Kalshi Fee Revenue In 2025 Was $263.5m, With 89% Coming From Sports [Yahoo! Finance]
DraftKings Inc. - Class A (DKNG)
Company Research
Source: Yahoo! Finance
the third tier of U.S. sports betting operators in terms of full-year performance. The upstart platform's growth as the year went on, however, suggests its revenue from fees in 2026 could be significantly higher. Fees for purchasing contracts are Kalshi's main source of revenue. The fee the platform charges varies depending on the odds of the contract, with higher fees for events close to 50/50 and lower fees for extreme favorites or longshots. This system, unlike flat fees, ensures that there is no price at which a bet would be a guaranteed loser or where the fees paid exceed the stake. Applying Kalshi's fee formula to its data from 2025 shows that the business experienced dramatic growth in revenue as the year progressed, mostly powered by the NFL season. The fees were based on $22.88 billion worth of volume, meaning that fees represented a little under 1.2% of total volume. Of that $263.5 million, the vast majority — at $234.6 million — came from sports, with less than $3
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Earnings
- 11/6/25 - Beat
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Sec Filings
- 1/16/26 - Form SCHEDULE
- 1/5/26 - Form 4
- 12/11/25 - Form 4
- DKNG's page on the SEC website