Polymarket · Bitcoin.com News
How Prediction Markets Actually Work (And What It Takes to Build One Legally)
Compiled by KHAO Editorial — aggregated from 1 source + 2 references discovered via search. See llms.txt for citation guidance.
◌ Single Source
Offering players worldwide the opportunity to bet on any world event: this is the promise of prediction markets platforms.
Key facts
- Kalshi’s $263.5 million in 2025 fee revenue came from $22.88 billion in volume, which works out to roughly 1.15% of notional traded
- Polymarket re-entered the US market in late 2025 through its $112 million acquisition of QCEX, also CFTC-regulated
- Monthly volume across the two platforms has since climbed to $24 billion as of April 2026, per a Pew Research Center analysis of data from The Block, a figure that exceeds the average monthly handle
- The CFTC sued Arizona on April 2, 2026, seeking to block criminal enforcement and won a temporary restraining order on April 10
Summary
LegalBison is a global boutique legal and business services firm and licensed Corporate Service Provider (CSP) specializing in regulatory structures for FinTech and digital asset projects. Kalshi and Polymarket processed over $44 billion in combined trading volume in 2025. For founders watching those numbers, the question is obvious: could the reporter build something like this? This article covers the mechanics of the business model, the revenue logic, what regulation it triggers, and the practical steps any founder needs to take before writing a line of code.