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My verdict on Kalshi

Kalshi is a well-designed app that offers a compelling alternative to sports betting. Users can buy contracts for events like the Super Bowl, the NBA Finals, and the Stanley Cup. Kalshi also covers elections, awards ceremonies, current events, economics, and much more.

This New York-based startup gained notice in the weeks leading up to the 2024 presidential election. Kalshi became the first American company in almost 100 years to offer regulated election markets after a federal appeals court decided in its favor.

The company then rolled out sports prediction markets. Kalshi introduced markets on Super Bowl 59, before expanding into basketball, hockey, soccer, tennis, and esports. I tried it out, and I was impressed by how easy it is to place trades on the Kalshi app.

Some trading platforms are complex and daunting. They feature a confusing array of charts and options, without any clear instructions on how to place trades. Thankfully, that isn’t the case at Kalshi.

I found the app and the website to be clean, uncluttered, accessible, and beginner-friendly. The platform explains precisely how to place trades, and there are useful guides and video tutorials, too.

Kalshi is registered with and regulated by the Commodity Futures Trading Commission. The app doesn’t offer sports betting. Instead, it hosts peer-to-peer trading. That means there’s no house edge (vigorish). Instead, you pay trading fees. Astute traders may find that Kalshi offers more attractive margins than online sportsbooks.

I enjoyed using Kalshi, but there are several areas that need to be improved. The app offers a limited selection of markets, and it only covers a few sports. Liquidity is still pretty low, too, and users have complained about slow response times from customer service. Despite these challenges, I expect Kalshi to continue improving in the months and years ahead.

Kalshi welcome bonus

Kalshi offers new users the option to get in on the headlines. You don’t need a Kalshi promo code to claim this welcome offer.

Simply visit the site or download the app and create an account. You then need to make an initial deposit to get started.

Kalshi promo code	No code necessary
Kalshi welcome offer	Bet on the headlines! Sports, Oscars, and more.

Kalshi event contracts — an easy breakdown

Kalshi allows you to buy and sell contracts that focus on real-world events. These include sports events, stock index performances, currency pairs, elections, commodity prices, awards ceremonies, natural disasters, and much more.

The contracts are displayed in the form of simple questions. Here are some examples:

• Super Bowl winner?
• Champions League winner?
• French Open men’s singles champion?
• How low will gas prices in California get this year?
• What will US GDP growth be this quarter?

Under each question, you’ll see various potential outcomes. You’ll also see two options alongside each outcome: “Yes” or “No.” For example, if you select the French Open, one option might be: “Carlos Alcaraz. Yes, 40¢. No, 61¢”

If you think he will win the tournament, you can opt for “Yes.” Alternatively, go for “No” if you think he won’t win the tournament. In the next section, I’ll explain how to place an event contract, with a simple example. I’ll then discuss how you can win or lose.

Disclaimer: Just like at online sportsbooks, there is never any guarantee of winning. For that reason, you should only purchase contracts with money you can afford to lose. Responsible players treat it as a form of entertainment, not a solution to financial goals.

How do you place an event contract?

The easiest way to explain how Kalshi works is to use an example. Let’s say you want to make a prediction on the NBA championship winner. You might see these options:

• Oklahoma City – Yes 27¢. No 74¢.
• Boston – Yes 26¢. No 75¢.
• Cleveland – Yes 11¢. No 90¢.
• Denver – Yes 7¢. No 94¢.

Let’s say you think the Boston Celtics will win the NBA championship, and you want to risk $100. Follow these steps:

• Select the “Yes” button next to Boston. That selection will then appear on the slip.
• You’ll see that the average price is 26¢. Type “100” into the “Amount” section.
• The slip will show you that you’re buying 385 contracts for an average price of 26¢.
• You’ll also see that your payout will be $385 if “Yes” wins. That amounts to a $285 profit.
• If you’re happy, hit the button to confirm the trade.

You can then wait until the playoffs have concluded. If the Celtics win the championship, you’ll be paid out. However, if another team wins, you’ll lose your $100.

Alternatively, you can sell your contract before the event concludes. This gives you the chance to manage your risk. It’s similar to cashing out an open bet at an online sportsbook. However, you’ll only be able to sell the contract if another user wants to buy it. As such, liquidity is an important issue for Kalshi.

How do you win an event contract?

You win an event contract if your prediction is correct. For example, if you predict that the Florida Panthers will win the Stanley Cup, and they end up lifting the trophy, you’ll earn a profit.

Here’s how it works:

• All contracts will pay out $1 if they are correct when they expire.
• Incorrect contracts pay $0, which means you lose your initial purchase amount.

If you succeed, your profit from each contract will be the difference between the price you used and $1.

For example, let’s say you buy 100 contracts on Florida to win the Stanley Cup at $0.09. That represents a $9 purchase. If the Panthers win the cup, each of your 100 contracts will pay out $1. That means you’ll receive $100, which equates to a $91 profit.

What makes this different from traditional sports betting?

The prediction markets at Kalshi are different from sports wagers in several ways:

Kalshi	Sportsbooks
Kalshi is similar to a stocks, commodities, or crypto trading platform. It facilitates peer-to-peer trades, which allow you to buy and sell contracts focused on the outcomes of real-world events.	Sportsbooks allow you to place bets against the house. There’s no peer-to-peer trading at online sportsbooks.
The company takes a hosting fee on all trades, irrespective of whether you win or lose. The fee is a percentage of the amount traded, and it will vary depending on the price of the contract.	Sportsbooks earn a margin by building a house edge into their lines. It’s known as the vig, the vigorish, or the juice. For example, you’ll often find odds of -110 on either team to cover the spread. That amounts to a house edge of 4.77%.
Kalshi is restricted by liquidity. It can only offer markets if enough users take both sides of a trade. As such, you’ll only find a limited range of sports betting markets at Kalshi.	The best sportsbooks publish a very large selection of betting options. All bets are placed against the house, so liquidity isn’t an issue.
The company doesn’t set the prices. They are determined by user interactions, and they can change quickly in line with public sentiment.	Sportsbooks employ oddsmakers and risk managers. They set the odds and lines on each game. These odds can shift according to public betting patterns, but the fluctuations are often less dramatic.
Kalshi is regulated by the Commodity Futures Trading Commission. That allows the app to offer event contracts in all 50 states for anyone 18 or older.	Sportsbooks must obtain licenses from a regulatory authority such as a gaming commission or a gambling control board at the state level. Certain states have not legalized sports betting. The regulations can also vary from state to state.

Where is Kalshi trading legal?

Kalshi trading is legal in all 50 states, plus the District of Columbia. The platform is regulated at a federal level, as it falls under the jurisdiction of the Commodity Futures Trading Commission.

That could make Kalshi an appealing option in states like California, Texas, and Georgia, which haven’t legalized sports betting. Kalshi is also available in states that prohibit social sportsbooks and pick’em-style fantasy sports apps.

Available markets to trade

Kalshi covers a very limited range of sporting events. The company only expanded into sports events in January 2025, when it rolled out a Super Bowl prediction market. Since then, Kalshi has added pro basketball, college basketball, hockey, soccer, tennis, and esports markets.

Right now, you can only make futures predictions. For example, you can predict which team will win the Super Bowl, the NBA championship, the Stanley Cup, or the Champions League. The site doesn’t cover individual games, and you won’t find point spreads, totals, or props.

However, Kalshi covers a dizzying array of non-sporting events, like major elections and award ceremonies, such as the Oscars. Additionally, Kalshi also offers contracts on all sorts of niche events. Here are just a few examples:

• What will be the top US iPhone app today?
• How much will Ozempic and Wegovy prescriptions increase this quarter?
• How rich will Elon Musk get this year?
• How many tornadoes will there be this month?

You will not find anything similar to these markets at legal online sportsbooks. That helps Kalshi stand out. In some countries, betting sites offer novelty, entertainment, and politics markets. However, their offerings pale in comparison to the sheer breadth of events at Kalshi.

What’s missing from the library?

Kalshi has only just dipped a toe into the sporting arena. Right now, a great deal is missing from the library. For example, the app doesn’t have anything for baseball, golf, motorsports, MMA, boxing, and many other popular sports.

The list of markets is also limited. For example, you can speculate on the NBA Championship and the winner of each conference, but there are no other NBA markets.

However, I expect Kalshi to significantly broaden the offering in the future. MLB markets are likely to be popular in the summer, while college football events should be rolled out when the season is underway. It would be great to see contracts available on specific games too. I’d also love to see UFC fight nights and NASCAR races featured on the site.

Bonuses, promotions, and special offers

There aren’t any extra bonuses for existing users right now. However, it’s worth remembering that Kalshi is still a relatively new platform.

The company was established in 2019, but Kalshi only picked up momentum in the fall of 2024, leading up to the election. Kalshi is growing at a rapid pace, so I expect to see some ongoing promos, referral bonuses, and loyalty rewards rolled out in the future.

Website and app experience

I enjoyed the user experience at Kalshi. Some trading platforms are complex, and a little intimidating for novices, but that’s not the case here. Everything seems designed to make the process as quick, simple, and seamless as possible.

The layout is neat, uncluttered, and intuitive. That applies to the website and the app. There’s a simple toolbar menu, which offers links to various categories. You can easily browse politics, sports, culture, crypto, climate, economics, and so on.

If you select the sports category, you can quickly navigate to basketball, football, tennis, hockey, or soccer. The markets are displayed in an accessible format too. I found it easy to buy contracts, and the payment process is also straightforward. There are four options:

• Debit card: You can use Visa or Mastercard for instant deposits at Kalshi. The maximum you can deposit is $2,500, and you’ll be charged a 2% fee.
• Online banking: Deposits at Kalshi are free if you use online banking. You can deposit up to $10,000 per transaction, and the funds may take two to four business days to arrive.
• Wire transfer: This is the best option for larger payments. You need to deposit at least $10,000 via a wire transfer, whereas there’s no minimum deposit if you use a debit card or online banking. There are no upper limits on wire transfer deposits at Kalshi. The funds should arrive on the same business day or the next day.
• USDC: This is the only cryptocurrency that Kalshi accepts right now. USDC is a stablecoin, which is pegged to the dollar. You can deposit 10 USDC to 500,000 USDC per transaction. The funds will arrive in less than 30 minutes. Just make sure you copy and paste the wallet address carefully.

You can use online banking for unlimited withdrawals. They may take a few business days to arrive, depending on your bank. Withdrawals via a debit card or USDC will be quicker. They typically take less than 30 minutes.

However, debit card withdrawals will incur a $2 fee, while you’ll pay the standard network fees on USDC transfers. The withdrawal limits are lower with those payment methods, too ($2,500 via a debit card, or 2,500 USDC).

Did I like the app?

Yes, I liked the Kalshi app. This app has strong average user ratings on both the App Store and Google Play, and it’s easy to see why.

The user interface is smooth and simple. Navigation is easy, and I was impressed by the educational tools. They explain how to buy and sell contracts in clear, simple terms. As such, I’d recommend this app to novice traders.

However, there also are plenty of features for more experienced traders. The “Forecasts” and “Ideas” sections are interesting. You can also experiment with quick orders or limit orders, and you might like to consider directional collateral return or flip selling. There’s a wealth of data to help you research your predictions too.

Customer support

Kalshi still has a lot of work to do in this department. The company doesn’t offer phone or live chat support, which is a little disappointing. If you need assistance, you’ll need to send an email.

I hope to see Kalshi invest in more customer service options in the future. However, it’s important to remember that this platform is still pretty new, as it only rose to prominence in the fall of 2024. As such, Kalshi may not have had time to train a large support team yet, but this could change as the platform grows in popularity.

Meanwhile, the online help center is strong, with a variety of comprehensive FAQs. You may find the information you need there. Kalshi also has a YouTube page, which provides video tutorials.

Method	Does Kalshi have it?	How usable is it?
Live chat	No	n/a
Phone	No	n/a
Email	Yes	Somewhat
❓FAQ	Yes	Strong

How quickly did I get a response?

I received a reply the following day after emailing the Kalshi customer service team. The team responded to my questions with clear, accurate answers.

However, when researching Kalshi, I discovered several complaints about the customer support. For example, Reddit users have said they sent multiple emails, but they didn’t get a reply.

This could be down to the high volumes Kalshi has received since the platform took off. The response times will hopefully improve as the company grows.

My experience using Kalshi

The sign-up process at Kalshi was quick and straightforward. I also found it easy to make a deposit, find events, and buy contracts.

Before signing up, I was concerned that the app would be intimidating, as my trading experience is limited. However, I was pleased to find that buying contracts is just as easy as placing wagers at an online sportsbook.

Did I feel safe using the site?

Yes, I felt safe using Kalshi. The company is regulated by the Commodity Futures Trading Commission, which is overseen by Congress. I found that reassuring.

This regulation provides a framework for transaction security. It also implements safeguards against fraud and manipulation. Regulation also requires Kalshi to operate transparently.

I was also pleased to discover a market bug bounty program. Kalshi pays users up to $100 for reporting technical errors or contradictory information. You can also earn a reward if you highlight an event contract that could be more specific. This shows that Kalshi takes security and integrity seriously.

How does Kalshi compare to other top trading platforms?

Trading Platform	Markets Offered	Deposit Methods	Can you sell your positions early?
Kalshi	Sports, Politics, Economics, Culture, Climate, Financials	Debit Card, Bank Transfer, Crypto (USDC)	Yes
Crypto.com Sports	Sports (NFL, CFB)	Debit Cards, Bank Transfer, BTC, USD	Yes
Polymarket	Sports, Politics, Crypto, Pop Culture, Science, Business	Debit Card, USDC	Yes

Note: Polymarket doesn’t operate in the United States. The company has restricted Americans since 2022 following a settlement with the Commodity Futures Trading Commission. If you’re looking for other US alternatives to Kalshi, SportX and PredictIt could be worth checking out.

If you’re still on the fence about Kalshi…

If you’ve made it this far, but you’re still unsure whether to sign up at Kalshi, here are some points to consider:

• Kalshi is a safe, regulated app. You’ll be covered by strict federal consumer protection laws if you buy and sell contracts at Kalshi.
• This platform accepts those who are 18 or older in all 50 states. If you live in a state that hasn’t legalized sports wagering, Kambi could make an intriguing alternative.
• You can explore an enormous range of novelty, politics, and entertainment markets, which aren’t available elsewhere. More sporting events should be available soon, too.