Takers have staked $7.1bn on parlays against $165.6bn in total parlay volume since the product launched.
The hit
Kalshi parlay takers have lost more than $1bn since the feature launched, according to an InGame analysis. The milestone came after taker losses of more than $17m across Saturday 31 October & Sunday, with Sunday setting a new taker-side volume record at $1.04bn across all Kalshi categories.
Why it matters
Kalshi’s market makers, who are mostly professional or institutional traders rather than app users, have made $608.9m on parlays before fees, the mirror image of taker losses before fees. InGame points out that traditional sportsbooks often win up to 20% on parlays, against about 10% on other bets. InGame notes takers on rival exchanges Polymarket US & DKeX have lost an even higher share of their stakes.
The record
| Taker losses before fees | $608.9m (InGame analysis) |
|---|---|
| Fees paid by parlay takers | $400m, pushing total losses past $1bn (InGame) |
| Market maker profit after fees | $519.8m after $88.9m in maker fees introduced 20 August (InGame) |
| Losses from cash-outs | $141.8m extra; losses would be just under $862m if held to settlement (InGame) |
| Non-correlated parlay losses | $579.5m, versus $424.6m on correlated/same-game parlays (InGame) |
What happens next
Watch weekly parlay volume through the rest of the NFL season. InGame says nearly half of all parlay taker losses came in the 8 weeks since kickoff.
Sources: Kalshi Parlay Taker Losses Top $1 Billion
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