Kalshi is focusing on user retention with a VIP program in the works for its best customers.
“Similar to other financial markets, brokerages, and large consumer brands, we’re piloting a program that offers priority support and other benefits to some of our most loyal customers,” said Kalshi’s Head of Communications Elisabeth Diana, confirming reports of the program circulating on social media Tuesday.
Reportedly dubbed Kalshi Platinum, Diana pointed to loyalty programs from Charles Schwab, Coin Base and Kraken as inspirations.
What will Kalshi offer VIPs?
The program details shared by @CSP_Trading on Twitter/X include fairly standard rewards:
- Direct contact for support through from 7 am until 1 am Eastern
- Gifts and branded merchandise
- Invitation to local events
- Incentives for referring new customers
More perks would be added as the program is built out.
Retention key for Kalshi
Kalshi needs to find a way to retain its customers and keep them loyal to the platform for two main reasons, the first of which is liquidity, a key component for exchanges.
Kalshi already has a rewards program that incentivizes “most regular Kalshi members” to place resting orders, which in turn helps “other traders get better prices.”
The second part, though, is for whenever sports betting brands are allowed into states where predictions markets are currently operating without their competition. Kalshi offers much more than trading sports contracts but it is also, by far, the largest category in terms of volume.
Building that relationship out with sports trading whales in the predictions community will be key to keeping those customers when sportsbooks launch and marketing wars ramp up. Without drastic improvements in available markets, traders that are focused on sports predictions could be tempted to jump ship and focus solely on sports betting.
DraftKings, FanDuel and Fanatics are all working to make that switch easier for traders whenever that time may come as all three launched their own predictions brands in December.
