Polymarket revenue 2026: the company says its annualized run rate has passed $1.8 billion, up from $1 billion in June, as Kalshi fights a second front over stock perps

News analysis · Updated November 10, 2026 · 18+ · Market prices, not predictions · By BetG8 Editorial · Betting Industry

An annualized run rate takes recent revenue, usually a month or a week, and scales it to a full year. It is a snapshot of pace, not reported annual revenue, and Polymarket has not published audited figures or said which period the number is based on. NewsBytes, summarizing the CNBC report, says US exchange volume was the main driver, with the FIFA World Cup and the NFL season lifting sports trading, and that combination contracts made up more than 70% of platform volume on the Sunday before the report.

What the market is pricing

Revenue milestones as reported, next to a snapshot of Polymarket's busiest markets from the public Gamma API at 16:53 UTC on November 10:

Game contracts dominate daily volume, which matches the company's account of where the growth came from. The Fed contract is included as an example of a macro market that drew heavy trading on a data day; it is a market price, not a prediction. Shared markets on both venues are listed on our Kalshi vs Polymarket odds page.

The revenue race with Kalshi

The figure invites comparison with Kalshi, which has not put a comparable revenue figure on the record in the reports BetG8 reviewed. It traded about $5.33 billion on Saturday, November 7, and $5.36 billion on Sunday, November 8, both records according to figures reported by Bitcoin.com News, as covered in our Kalshi record volume report. Combination contracts made up about three quarters of those days. Both companies are leaning on the same product: parlay-style combos on sports, which are recorded at notional size and lift headline volume quickly. Volume and revenue are not the same thing, since fees vary by contract and by price, so the two companies' figures cannot be compared directly.

Growth has also brought attention. NewsBytes reports that a US regulator is looking at Polymarket's advertising and past settlements, and quotes a company spokesperson saying "We welcome scrutiny." BetG8 has not seen the regulator's own statement, so the scope of any review is unclear.

Kalshi's other front: stock perpetual futures

On Monday, November 9, Kalshi, Coinbase, Payward (the parent of Kraken), DRW Holdings, Jump Trading and Paradigm asked a federal court for leave to file an amicus brief supporting the CFTC in Capital Markets Alliance Association v. CFTC, according to The Block. The Capital Markets Alliance, whose members include Cboe and Citadel Securities, sued the week before to undo the agency's approval of single-stock perpetual futures. Applications from Coinbase, Kalshi and Payward to list equity perps were deemed approved on November 2.

The plaintiffs argue that contracts with no expiry are security-based swaps that belong under the SEC, not futures that can trade on CFTC-regulated exchanges. The firms respond that the SEC was involved from the start and that the agencies jointly sought public comment on the classification. Coinbase vice chairman Ryan VanGrack said "The U.S. should lead, not cede, this space," according to The Block. The firms argue that upholding the approvals would preserve their path to offering or expanding these products onshore.

What to watch next

Whether Polymarket publishes the period behind its run rate, or a reported quarterly figure, and whether Kalshi answers with a revenue number of its own. In the perps case, watch for a ruling on the amicus request and on the alliance's bid for a preliminary injunction, which would decide whether equity perps can launch onshore while the suit continues.

Method and limits

The $1.8 billion figure is Polymarket's own claim, first reported by CNBC; BetG8 could not load the CNBC page and relies on PANews and NewsBytes summaries of it. The June figure is from Reuters. Volume figures were read from the public Polymarket Gamma API at 16:53 UTC on November 10, 2026. Details of the perps case are from The Block. Nothing here is investment advice.

Related

• Kalshi vs Polymarket odds, live
• Kalshi record volume: $5.3 billion on back-to-back days
• Fed rate decision odds, live
• How do prediction markets resolve?

Frequently asked questions

What is Polymarket's revenue in 2026?

Polymarket says its annualized revenue run rate has passed $1.8 billion as of November 2026, according to CNBC. In late June it passed $1 billion on the same measure, according to Reuters. These are run rates, not audited annual revenue.

What drove Polymarket's revenue growth?

According to the CNBC report as summarized by NewsBytes, trading on its US exchange, which opened in May, plus sports events such as the FIFA World Cup and the NFL season. Combination contracts made up more than 70% of volume on one recent Sunday.

Why are Kalshi and Coinbase backing the CFTC in court?

They asked to file an amicus brief defending the CFTC's approval of single-stock perpetual futures, which the Capital Markets Alliance is challenging as security-based swaps that belong under the SEC, according to The Block.

Sources

• PANews, Polymarket annualized revenue surpasses $1.8 billion, citing CNBC
• NewsBytes, Polymarket posts $1.8B annualized revenue after US launch in May
• Reuters via KSL, Polymarket tops $1B in annualized revenue, source says, June 26, 2026
• The Block, Coinbase, Kalshi, Payward back CFTC on perps
• Polymarket Gamma API, Events by 24h volume, read 16:53 UTC, November 10, 2026

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