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 overwhelming majority of its volume — only arrived in January 2025.
Last verified: June 2026.
Kalshi Promo Code & Welcome Bonus 2026
| Kalshi | Details |
|---|---|
| Welcome offer | Trade $10 in contracts, get $10 in bonus funds |
| Promo code | No code needed — auto-applies at Kalshi |
| Referral bonus | Up to $1,000 ($25 per friend who completes 100 trades in 30 days) |
| Regulator | CFTC – Designated Contract Market (federal) |
| Minimum age | 18+ (not 21+) |
| Funding | Debit/credit card, bank transfer (ACH), crypto |
| Markets | Sports, politics, economics, climate, culture |
| Verified | June 2026 |
Is Kalshi legal, and where can you use it?
Kalshi operates under federal law rather than state gambling licenses. Because the CFTC claims “exclusive jurisdiction” over event contracts traded on a regulated exchange, Kalshi takes the position that it can offer markets nationwide to anyone 18 or older — a notable contrast with the 21+ minimum at licensed sportsbooks. In practice, its non-sports markets (politics, economics, weather, culture) are broadly available across all 50 states.
Its sports contracts are where the picture gets complicated. Several states have challenged them as unlicensed gambling, and the courts have split:
- Federal wins for Kalshi: The Third Circuit affirmed an injunction (April 6, 2026) barring New Jersey from enforcing its gambling laws against Kalshi’s sports contracts, and a federal court in Tennessee sided with Kalshi on preemption in February 2026.
- State wins / restrictions: A Massachusetts state court ruled in January 2026 that Kalshi’s sports contracts are subject to state gaming law and barred in-state sports trading, and a Nevada court issued a restraining order against Kalshi’s sports, entertainment and election contracts in March 2026.
- Still unresolved: The U.S. government and the CFTC filed suits in April 2026 (Illinois, Connecticut, Arizona) defending federal jurisdiction, and the CFTC has opened rulemaking on what counts as “gaming.” The question may ultimately reach the Supreme Court.
The takeaway: Kalshi’s availability can change state by state on short notice, especially for sports. Check the app for what’s live in your location before you fund an account.
The Kalshi welcome offer in detail
Kalshi’s new-user incentive is modest by sportsbook standards and honest about it: trade $10 in contracts and receive $10 in bonus funds. Different affiliates surface slightly different versions of the same mechanic (you’ll see “$20, get $20” through some partners), but the structure is identical — a small, activity-gated credit rather than a large deposit match. The more meaningful upside is the referral program (up to $1,000) and the Volume Incentive Program, which pays active traders a share of a reward pool based on their share of eligible trading volume.
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/credit card, bank transfer (ACH), or cryptocurrency. You can set a personalized funding cap during or after onboarding.
- Find a market. Browse by category — Sports, Politics, Economics, Climate, Culture — or use the “Ideas” tab to suggest markets you’d like listed.
- Trade a contract. Pick Yes or No; the price is the implied probability. Buy in, and either hold to resolution (settles at $1.00 or $0.00) or sell your position early if the price moves.
- Manage risk. Use funding caps, cool-offs and voluntary opt-outs in the Responsible Trading hub.
What you can actually trade (with live examples)
Kalshi lists thousands of contracts. The scale is real: roughly $39.7 billion changed hands on the platform in the year to February 2026, and about 87% of that volume was on sports. A few representative markets as of mid-June 2026:
- Sports — MLB champion: Los Angeles was the favorite to repeat as baseball champion, trading around a 29% implied probability on June 15, 2026. Because each team has its own Yes/No contract, the prices across the field don’t sum to exactly 100%.
- Politics & economics: contracts on Fed rate decisions, CPI prints, election outcomes and confirmation votes — the category that built Kalshi’s reputation.
- Climate & 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 to other prediction markets
- vs Polymarket — Polymarket is crypto-settled and its main exchange is offshore (it has acquired a smaller CFTC-approved venue for U.S. access). Polymarket often has deeper liquidity on big global events; Kalshi is the cleaner regulated on-ramp for U.S. dollars.
- vs Robinhood / DraftKings / FanDuel event markets — these route trades through partner exchanges inside apps users already have. They’re more beginner-friendly but offer a narrower market menu than Kalshi’s full exchange.
- vs PredictIt — PredictIt is politics-only, operates under a long-standing no-action posture with low 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 remains a private, venture-backed company headquartered at 594 Broadway, New York. Kalshi has raised roughly $2.8 billion across 11 rounds — most recently a $200 million Series F in May 2026 — and was valued at about $22 billion as of April 2026, with a headcount near 515.
Customer support
Support runs through the in-app and web chat (an AI assistant handles the first line, with U.S.-based human agents behind it) and by email at support@kalshi.com; both feed the same queue, and Kalshi says chat is faster. There is a searchable help center at help.kalshi.com, plus dedicated legal@kalshi.com and media@kalshi.com inboxes. There is no published phone line or stated office hours. For responsible-trading help, Kalshi partners with Birches Health (BirchesHealth.com/Kalshi) and signposts the 988 crisis line.
App ratings
Kalshi’s mobile apps are available on the Apple App Store and Google Play. Star ratings move daily; confirm the current rating and review count at publish time.
Kalshi FAQs
Is Kalshi legit?
Yes. Kalshi is a real, CFTC-regulated Designated Contract Market — the first federally regulated prediction market exchange in the U.S. Funds and contracts are governed under the Commodity Exchange Act rather than state gambling rules.
Is Kalshi legal in my state?
Kalshi treats itself as legal nationwide for 18+ under federal jurisdiction, and most non-sports markets are widely available. Sports contracts are contested and have been restricted in some states (for example Nevada and Massachusetts) while courts elsewhere have sided with Kalshi. Check the app for 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.
Can you actually win and withdraw money on Kalshi?
Yes. Contracts settle at $1.00 if your side is correct and $0.00 if not, and you can sell positions before resolution. Realized cash can be withdrawn; bonus funds themselves are not withdrawable, but profits earned from them are.
How does Kalshi make money?
Primarily through trading fees charged on a per-transaction basis, rather than by taking the other side of your trade.
Is Kalshi available in Nevada?
As of mid-2026, Kalshi’s sports/event contracts were restricted in Nevada following a state court order, and several review sites listed it as unavailable there. Status can change — verify in-app.
Kalshi vs Polymarket — what’s the difference?
Kalshi is a U.S.-regulated, cash-funded exchange (18+); Polymarket is crypto-settled with its main exchange offshore. Polymarket can offer deeper liquidity on some global events; Kalshi is the more straightforward regulated option for U.S. dollars.
What’s the minimum deposit on Kalshi?
Kalshi does not require a large minimum; you can fund a small amount, and the welcome bonus unlocks after $10 of trading. Confirm the current minimum in-app.
How do I withdraw from Kalshi?
Withdrawals go back to a linked bank account or original funding method from the cashier. Identity verification must be complete, and only settled cash (not bonus principal) is withdrawable.
Is Kalshi taxed?
Trading profits are generally taxable, and as a regulated exchange Kalshi may report gains on tax forms. This isn’t tax advice — consult a professional about your situation.
Trading event contracts carries risk of loss. 18+. Use Kalshi’s funding caps, cool-offs and voluntary opt-outs. Support is available via Birches Health (BirchesHealth.com/Kalshi) and the 988 Suicide & Crisis Lifeline.
