Startups · Oct 26
PitchBook Values Kalshi at $42.3B and Polymarket at $20.6B. The Product Math Is the Story
Two prediction markets can sell the same basic premise, yet monetize liquidity, acquisition, and profitability very differently.
- Treat liquidity as the core product, not a vanity metric.
- Watch rebate changes to see whether marketplace growth is durable or subsidized.
- The next edge may come from higher value markets tied to real business hedging needs.