Online prediction market Kalshi has raised more than $300 million at a $5 billion valuation as prediction markets move into the financial mainstream, according to a report by the New York Times on Friday.

The company will now allow users in over 140 countries to place bets, marking its first major international expansion, the article said.

Kalshi projects $50 billion in annualized trading volume this year, up from $300 million last year, and now holds more than 60% of global market share, surpassing rival Polymarket.

The funding round was led by major investors including Sequoia Capital, Andreessen Horowitz, Paradigm, CapitalG, and Coinbase Ventures, the New York Times said.

Growth has been driven by sports betting, particularly parlays, putting pressure on sportsbooks like DraftKings

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