A week in prediction market doesn’t goes without any blockbuster, over the past week March Madness has been talk of the town breaking almost all the record’s. Let’s see the stats for this week
The week opened with the full weight of the NCAA Tournament crashing into prediction markets and the numbers were staggering.
Kalshi posted a new all-time record of $3.40 billion in notional volume for the week of March 16–22, and industry-wide, total tracked volume hit $6.41 billion, a new all-time high in the DeFi Rate tracking period. Polymarket's sports volume surged 32% week-over-week as Round 1 of the NCAA Tournament tipped off.
Kalshi made over $25 million in fees during just the first four days of the men's tournament, processing more than $2 billion in trades. March 19, the tournament's opening Thursday was the second biggest single day in Kalshi's history, trailing only Super Bowl Sunday, with $645.7 million in volume. College basketball alone generated $13.2 million in fees across the four days.
Polymarket's global exchange recorded $1.45 billion across the same four-day window, including $800 million on sports while its U.S. platform alone jumped from $1.1M to $8.2M, a 6.5× surge, reflecting NCAA tournament interest ramping up on the domestic platform.
On March 20, the prediction markets legal war produced its most consequential state-level ruling yet.
Nevada had now "successfully restricted the operation of all unlicensed prediction markets that had been known to be operating in Nevada" joining Polymarket, Robinhood, Coinbase, and Crypto.com in being blocked from the state. It was the first time Kalshi had ever succumbed to a state-level enforcement action.
Nevada also secured a preliminary injunction against Coinbase on March 26, requiring it to continue pausing its prediction market offerings in the state. Washington state then filed suit against Kalshi on March 28, becoming the latest state to allege the platform violated state gambling laws citing Kalshi's own advertisements which referred to "legal betting."