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Although three-quarters of respondents rated their VIP data as good or very good, 71% reported data spread across multiple systems. Half admitted sometimes making decisions with incomplete or outdated information.
“Silent churn” was prevalent, with nearly half (46%) stating that VIP players often or very often became inactive without prior warning. Around 48% had no indicators of players’ behavioural signals or health. Co-author Viktoriia Grygorenko, CEO at The Playa, called this finding the “clearest commercial case in the report”.
“Every other finding – portfolio overload, fragmented data, reactive workflow, no behavioural signal – resolves here, in revenue that walks out without notice, without warning and without anyone getting the chance to intervene.”
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A contract purchased on Kalshi cannot simply be transferred and sold on Polymarket, even where the two markets appear to cover the same outcome. Each exchange may also define and resolve its contracts differently, creating an additional risk for firms trading across venues.
Liquidity can consequently become self-reinforcing. Market makers gravitate towards platforms offering dependable technology and substantial order flow, while their participation improves pricing and execution for consumers.
Sahil Patel, founder of competitive intelligence provider Aldrin AI, said those relationships help explain Kalshi’s position.
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While Alabama ranks 27th among the 50 states in population, the limited availability of gaming makes the state attractive to companies like VGW.
Alabama has only parimutuel betting, small games of chance for charitable purposes, and electronic bingo machines at three tribal casinos in Atmore, Montgomery, and Wetumpka.
According to its annual report, VGW generated revenue of $4.76 billion in its 2025 fiscal year, resulting in a net profit of $428 million. Despite operating in fewer states, VGW’s platforms grew profits and revenue from its 2024 fiscal year.
