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Super Bowl LX sent U.S. prediction markets to fresh records this week, with total open interest across major prediction platforms topping $1 billion for the first time.The burst of sports-linked trading came as crypto exchanges and sports betting companies pushed deeper into event markets, even as regulators tested the legal foundation of sports-related contracts.<h2 id="super-bowl-trading-sets-records">Super Bowl Trading Sets Records</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/0eed643255db43e397576e953696fb8e.png">Kalshi logged $1 billion in trading volume on Super Bowl Sunday. Source: <a href="https://kalshi.com/hub/football-championship-2026" rel="noopener noreferrer nofollow">Kalshi</a>On Feb. 7, total open interest climbed above $1.1 billion across prediction platforms including Polymarket, Kalshi, Limitless, and Opinion, <a href="https://app.artemisanalytics.com/sectors?tab=prediction_markets" rel="noopener noreferrer nofollow">according</a> to Artemis. The milestone set a new industry high.Kalshi cleared more than $1 billion in trading volume during Super Bowl Sunday, marking the busiest day in the New York-based exchange’s history.In a Feb. 10 interview on CNBC, Kalshi CEO Tarek Mansour said Super Bowl week volume reached roughly $2.8 billion, <a href="https://cointelegraph.com/news/betting-volumes-near-4-billion-us-election-day" rel="noopener noreferrer nofollow">reportedly</a> surpassing activity during the run-up to the 2024 U.S. presidential election.Most trading centered on game outcomes and halftime-related markets.Contracts tied to Bad Bunny’s performance generated more than $100 million in turnover, while wagers on which artists would join him drew roughly $45 million, according to Mansour.“Kalshi was the biggest brand of the Super Bowl this year, without running a Super Bowl ad,” Mansour <a href="https://www.cnbc.com/2026/02/10/kalshi-super-bowl.html" rel="noopener noreferrer nofollow">told</a> CNBC.Trading volume measures the dollar value of contracts exchanged over a given period. Open interest reflects capital currently committed to positions that remain unsettled.<h2 id="trading-firms-deepen-exposure-to-event-markets">Trading Firms Deepen Exposure to Event Markets</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/98dcf51b91274d03b4f42530d3c2a893.png">Jump Trading is reportedly planning to buy stakes in Kalshi and Polymarket. Source: <a href="https://news.kalshi.com/p/election-contracts-kalshi-vs-polymarket" rel="noopener noreferrer nofollow">Kalshi</a>The surge in event-market activity has pulled major trading firms into the arena.Jump Trading, a major proprietary trading firm, is reportedly preparing to take minority stakes in Kalshi and Polymarket in exchange for providing liquidity, <a href="https://finance.yahoo.com/news/jump-trading-poised-gain-stakes-165317826.html" rel="noopener noreferrer nofollow">according</a> to Bloomberg.During its Feb. 12 earnings call, DraftKings, one of the largest U.S. sports betting companies, <a href="https://www.wsj.com/business/earnings/draftkings-shares-lofty-prediction-markets-goals-in-2026-outlook-aa386bc5?gaa_at=eafs&amp;gaa_n=AWEtsqdMQAYEkB9IluQ3XGEmhyAm4ndc3oGTOli7HmMvm_weZnwkAD1YgWHToc9KtaE=&amp;gaa_ts=698e97f6&amp;gaa_sig=q_Ypr-S6MmhJHeUzBYHF_Ur0tL63KRbaNLLPZPSe8k98-W5lG0Jg9wBeRD_m7DaflWI8gER5jWAHCXIGOh6eSw==" rel="noopener noreferrer nofollow">said</a> it views prediction markets as a multibillion-dollar opportunity and plans to invest in customer acquisition, exchange operations, and market-making.Coinbase also highlighted prediction markets as a strategic focus during its Feb. 12 earnings <a href="https://www.investing.com/news/transcripts/earnings-call-transcript-coinbase-misses-q4-2025-earnings-stock-down-79-93CH-4504241" rel="noopener noreferrer nofollow">call</a>, while Robinhood CEO Vlad Tenev <a href="https://www.fool.com/earnings/call-transcripts/2026/02/10/robinhood-hood-q4-2025-earnings-call-transcript/" rel="noopener noreferrer nofollow">told</a> investors the segment is the “fastest growing business in our history.”“Super Bowl weekend was a really great moment where a lot of customers got to experience [prediction markets] for the first time,” Coinbase CEO Brian Armstrong said during the earnings call.<h2 id="sec-mulls-jurisdiction-as-state-scrutiny-builds">SEC Mulls Jurisdiction as State Scrutiny Builds</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/d66e15c34bb74e51979a340ef9605816.png">Coinbase’s CEO is advising the CFTC. Source: <a href="https://x.com/brian_armstrong" rel="noopener noreferrer nofollow">X/Brian Armstrong</a>Regulatory scrutiny has also intensified.SEC Chair Paul Atkins <a href="https://www.theblock.co/post/389714/sec-chair-atkins-calls-prediction-markets-a-huge-issue-amid-growing-legal-spotlight" rel="noopener noreferrer nofollow">told</a> senators this week that the Securities and Exchange Commission may assert authority over certain prediction contracts, saying some could qualify as securities depending on how they are structured.The remarks raise the prospect of overlap with the Commodity Futures Trading Commission, the federal derivatives regulator that currently oversees event contracts.Under Chairman Michael Selig, the CFTC has taken an industry-friendly tone.Earlier this month, the agency withdrew a 2024 proposal that would have barred political and sports event contracts and instead pledged to establish clearer standards for the sector.On Feb. 12, the CFTC <a href="https://x.com/ChairmanSelig/status/2022074495591493990" rel="noopener noreferrer nofollow">named</a> executives from Coinbase, the largest U.S. crypto exchange, and Robinhood, the retail trading platform, to its 35-member Innovation Advisory Committee as it reviews emerging derivatives markets.Prediction platforms also face state-level pressure.On Feb. 9, Polymarket <a href="https://x.com/HereComesKumar/status/2020845615249518916" rel="noopener noreferrer nofollow">said</a> it filed a federal lawsuit against Massachusetts to challenge efforts to restrict sports-related contracts.In Nevada, a court <a href="https://coinmarketcap.com/academy/article/prediction-market-news-trading-giants-pile-into-prediction-markets-despite-legal-headwinds" rel="noopener noreferrer nofollow">issued</a> a temporary restraining order limiting certain Polymarket offerings, while state regulators separately moved against Coinbase’s event-market product.<h2 id="by-the-numbers">By the Numbers</h2>What price will Bitcoin hit in February?$60,000: 34.5%$75,000: 31.5%$55,000: 13.9%$80,000: 9.5%<img src="https://academy-public.coinmarketcap.com/optimized-uploads/2377a2ca18154aedb59c10cf8c361e9e.png">Source: <a href="https://coinmarketcap.com/prediction-markets/" rel="noopener noreferrer nofollow">CoinMarketCap</a>What price will Ethereum hit in February?$1,600: 22.1%$1,400: 8.7%$2,800: 3.2%$1,200: 2.9%<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7cbafc3771004c5a9758135f799201b8.png">Source: <a href="https://coinmarketcap.com/prediction-markets/" rel="noopener noreferrer nofollow">CoinMarketCap</a>What price will Solana hit in February?$60: 20.5%$50: 6.2%$120: 3.9%$40: 2.4%<img src="https://academy-public.coinmarketcap.com/optimized-uploads/14ec528f5bd04276a901e9588177dcdb.png">Source: <a href="https://coinmarketcap.com/prediction-markets/" rel="noopener noreferrer nofollow">CoinMarketCap</a>

Prediction Market News: Super Bowl Drives $1B Day as Scrutiny Builds

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