Reports / Q1 2025
Quarterly report
Q1 2025: $6.47B traded on prediction markets
Notional volume across 3 exchanges was $6.47B in the first quarter of 2025 (January to March). Polymarket led with a 86.3% share. The busiest day was Thu Jan 2, 2025, at $174M.
Exchanges
Ranked by the quarter's volume. Share change is against Q4 2024.
| # | Exchange | Volume | Share | vs Q4 2024 | Share change |
|---|---|---|---|---|---|
| 1 | Polymarket | $5.59B | 86.3% | – | new |
| 2 | Kalshi | $883M | 13.6% | – | new |
| 3 | ForecastEx | $1.1M | <0.1% | – | new |
By month
| Month | Volume | Daily average | Leader |
|---|---|---|---|
| January 2025 | $2.82B | $91.0M | Polymarket (93.8%) |
| February 2025 | $1.72B | $61.3M | Polymarket (89.1%) |
| March 2025 | $1.93B | $62.4M | Polymarket (73.0%) |
What traded
At exchanges that publish a split.
Busiest days
- Thu Jan 2, 2025: $174M
- Mon Jan 20, 2025: $152M
- Fri Jan 3, 2025: $130M
- Sun Jan 19, 2025: $121M
- Tue Jan 21, 2025: $117M
Q1 2025: questions
How much volume did prediction markets trade in Q1 2025?
$6.47B in notional volume across 3 exchanges, $71.9M a day.
Which prediction market had the most volume in Q1 2025?
Polymarket. The top three were Polymarket (86.3%), Kalshi (13.6%), ForecastEx (<0.1%).
How fast is prediction market volume growing?
Q1 2025 volume was $6.47B. Growth includes exchanges that opened during the period.
What share of Q1 2025 prediction market volume was sports?
51% at the exchanges that publish a split, including 0% in combos (parlays). Non-sports markets were 49%.
Notional volume: contracts traded × each contract's payout, from each exchange's own daily report. Download every day as CSV · Methods · All reports