Kalshi recorded more than $1 billion in trading volume on Super Bowl Sunday, marking a record day for the fast-growing online prediction market platform.

The company said trading activity during the game surged by 2,700% compared to last year’s Super Bowl. In total, more than $145 million was wagered on elements linked to the half-time show alone, including over $100 million on which song Bad Bunny would open with and a further $45 million on which artists would appear alongside him on stage.

By comparison, Kalshi reported just $27 million in total trading volume during last year’s Super Bowl.

Chief Executive Officer Tarek Mansour described the weekend as “incredible”, telling US media that Kalshi had effectively become one of the biggest brands of the Super Bowl without purchasing advertising during the event.

Prediction markets such as Kalshi allow users to trade on the outcome of events ranging from sports matches to awards ceremonies and political developments. Unlike traditional bookmakers, users trade against one another rather than betting against a house. The platform generates revenue by charging trading fees.

Kalshi and rival Polymarket argue that their structure differentiates them from conventional gambling platforms. In the United States, traditional sports betting is regulated at state level, while prediction markets fall under the oversight of the Commodity Futures Trading Commission.

The surge in Super Bowl activity briefly placed strain on the platform, with Kalshi informing users that some deposits were delayed due to the unusually high level of traffic. The company said funds remained secure and would be processed as normal.

The rapid growth of prediction markets has extended beyond sports in recent months, with users trading on outcomes such as the Grammys and the Oscars. Earlier this month, NBA star Giannis Antetokounmpo joined Kalshi as a shareholder.

At the same time, the expansion of the sector has drawn scrutiny. Critics have raised concerns about the risk of insider trading and market manipulation. Ahead of the Super Bowl, Kalshi said it had strengthened its surveillance and enforcement efforts, adding that it conducted more than 200 investigations over the past year and referred several cases to law enforcement authorities.