In 2025, Americans wagered approximately $166 billion on sports bets, more than double the $70 billion spent on movies, music, and museums combined. Prediction markets like Kalshi and Polymarket are now drawing 35% of bettors away from traditional sportsbooks, escaping state regulation as they are not classified as gambling. Kalshi faces legal action in at least six states, with Arizona becoming the first to file criminal charges against the company. The true volume of American sports wagering could reach $300 billion when including tribal casinos and prediction markets, while 95% of losses are concentrated among just 5% of bettors.
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