Competition Heats Up in Betting Products Between Polymarket and Kalshi
Polymarket's API beta and Kalshi's fee changes draw attention.
1Polymarket's API Beta Launch
Polymarket US began processing multi-leg betting contracts on August 5. This launch was conducted through an API beta version not available in the consumer app. The first trade occurred 11 weeks after federal approval. In the first 16 days, 16,173 trades were executed, totaling $7.4 million in volume. Most of these trades occurred after August 13.
2Kalshi's Parlay Fees
Kalshi collected $25 million in parlay taker fees in the first 16 days of August. Despite a light sports calendar, Kalshi's parlay volume rose from $4.77 billion in May to $13.78 billion in July. Kalshi's fee schedule currently shows no changes, but rumors suggest fees will change starting August 20.
3Polymarket's Fee Policy
Polymarket US implemented a new fee schedule effective July 1, offering lower fees compared to Kalshi. Polymarket's maximum fee is $1.50 per 100 contracts, while Kalshi's fee is $1.75. Polymarket provides rebates of up to $0.31 per 100 contracts to market makers. These rebates are paid weekly to takers who cleared $250,000 in nominal volume in the previous month.
4Kalshi's RFQ Process
Kalshi's parlay products are priced through a request-for-quote (RFQ) process, where market makers privately quote the other side. In this process, takers only see the best offer. Polymarket, on the other hand, makes the RFQ process optional, allowing combo instruments to trade through the ordinary orders interface on their own book.
5Polymarket's Offshore Site
Polymarket's offshore site, which blocks U.S. traffic, has been operating parlay products since June 10. This site started parlay trading before the U.S. launch, serving a broader user base and strengthening Polymarket's presence in the global market.
6Kalshi's Sports Bets
Kalshi's parlay products are limited to specific sports like professional football and basketball. This limitation narrows the product's scope. Additionally, Kalshi's 'mention' markets (contracts on whether a broadcaster says a particular word) have been removed.
7Polymarket's Combo Products
Polymarket's combo products accept two to 10 legs. If all legs settle on the chosen side, the contract pays $1.00; if any leg misses, no payment is made. These products were self-certified on May 20, and terms were amended on July 14. The first trade occurred eight days after these changes.
8The Future of Competition
The competition between Polymarket and Kalshi is ushering in a new era in betting products. Polymarket's low-fee policy and API beta launch face Kalshi's fee changes. This competition could drive innovation in sports betting and financial technologies.
Original article: Bitcoin News — Polymarket ve Kalshi'de Bahis Ürünlerinde Rekabet Kızışıyor