Sports-related event contracts accounted for about 95% of Kalshi trading last year but now make up nearly two-thirds, founder Tarek Mansour said, as liquidity from sports helps expand activity in politics, crypto and macro markets. The U.S.-regulated prediction market operator, founded in 2018 and opened to the public in 2021 by Mansour and Luana Lopes Lara, employs about 200 people in Manhattan, said in its last fundraising disclosure that annualized trading volume had climbed to $178 billion, and was valued at $22 billion in a May financing. Mansour said major political markets can reach $50 million to $100 million and that fewer than 2% of users, which he described as super forecasters, generate 70% to 80% of volume. The comments come as prediction markets gain visibility, face criticism that they resemble gambling, and draw scrutiny over insider-trading risks and a lawsuit by New York Attorney General Letitia James alleging Kalshi is operating illegally and evading state gambling rules.