Prediction-market volume reaches a record as New York presses Kalshi.

What happened.

Kalshi and Polymarket’s combined July volume topped $50B, described in the source record as an all-time high. The reported platform figures moved in different directions: Polymarket US rose 54%, while the main platform fell 26%.

At the same time, New York petitioned a court to require Kalshi to disclose bettors’ names, wagers, and losses. The petition also seeks restitution and treble alleged gains.

Why it matters.

The record pairs a new volume milestone with a concrete state enforcement step. That makes the immediate story less about trading activity alone and more about whether growing use of prediction markets will be accompanied by deeper legal scrutiny.

New York’s discovery push may be a regulatory watchpoint because the record characterizes it as a possible template for state action. The available evidence does not establish how a court will respond or what any later outcome would mean for other platforms.

What to watch next.

Watch for the court’s handling of New York’s request for bettor, wager, and loss disclosures, and for any decision on restitution or treble alleged gains. Further volume data may also show whether the July record persists while legal pressure develops.