The staggering sum wasn’t lost on a single event or during a market crash. It accumulated quietly, bet by bet, as retail users stacked low-probability outcomes into parlay wagers that promised huge payouts but almost always failed. According to the original report citing Bloomberg data, prediction-market platform Kalshi has seen its parlay bettors lose about $294 million — a figure that lays bare the deep structural disadvantage casual traders face when they chase long-shot combinations.