World Cup wagers helped double Kalshi’s revenue to a more than $4 billion annualized rate in July, from a pace of over $2 billion two months earlier, a person familiar with the matter said. That growth is set to drive another jump in the prediction market’s valuation. Kalshi is in advanced talks ...

Joel Shulman, founder of ERShares and portfolio manager of the XOVR ETF, says DraftKings is both validating Kalshi's prediction markets business and attempting to capture it. Shulman, who holds stakes in both companies, called the validation "the more important signal". DraftKings recently reported revenue of $1.44 billion, down 5% and missing estimates, though adjusted earnings per share beat expectations. The company disclosed that roughly 600,000 customers have engaged with its predictions product, with annualised volume growing from $2.3 billion in April to $11 billion in July. Shulman noted DraftKings increased sales and marketing spending by 38% to $323 million, whilst average revenue per payer fell 13%. He suggested this indicates a competitive response rather than a temporary shift.

An independent financial economist has partnered with prediction-market exchange Kalshi to launch Blanket, an AI tool designed to help small businesses hedge against risks without hiring Wall Street banks. Blanket, created by London-based Lauris Zminsky, routes users to Kalshi's CFTC-regulated prediction markets. The tool suggests specific yes-or-no markets that could offset risks like hurricane season, fuel price spikes, or weather impacts. Zminsky describes Blanket as "a reasoning tool" and "discovery tool" rather than a trading app, with no money moving through it. Once users click through, all execution and compliance occur on Kalshi's platform. Kalshi's Nicolas Hull called small-business hedging a "massive growth segment," noting companies increasingly use the platform to protect against weather anomalies, sports tournaments, and tariff volatility.