Kalshi, a prediction market platform, secured a $5 billion valuation from investors including Coinbase Ventures, CapitalG (Google's venture arm), a16z, and Paradigm. This investment comes as Kalshi's annualized trading volume is projected to hit $50 billion, up from $300 million last year, largely driven by its expansion into sports parlays. The rapid growth of Kalshi has reportedly caused double-digit percentage declines in the shares of traditional sportsbooks like DraftKings and the parent of FanDuel over the past month, indicating a potential shift in the sports betting market.