Kalshi saw trading volume of more than $1 billion during Super Bowl Sunday, hitting a daily record, according to CEO Tarek Mansour.
This volume increased 2,700% year over year, according to the company. The platform allows users to purchase event contracts to achieve results in politics, pop culture, financial markets and sports.
“It was an incredible weekend,” Mansour told CNBC’s “Squawk Box” on Tuesday. “Kalshi was the biggest Super Bowl brand this year, without running a Super Bowl ad, and the way we did that was the product.”
Mansour said trading volume for halftime performer Bad Bunny’s opening song exceeded $100 million, while bets on who would perform with Bad Bunny topped $45 million.
The platform’s Super Bowl deals haven’t been without hurdles, however. Co-founder Luana Lopes Lara posted on social media during the game that some users’ deposits were delayed due to high traffic.
“Your money is safe and on its way, it will just take longer to land,” she wrote.
Kalshi has come under fire recently, as have other prediction markets, as skepticism towards the sector grows, with concerns over insider trading. Last week, ahead of the Super Bowl, the platform announced additional efforts to expand its monitoring and enforcement efforts to identify and remove accounts participating in insider trading.
“The risk of insider trading is also very real for the stock market,” Mansour said Tuesday.
“As a financial market regulated by the Commodity Futures Trading Commission, we have the same rules as Nasdaq and the New York Stock Exchange, and we have the same enforcement mechanism,” he added.
Over the past year, Mansour said the platform had conducted 200 investigations and frozen affected accounts, with some of them referred to law enforcement for prosecution.
Disclosure: CNBC and Kalshi have a business relationship that includes a minority investment.