On the day of the U.S. presidential election, prediction platforms Kalshi and Polymarket reached unprecedented rankings on Apple Inc.'s (NASDAQ:AAPL) App Store.
What Happened: Kalshi, a federally-regulated betting platform, clinched the number one position in the free app and 'Finance' category on Nov. 5, while Polymarket, a cryptocurrency-based platform, rose to the top of the 'Magazine & Newspapers' and 'News' category on the day, according to app analytics platform Sensor Tower.
The growth has been staggering, to say the least, as just 10 days ago, Kalshi was ranked 55 in the free app category. Polymarket, similarly, jumped to the 2nd spot in the free app category after being ranked 108th as of Oct. 29.
The blockbuster rankings both platforms achieved were likely driven by the surge in interest in predicting election outcomes.
Both platforms allow users to place bets on various election-related markets, such as swing state races and the presidential contest outcome. However, only Kalshi is available to U.S. users.
About $3.6 billion was wagered on the outcome of the presidential race on Polymarket, arguably the hottest prediction market currently. A fraction of it—about $440 million—was invested in Kalshi for the presidential contract.
Why It Matters: Donald Trump was declared President, overcoming the challenge by Democratic rival Kamala Harris in a hotly contested fight.
One notable bettor, a French 'Trump Whale' known as Theo, netted almost $50 million on Polymarket following Trump's victory. On the other side, Harris' biggest backer, Redegen, lost around $6.7 million.
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