Polymarket and Kalshi are overvalued by roughly 50x. If you roll back the BBB sports betting loopholes the volumes would be a joke. 90% of Kalshi volume is sports betting. Polymarket is 40%, certainly better but if you toss in the 15 minute crypto betting markets you dont have much else. The value is still there for exotic and unusual things you cant place in other markets but they are basically Draftkings and Fanduel without the regulatory MOAT.