1028 ET - Prediction markets gained ground during March Madness but may not have taken quite as large a market share as some were estimating, Bank of America analysts led by Shaun Kelley say. Robinhood and Kalshi offered event contracts for the basketball tournament, with Kalshi bringing in an overall wager volume of about $500 million. Kelley doesn't believe that number can be fairly compared with handle volumes at companies such as DraftKings because initial bets and cash outs are different on Kalshi than at traditional sportsbooks. More realistically, Kalshi's "handle" was around $50 million to $125 million, Kelley estimates, or 2% to 4% of the regulated March Madness handle. (katherine.hamilton@wsj.com)
(END) Dow Jones Newswires
April 14, 2025 10:28 ET (14:28 GMT)
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