Millions watched Kalshi’s election odds without betting a dollar

Kalshi says people watching its midterm markets outnumbered traders five to one. For those spectators, Kalshi offers a forecast that keeps moving while the country waits for an answer.

You could spend election night on Kalshi without buying anything, as millions of people did this week. Its midterm display offered maps of congressional races and gauges tracking control of the House and Senate, with percentages changing in real time as the evening unfolded.

It's easy to understand why traders keep such a close eye on Kalshi: every little change in odds changes the value of their positions. Given how much money actually moved hands during the midterms, it's no wonder hundreds of thousands of traders were glued to the platforms.

But millions of people were also looking at Kalshi who weren't making any bets, with most not even having accounts on the platform. In October, Kalshi said viewers of its midterm markets outnumbered traders five to one.

Kalshi’s post-election recap reported more than $2.5 billion in midterm trading volume, compared with $1.3 billion for the 2024 election cycle.

While Kalshi's numbers are hard to verify and the company hasn't provided an exact measurement period or a definition of its ratio, they show a second use for the exchange: following politics without placing a bet, while letting the people who do bet help shape your expectations.

On Aug. 20, 2008, Wolf Blitzer turned to CNN's internet reporter, Abbi Tatton, for an update on speculation about Barack Obama's running mate. Tatton brought him a number from Intrade, an online prediction market: Joe Biden was trading at about 36%.

Biden led the other candidates she named and would ultimately get the job, although 36% still left substantially more room for someone else to be chosen.

Tatton also mentioned CNN's own political market, which used virtual dollars. Viewers could follow the odds or play along without risking real money. Everybody wanted to put a number on political suspense, and it was a perfect fit for a television segment about the elections.

Kalshi's election hub combines market odds with polling averages, fundraising figures, and campaign news, giving visitors several ways to follow a race in one place.