Polymarket US Tests Parlays as Kalshi Banks $25M in Fees

What happened

Polymarket US started offering multi‑leg sports contracts on August 5 through an API‑only beta that is not visible in its consumer app, while rival platform Kalshi is reportedly adding maker fees to its own parlay product despite no fee schedule listing.

Confirmed

Global impact / market context

Introducing multi‑leg contracts lets users combine several outcomes in one bet, which can increase engagement and potential payouts. If Kalshi adds maker fees, traders may face higher costs, influencing where they place bets and how platforms compete for volume.

Analyst inference

Parlay and multi‑event betting have grown as sports‑trading platforms seek to mimic traditional bookmakers. An API‑only beta suggests Polymarket is targeting developers or institutional players, while fee changes at Kalshi could shift price competition among emerging US‑based prediction markets.

Analyst inference

What to watch

1. Track whether Polymarket expands the API beta to its consumer app or launches additional multi‑leg contracts, which would indicate broader user adoption and revenue potential. Proposed
2. Watch if Kalshi officially lists maker fees for its parlay product in a revised fee schedule, which would confirm cost changes and affect trader expense calculations. Analyst inference
3. Observe how other US prediction‑market platforms respond to any fee hikes, as price competition could drive users toward lower‑cost alternatives and reshape market share. Analyst inference

Evidence

• news.bitcoin.com