Flutter are market making on Kalshi

[Euler]

Betting on the NFL With Kalshi? You Might Be Trading Against FanDuel.

https://www.barrons.com/articles/nfl-be ... s-a72d3a1b

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I thought this was an interesting development given all the attention prediction markets are getting.

In its Q1 results Flutter said:

“In April, we began trialing market making services on a major, third party prediction market platform.”

Peter Jackson was even more explicit on the earnings call:

“We’re gonna be market making on as many platforms as we can.”

By Q2 this had scaled very quickly.

Flutter described its market making capability as “rapidly scaling” and said it expected it to generate around $50 million of revenue in 2026.

It had already generated $6 million of market making revenue during Q2.

The particularly interesting bit is where they expect the opportunity to be.

Flutter said:

“We believe we are uniquely positioned to provide liquidity for combination markets across prediction market platforms.”

Their investor presentation goes further and talks about gaining a “significant share of combo liquidity provision”.

So they are effectively talking about market making the prediction market equivalent of accumulators, parlays, same game parlays and Bet Builder combinations.

Flutter also says that combination contracts were already accounting for more than 10% of volume following their launch.

From effectively nothing in April to forecasting around $50 million of market making revenue in 2026 is quite a rapid move.