Midterm markets draw about $1.5 billion as broadcasters split on odds

Trading volume tied to the midterm elections on Kalshi and Polymarket has reached about $1.5 billion, according to KuCoin, citing a Bloomberg report based on Dune data. The figure comes as media companies take different approaches to prediction-market partnerships and election coverage.

Media deals take different forms

CBS News lists Kalshi as a prediction-market sponsor, according to the reporting relayed by KuCoin. CNBC’s partnership with Kalshi includes revenue sharing tied to customer acquisition and a minority equity investment.

Dow Jones, meanwhile, features Polymarket data. These arrangements span sponsorship, commercial incentives, an equity stake and data distribution, rather than a single model for bringing prediction markets into media.

Election-night coverage remains a separate decision

CNN and Fox said they will not use odds in their election-night political coverage, according to the same reporting. Their position contrasts with the prediction-market relationships described at other media companies.

For readers tracking these markets, the distinction is important: a sponsorship or commercial partnership is not the same as incorporating market odds into election-night reporting.

What it means for prediction markets

• The approximately $1.5 billion figure measures midterm election trading volume across Kalshi and Polymarket; it does not establish the accuracy of their odds.
• Media exposure takes several forms. CBS News’s sponsorship listing, CNBC’s commercial and equity arrangement, and Dow Jones’s use of data represent different relationships.
• CNN’s and Fox’s decisions show that expanding media partnerships do not necessarily translate into the use of odds in election-night political coverage.