Investing.com -- Prediction market volumes reached new records over the weekend, with total activity across eight exchanges hitting $3.17 billion on Saturday and $3.12 billion on Sunday, according to analysis from Jefferies.

DKeX generated $93 million in volume on Saturday and $137 million on Sunday, surpassing its previous all-time daily high by approximately $84 million. Kalshi contributed $4.89 billion in volume over the weekend, with activity split relatively evenly between the two days. Polymarket generated $404 million in volume on Sunday, below its World Cup daily average of $532 million.

NFL-related trading showed varying concentration levels across different exchanges on Sunday. DKeX saw approximately 80% of its volume tied to NFL contracts, while Kalshi recorded 39% and Nadex saw just 2% of volume related to NFL activity.

Based on each exchange's fee schedule, Jefferies estimated that NFL-related trading generated approximately $1.1 million in revenue for DKeX, $5.7 million for Kalshi, and $20,000 for Nadex. The analysis examined contract volume of $110 million, $963 million, and $1.5 million respectively for NFL-related trades on Sunday.

DKeX generated approximately $276,000 in maker fees from Sunday's NFL slate, though not all of this amount represents incremental revenue for NASDAQ:DKNG, as some liquidity may have been provided by affiliated market makers. Kalshi's volume was approximately 17 times higher than DKeX on Sunday.