Kalshi is the most established name in U.S. prediction markets and, unlike almost everything else covered on this site, it is not a sportsbook. It is a federally regulated financial exchange where you trade event contracts: yes/no positions on the outcome of real-world events, priced between 1¢ and 99¢, where the price doubles as the market’s implied probability. Buy “Yes” at 29¢ and you are effectively paying for a 29% chance; if the event resolves in your favor, each contract settles at $1.00. Founded in 2018 and approved by the Commodity Futures Trading Commission (CFTC) in 2020 as a Designated Contract Market, Kalshi spent its early years on politics, economics and weather. Sports contracts, now the bulk of its volume, arrived in January 2025.
That sports push is also why Kalshi now sits at the center of the biggest legal fight in American gambling. States say its sports contracts are unlicensed sports betting. Kalshi and the CFTC say federal law comes first. The courts have split, and the answer may come from the Supreme Court.
In our Kalshi review 13 sections
Kalshi Bonus Code November 2026
Kalshi has no bonus code or welcome bonus in November 2026. Here is what new users should know before they sign up.
No welcome bonus; referral program for existing users
New customers 21+ in eligible states. T&Cs apply.
| Kalshi bonus code | GET! code applied automatically |
|---|---|
| Kalshi bonus | No welcome bonus; referral program for existing users |
| Legal states | , Nevada, |
| Terms | 18+. Sports contracts unavailable in MI, NV and WA. CFTC-regulated exchange. |
| Special offers | Volume-based incentives for active traders |
| Min. deposit or stake | Varies by funding method |
| URL | kalshi.com |
| Verified by American.Bet | October 30, 2026 |
Kalshi: facts and figures
| Kalshi | Details |
|---|---|
| Welcome offer | New-user promotions vary; check Kalshi’s site for current terms |
| Regulator | CFTC, Designated Contract Market (federal) |
| Minimum age | 18+ |
| Sports contracts unavailable | Michigan, Nevada, Washington; three tribes’ lands in California |
| Markets | Sports, politics, economics, climate, culture |
| Platforms | iOS, Android and web |
Is Kalshi legal, and where can you use it?
Yes, at the federal level. Kalshi operates under the Commodity Exchange Act rather than state gambling licenses, and it takes the position that the CFTC’s jurisdiction over contracts on a regulated exchange lets it offer markets nationwide to anyone 18 or older. That is a notable contrast with the 21+ minimum at licensed sportsbooks. Sign-up is open in all 50 states and D.C., and its non-sports markets (politics, economics, weather, culture) are broadly available.
Its sports contracts are where the picture gets complicated. As of late October 2026, Kalshi’s sports contracts were unavailable in Michigan, Nevada and Washington, and switched off on the lands of three California tribes.
Where courts have sided with Kalshi
- New Jersey: The Third Circuit ruled 2-1 for Kalshi on April 6, 2026, affirming an injunction that bars New Jersey from enforcing its gambling laws against Kalshi’s sports contracts. New Jersey petitioned the U.S. Supreme Court on September 2, 2026; no decision on whether to hear the case has been made.
- Arizona: Arizona filed criminal charges against Kalshi earlier in 2026, and a federal judge blocked that prosecution on April 10, 2026 at the CFTC’s request. Arizona is now trying to revive the case after the Ninth Circuit’s Nevada ruling.
Where states have won
- Nevada: The Ninth Circuit ruled 3-0 against Kalshi on August 28, 2026, finding federal law likely doesn’t override Nevada’s gaming rules. Kalshi has asked for rehearing. Nevada regulators have also pushed for daily fines over alleged geofencing failures.
- Ohio and Tennessee: On September 25, 2026, the Sixth Circuit affirmed the denial of Kalshi’s injunction in Ohio and vacated the injunction Kalshi had won in Tennessee, holding the states can apply their gambling laws. The court said geofencing is a workable way to comply. Kalshi has asked for rehearing, and the court ordered Ohio and Tennessee to respond by November 12, 2026.
- Michigan: An Ingham County Circuit Court judge granted a preliminary injunction on September 2, 2026 ordering Kalshi to block sports contracts for anyone located in Michigan, using a Michigan Gaming Control Board-licensed geolocation provider, with penalties of up to $500,000 a day.
- Massachusetts: A Suffolk County Superior Court judge granted Massachusetts a preliminary injunction against Kalshi’s sports contracts on January 20, 2026. The case went to the Supreme Judicial Court, which heard argument in May 2026.
- California tribes: On September 16, 2026, the Ninth Circuit found the Blue Lake Rancheria and other tribes likely to succeed on their Indian Gaming Regulatory Act claim against Kalshi and Robinhood. Kalshi disabled sports contracts on those tribes’ lands on September 24, 2026.
Utah’s criminal case and other new fronts
- Utah: Utah sued Kalshi in state court on October 20, 2026. The CFTC and the U.S. government sued Utah on October 26 to block that case, and on October 28 Attorney General Derek Brown filed 14 criminal counts (13 felonies and one misdemeanor) against Kalshi and co-founders Tarek Mansour and Luana Lopes Lara. Kalshi called the case “a crazy overreach.” These are allegations, not findings.
- Missouri: The Missouri attorney general sent letters in September 2026 telling Kalshi and other exchanges to follow state licensing, tax and age rules or stop sports contracts. Kalshi sued Missouri on October 27, 2026.
- Louisiana: Kalshi sued Louisiana officials in federal court on October 23, 2026.
- New York: Kalshi and New York’s Gaming Commission are fighting in both federal and state court, and the CFTC sued New York in April 2026. A state court hearing over Kalshi’s response to subpoenas is set for December 14, 2026.
- Kentucky: The CFTC sued Kentucky in June 2026; oral argument is set for December 18, 2026.
The takeaway: Kalshi’s availability can change state by state on short notice, especially for sports. The app shows what’s live where you are before you fund an account.
What the CFTC is doing
The regulator has moved from defending Kalshi in court to writing rules. On June 10, 2026 the CFTC proposed a framework for judging when event contracts are contrary to the public interest. It treats contracts on the overall outcome of a game more favorably than contracts tied to injuries, officiating calls or individual plays, and it flags pre-college sports as a concern.
On October 9, 2026, under Chairman Michael S. Selig, the CFTC took two more steps. It proposed defining “swap” to expressly include event contracts on sports, politics, culture and weather, and it issued an interim final rule, effective on publication, that excludes casino-style gambling products offered under state or tribal licenses (sportsbooks and casino games) from the swap definition. The CFTC is drawing a line: exchange-traded event contracts are federal; your local sportsbook is not.
Kalshi welcome offer
Kalshi runs new-user promotions in the form of small trading credits rather than large deposit matches, and the amount and terms change. Credits are generally non-withdrawable, with only the profits from them withdrawable after you meet the trading conditions. Check Kalshi’s site for the current offer and full terms. Kalshi also runs a referral program and volume-based incentives for active traders.
How to use Kalshi
- Sign up. Register with email, Google or Apple on the app (iOS/Android) or web, and complete identity verification. You must be 18+.
- Deposit. Fund via debit card, bank transfer (ACH) or cryptocurrency. You can set a personal funding cap during or after onboarding.
- Find a market. Browse by category: Sports, Politics, Economics, Climate, Culture.
- Trade a contract. Pick Yes or No; the price is the implied probability. Hold to resolution (settles at $1.00 or $0.00) or sell early if the price moves.
- Manage risk. Use funding caps, cool-offs and voluntary opt-outs in the account settings.
What you can trade
Kalshi lists thousands of contracts. A few representative types:
- Sports: game winners, totals and season-long futures such as a Super Bowl or World Series champion. Because each team has its own Yes/No contract, prices across the field don’t sum to exactly 100%.
- Politics and economics: Fed rate decisions, CPI prints, election outcomes and confirmation votes, the category that built Kalshi’s reputation. Kalshi also lists contracts on control of the House and Senate after the November 2026 midterms.
- Climate and culture: temperature and weather thresholds, awards shows, box office and other pop-culture outcomes.
Prices reflect live trader sentiment and move constantly.
How Kalshi compares
- vs Polymarket: Polymarket now runs a separate CFTC-regulated U.S. exchange (QCX) alongside its international crypto-settled platform. Kalshi has the longer U.S. track record and the most litigation; Polymarket US is newer and faces many of the same state fights. See our Polymarket review.
- vs Robinhood, DraftKings and FanDuel: these are app front-ends to exchanges inside apps people already use. Robinhood routes some contracts to Kalshi. They’re more beginner-friendly but offer a narrower menu than Kalshi’s full exchange.
- vs PredictIt: PredictIt is politics-focused, operates under CFTC no-action relief with position caps, and isn’t a general-purpose exchange.
Who owns Kalshi?
Kalshi was co-founded by Tarek Mansour (CEO) and Luana Lopes Lara, both MIT graduates with backgrounds in quantitative finance. It is a private, venture-backed company based in New York. In May 2026 it raised $1 billion at a $22 billion valuation.
Customer support
Support runs through in-app and web chat and by email, backed by a searchable help center. There is no published phone line.
Responsible trading
Trading event contracts carries risk of loss, and sports contracts work much like bets. Use Kalshi’s funding caps, cool-offs and voluntary opt-outs. If it stops being fun, call 1-800-GAMBLER or visit GambleAware.org, and for crisis support call or text 988. Our responsible gambling guide has more.
Kalshi and prediction markets in 2027
A Supreme Court decision on hearing the case
New Jersey’s petition in KalshiEX v. Flaherty asks the justices to settle the circuit split between the Third Circuit and the Sixth and Ninth Circuits. Kalshi has asked for more time to respond, to December 7, 2026, so a decision on whether to hear the case would likely come in 2027.
CFTC rules become final
The June 2026 public-interest proposal and the October 2026 swap-definition proposal are both out for comment. Final rules would give Kalshi a firmer federal footing, and states are expected to challenge them.
Criminal cases in Utah and Arizona
Utah’s 14-count case against Kalshi and its founders, and Arizona’s bid to revive its own charges, will test whether states can go beyond civil injunctions.
What is the Kalshi joining bonus code and sign-up offer for November 2026?
Kalshi has no bonus code to enter and no welcome bonus for new users. Other offers: referral program for existing users. Checked by American.Bet on October 30, 2026.
Is Kalshi legit?
Yes. Kalshi is a CFTC-regulated Designated Contract Market, the first federally regulated U.S. exchange built for event contracts. Contracts are governed under the Commodity Exchange Act rather than state gambling rules.
Is Kalshi legal in my state?
You can sign up in all 50 states and D.C. As of late October 2026, sports contracts were unavailable in Michigan, Nevada and Washington and on three tribes’ lands in California, and states including Ohio, Tennessee, Utah, Missouri and Massachusetts are pursuing enforcement. The app shows what’s live where you are.
Do you have to be 21 to use Kalshi?
No. The minimum age is 18, because Kalshi is regulated as a financial exchange rather than as a sportsbook. States such as Missouri have demanded exchanges apply state age rules.
Is Kalshi available in Nevada?
Not for sports. The Ninth Circuit ruled against Kalshi on August 28, 2026, and its sports contracts are unavailable in Nevada.
Why is Utah charging Kalshi?
Utah says Kalshi kept accepting sports trades from Utah after an August 2026 federal ruling that it must follow state gambling law. On October 28, 2026 the attorney general filed 14 criminal counts against the company and its co-founders. Kalshi denies wrongdoing.
Is Kalshi taxed?
Trading profits are generally taxable. Talk to a tax professional about how to report them.
