April was Kalshi's biggest month ever by trading volume, clearing $14.8 billion in total activity. That headline number sounds impressive in isolation, but what's actually worth paying attention to is where that growth came from. March came in around $13 billion, meaning the month-over-month jump was roughly $1.8 billion. Of that increase, approximately $1.2 billion came from parlays alone. Parlays Are Driving the Momentum Kalshi introduced parlay contracts as a way to combine multiple event outcomes into a single position, similar to how a traditional sportsbook parlay works. The math behind volume reporting is worth understanding here: when someone places a parlay where they put in $1 to potentially collect $99, that generates $100 in platform volume. In sports betting, only the $1 in would typically count toward handle figures. So the raw volume numbers are amplified by the structure of parlays themselves, and Kalshi's reporting reflects that. Even accounting for that nuance, the growth is real.…