The Chasing Pack Is Growing Faster Than the Leaders
Kalshi's 76% share of the last 30 days makes the industry look settled. The growth column tells a different story. Underdog Exchange grew 157% against its prior 30 days, DraftKings Predictions 122%, and Novig 115%, the three fastest rates on the board.
In raw terms the pack is still small: Underdog traded $1.8 billion in 30 days, Novig $3.1 billion and DraftKings Predictions $4.2 billion, against Kalshi's $93.0 billion. But growth compounds, and each of these venues arrived with a distribution weapon the leaders cannot copy: an existing sports audience.
Three newer regulated exchanges, ProphetX, Rothera and Underdog, were only added to the trackers on October 3, so part of the pack's rise is the scoreboard itself getting wider.
Dominance and momentum are different statistics. Right now one exchange owns the first and three challengers own the second, which is what a healthy market race is supposed to look like.
Sources: DeFi Rate
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