Prediction market platform Kalshi reached a new milestone on Super Bowl Sunday, surpassing $1 billion in daily trading volume, the company announced Tuesday. Kalshi CEO Tarek Mansour described the weekend as “incredible,” telling CNBC that “Kalshi was the biggest brand of the Super Bowl this year, without running a Super Bowl ad.” The platform saw a 2,700% increase in trading volume compared with last year. Users placed more than $100 million on Bad Bunny’s opening song and $45 million on which artists would join him on stage. By comparison, last year’s total Super Bowl trading volume was $27 million. Prediction markets like Kalshi allow users to trade on a wide range of events, including sports, elections, and even live performance outcomes. Unlike traditional casinos or sportsbooks, participants trade against each other rather than a central “house,” with the platform earning revenue through trading fees. Kalshi and its competitor Polymarket highlight this difference as a major selling point. Since the U.S. Supreme Court overturned the federal sports betting ban in 2018, traditional gambling is regulated by state agencies, while prediction markets fall under the Commodity Futures Trading Commission. Mansour explained that Kalshi’s model benefits users differently than traditional gambling. “Our incentive as a company [is] we win when the customers win, we don’t win when the customers lose, and that’s a huge difference in the model,” he said. High traffic caused some deposits to be delayed during the Super Bowl. Kalshi assured users their funds were safe and processing would take slightly longer than usual due to the surge in activity. The popularity of prediction markets has grown beyond sports, with users now trading on outcomes at events like the Grammys and Oscars. Last week, NBA star Giannis Antetokounmpo became a shareholder in Kalshi, boosting the platform’s profile. Despite its growth, prediction markets face scrutiny over potential insider trading and market manipulation. Ahead of the Super Bowl, Kalshi strengthened its monitoring systems to detect and remove suspicious activity. Over the past year, the company reported running more than 200 investigations, freezing relevant accounts, and referring some cases to law enforcement. Kalshi’s record trading volume highlights the increasing appeal of prediction markets, offering a unique way for users to engage with live events and hedge bets on a range of outcomes. Analysts note that the platform’s peer-to-peer model, combined with celebrity partnerships, could drive further growth in this emerging segment of online trading.