Kalshi chief Tarek Mansour said platforms like his distill information and surface truth. The company pushes multi‑leg bets, called “combos,” mostly on sports. These mirror traditional parlays, delivering large payouts when a series of wagers hit. Kalshi launched combos to all users in December, and they now dominate its trading volume within the last month and driving interest across.

Last week, Dune data showed combos accounted for about $967 million in notional volume, roughly a quarter of Kalshi’s total. Two‑thirds of that, $630 million, fell under sports‑combo ticker KXMVESPORTSMULTIGAMEEXTENDED; the rest, $330 million, covered cross‑category combos. Retail bettors lost $117 million on combos from Jan 1 to Apr 30, underscoring the high cost of popular parlays for bettors that prefer higher payouts and will face significant losses.

Flutter, DraftKings and other bookies are now market‑making in prediction‑market parlays, taking a small spread to profit like traditional sportsbooks. Flutter’s CEO said the new category already boosts revenue, while DraftKings flagged it as one of its fastest‑to‑profit lines. The rise of combos shows that even peer‑to‑peer markets cannot escape the house edge that keeps bettors bleeding for every bet.