15.4 million visits from the United States in July, a dramatic jump from just under 1 million in August 2025.
The U.S. share of Kalshi’s traffic also remains dominant. In July, U.S. visitors accounted for nearly 80% of all visits, up from 72.8% in August 2025—an indicator that Kalshi’s growth is heavily concentrated in one market even as it draws some interest from elsewhere.
Key takeaways
- Kalshi reported 15.4 million U.S. visits in July, up roughly 1,520% from just under 1 million in August 2025, according to Similarweb estimates reviewed by Cointelegraph.
- U.S. traffic made up nearly 80% of Kalshi’s visits in July, rising from 72.8% in August 2025, showing continued concentration in the United States.
- Notional trading volume grew even faster than traffic, reaching about $40 billion in August versus $874 million a year earlier, per Dune Analytics.
- Sports-related contracts represented the majority of Kalshi trading activity in July, with sports accounting for 83% of volume, Barron’s reported.
- Canada and the UK generated meaningful traffic increases despite member-agreement restrictions, Cointelegraph reports it did not receive comment from Kalshi.
Traffic spikes, but trading is scaling faster
Web traffic has accelerated alongside Kalshi’s broader rise in prediction-market activity, but the trading numbers suggest the platform is expanding more sharply in market participation than in simple interest. Dune Analytics’ prediction market dashboard indicates Kalshi reached roughly $40 billion in monthly notional trading volume in August, compared with $874 million a year earlier—an increase of about 4,500%.
That same period also saw volume grow across the wider prediction-market sector, with monthly notional volume rising to $50.7 billion from about $2 billion. Kalshi accounted for nearly 79% of that latest total, underscoring that its platform has become the center of gravity for the industry’s trading flows as activity expands.
The composition of those trades matters, too. Barron’s reported Thursday that sports contracts were responsible for 83% of Kalshi’s trading volume in July. That detail is especially relevant given the legal backdrop: the dispute over whether certain contracts are regulated under federal authorities versus state gambling frameworks has repeatedly focused on the nature of the underlying events and how they should be classified.
Legal pressure remains tied to sports event contracts
Kalshi’s growth is unfolding while regulators and courts argue over the boundaries of oversight for prediction markets. The company’s expansion has been followed by increasing legal attention to whether its sports contracts are subject to federal supervision or fall within state gambling restrictions.
Earlier, Cointelegraph highlighted the fact that New Jersey has taken the dispute to the U.S. Supreme Court. The timing of Kalshi’s traffic and trading surge—at a moment when the legal process is still actively shaping how the business can operate—adds a layer of risk management pressure for users and counterparties watching what regulatory outcome could change market access.
Restricted jurisdictions still generate growing interest
Kalshi’s growth outside the United States is more modest, but the data shows that additional regions are contributing more visits than a year earlier. Canada generated about 450,000 visits in July, up from roughly 50,000 in August 2025. The UK increased to 296,000 visits from 31,000 over the same period.
These increases are notable because Kalshi’s member agreement currently prohibits users in certain jurisdictions from directly accessing or trading on the platform. Cointelegraph points to Kalshi’s published terms, which include restrictions on direct access and trading for members in jurisdictions where participation is not permitted.
In Canada’s case, Kalshi has also pursued an access pathway through partnerships. The company partnered with Canadian financial services firm Wealthsimple in June to provide access to nearly 4,000 eligible Kalshi contracts via a separate app. That arrangement may help explain why visits from Canada and other regions can rise even when direct platform participation is restricted.
Still, the traffic mix shifted in ways that complicate any simple read of demand. From August 2025 to July 2026, Canada’s share of Kalshi traffic slipped to 2.3% from 3.8%, while the UK’s share fell to 1.5% from 2.4%—even as visits from both countries increased in absolute terms. In other words, the rest of Kalshi’s user base grew so quickly that Canada and the UK lost relative share, despite higher traffic levels.
Cointelegraph said it reached out to Kalshi for comment about the traffic patterns from restricted jurisdictions, but did not receive a response by publication.
What investors and users should watch next
Kalshi’s surge in both U.S. attention and notional trading volume suggests demand for prediction contracts is scaling quickly, particularly in sports-linked markets. The next key variable is whether the legal pressure around classification and regulatory authority produces operational constraints—or clarity—that could affect market access and how quickly growth in restricted or regulated categories can continue.
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