Prediction Markets Crushed Sportsbooks During the World Cup | CoinDesk Daily

**Uyen Truong** (0:00)
Prediction markets crush sportsbooks and a $50 billion World Cup, and June inflation is coming in softer than expected. This is CoinDesk Daily.

**SPEAKER_2** (0:13)
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**Uyen Truong** (0:18)
Prediction markets just outpaced the entire US legal sports betting industry during the World Cup. US sports books were projected to handle between 2.8 and $4.3 billion across the tournament's 104 matches, while Kalshi's World Cup contracts alone generated $7.4 billion before group stage even ended. Kalshi posted $31 billion in total notional volume in June, a 70% jump from May. US inflation fell more than expected in June, likely putting a near-term Fed rate hike on hold. CPI dropped 0.4% in June, well below forecast for a 0.1% decline. Year-over-year inflation came in at 3.5%, down from 4.2% in May.
July rate hike probabilities had climbed to almost 42% just yesterday on CME FedWatch, but it has since slid back down to 13%.

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**Uyen Truong** (1:17)
And the US government just moved $288 million in seized crypto to Coinbase Prime. The transfer included Bitcoin from the Xanax Man drug case, Bitcoin linked to defunct BTCE, and 30,000 Ether tied to a laundering case involving a former Oracle employee. The government still holds roughly $20.65 billion in crypto reserves.
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