Kalshi has become the highest-valued prediction market platform with a valuation of $22 billion.

Prediction Markets Outrun Sports Betting—Kalshi Now Valued at $22B, Tops FanDuel, DraftKings

The tables have turned. Prediction market valuations have officially eclipsed traditional sports betting companies, according to Predictefy. Kalshi leads the charge at $22 billion—outpacing giants like FanDuel ($19B) and DraftKings ($12.75B). Polymarket, fresh off its last funding round, sits at $9 billion. The numbers make it clear: betting on events is no longer just about sports.