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My verdict on Kalshi Betting
Kalshi is an innovative site that allows you to speculate on major sporting events. This trading platform rose to prominence in the build-up to the 2024 presidential election, becoming the first American company to offer regulated election markets in almost 100 years, earning praise from the likes of Donald Trump Jr. and Elon Musk.
The New York-based startup has now expanded into the sports prediction market. Traders in all 50 states can speculate on events such as the NCAA men’s college basketball tournaments (March Madness), Super Bowl and the NBA Finals on the Kalshi platform, which is registered with the Commodity Futures Trading Commission.
Kalshi Betting is a relatively new platform. The site lacks the liquidity and market breadth available at established brokers like Fidelity and Charles Schwab, and its sports offering also pales in comparison to European peer-to-peer betting exchanges like Betfair. However, the early signs are promising.
I’ve dabbled in day trading, but I wouldn’t really describe myself as an experienced trader. I’m more of a buy-and-hold investor, with a penchant for low-cost ETFs. As such, I thought I might find Kalshi a little daunting. However, that wasn’t the case, as the user interface is simple. Kalshi also provides clear instructions, video tutorials, and detailed guides, which explain precisely how to make trades.
I ultimately found that using Kalshi was as easy as regular online sports betting. The site offers peer-to-peer trading, so there’s no vigorish (house edge). You just need to pay trading fees. If you’re astute at predicting price movements, you may find that Kalshi offers better margins than traditional sportsbooks.
Right now, the site only covers a limited range of sporting events. Liquidity is limited, and there aren’t many markets. Kalshi could ultimately emerge as a credible rival to traditional online sportsbooks, social sportsbooks, and pick’em fantasy sports providers. However, it needs to expand its coverage and boost liquidity first.
Does Kalshi have March Madness trading?
Yes, you can buy contracts for the men’s college basketball tournament, which starts on Tuesday, March 18, with opening-round games.
As you would expect, you can also purchase contracts for the first and second rounds, the Sweet 16, Elite 8, Final Four, championship game, and, of course, the national champion.
Kalshi has many of the same markets available for the women’s NCAA tournament as well.
What is the sports betting industry saying about Kalshi Betting?
Kalshi has enjoyed a meteoric rise since October 2024:
- In a landmark case, a federal appeals court allowed the site to provide regulated election markets. Kalshi quickly rolled out markets on the presidential election, plus Senate races, margins of victory, and other events.
- The money came rolling in. Within a week, more than $3 million had been traded on the platform. Donald Trump Jr. became a strategic adviser to the startup in January 2025. He said the site’s markets helped his family “know we won hours ahead of the fake news media.”
- With the Super Bowl looming large on the horizon, Kalshi has rolled out Super Bowl prediction markets in all 50 states, setting it up as a rival to Crypto.com.
- It also has added some additional sporting events, including the NBA Finals and the Stanley Cup. “Kalshi is committed to growing prediction markets into a trillion-dollar asset class — and we are not going to stop building until we do,” said co-founder Tarek Mansour.
- In February 2025, Kalshi signed a deal with Robinhood. The broker, which has 24.3 million funded customers, began offering event contracts via Kalshi for Super Bowl 59 before suspending the activity at the request of the CFTC.
The industry response has been muted. The American Gaming Association has thus far declined to comment on Kalshi’s rise. Traditional sportsbook operators like DraftKings and FanDuel have not commented either. However, industry experts have taken note.
Consultant Dustin Gouker, formerly LSR’s managing editor, has set up a newsletter covering this nascent industry. He wrote that “what’s going on in prediction markets feels eerily similar” to the early days of the daily fantasy sports industry. “There are a couple of big players (Kalshi in the US, Polymarket abroad),” he said. “There is undoubtedly about to be a land rush to create more prediction markets platforms serving the US. The future on the legal front is a bit murky.” He added that Kalshi is “much more compelling to users as a live trading/betting product, when competitions are going on.”
My experience using Kalshi Betting
I found it easy to get started at Kalshi. You simply need to visit the site, select the “Sign up” button, and provide some personal details. Alternatively, you can download the app and fill out the registration form. The identity verification process is quick and easy, too.
Website and app experience
Kalshi Betting offers a clean, simple website. There’s also an app, which you can download via the App Store or Google Play. At the time of my review, Kalshi had an average user rating of 4.6 stars on the App Store and 4.0 stars on Google Play.
I was immediately struck by how straightforward the platform is. Some trading apps are riddled with jargon, and they make it difficult for novices to set up trades. By contrast, Kalshi is refreshingly simple.
The various markets are laid out in a neat, simple fashion. There’s a main toolbar menu, which offers links to all events, politics, sports, culture, crypto, climate, and so on. If you select “Sports,” you can browse basketball, football, tennis, hockey, and soccer. There are always just two trading options: yes or no. The prices are easy to understand, too.
It’s simple to open and close trades at Kalshi. There are also several convenient payment methods. These are the options:
- Debit card: Customers can deposit up to $2,500 every 24 hours through Visa or Mastercard. These deposits are instant, but there’s a 2% fee.
- Bank transfer: You can deposit up to $10,000 via online banking. Deposits are free, but they can take two to four business days. There are no minimum deposits for bank transfers or debit cards.
- Wire transfer: A minimum deposit of $1,000 is required for a wire transfer. However, there are no upper limits. Deposits should arrive on the same business day or the following day.
- USDC: You can also use this popular stablecoin, which is pegged to the dollar. The minimum is 10 USDC per transaction, and the maximum is 500,000 USDC. Payments can take up to 30 minutes, and you’ll pay standard network fees.
Unlimited withdrawals are available via online banking. There are no fees, either. You can alternatively opt for a debit card payment, which takes just 30 minutes. However, you’ll incur a $2 fee. Alternatively, you can withdraw up to 2,500 USDC per day. Crypto transfers should take just a few minutes to appear in your wallet.
Did I like the app?
Yes, I enjoyed using the Kalshi Betting app. I found it quick and easy to navigate the app, and I was impressed by the clean, uncluttered layout.
While the Kalshi app is simple and accessible, there are also some useful features. I enjoyed the “Trending” and “Biggest Movers” sections, which provide inspiration. The “Forecasts” section is fascinating, too. You can access helpful charts and news snippets, but they are never overwhelming.
Overall, the app is fast, reliable, and user-friendly. I’d recommend Kalshi to novice event traders. Experienced traders may find it a little basic. However, you can buy low and sell high, so veteran traders may be able to take advantage of price swings.
Kalshi Betting referral code details in March 2025
Kalshi is offering new customers the option to bet on the headlines. You don’t need a specific promo code to claim this offering. Simply create an account, make a deposit, and get in the action.
| Kalshi Betting Referral Code | No code needed |
|---|---|
| Kalshi welcome offer | Bet on the headlines (March Madness, other sports, and more) |
| When does promo code expire? | March 31, 2025 |
| Where is Kalshi available? | All 50 states |
Kalshi event contracts
Kalshi Betting is a regulated trading platform, which allows you to buy and sell contracts focused on real-world events: sporting events, elections, award ceremonies, weather patterns, inflation, recessions, oil prices, and more. Kalshi is similar to a stocks or commodities exchange, but it’s focused on simple yes/no questions.
Disclaimer: Success is never guaranteed when you buy or sell event contracts at Kalshi. You should only play with money that you can afford to lose. Responsible users treat event contracts as a form of entertainment, rather than a solution to financial goals. Apps like Kalshi should be enjoyed in moderation.
How do you place an event contract?
The process is pretty straightforward:
- Find an event on which you’d like to speculate. You can search for individual events or use the menus to navigate to specific categories, such as sports or politics.
- Browse the markets. Each market takes the form of a question. You’ll see a list of potential outcomes, and you can opt for “Yes” or “No.”
- A price will appear alongside each option. For example, “Yes 20¢” and “No 82¢.” Select the “Yes” or “No” button, and your selection will appear on the slip.
- Enter the amount you’d like to risk in dollars. The slip will then display the number of contracts you’re buying and the average price.
- You’ll also see the potential payout you’ll receive if your trade is successful. Tap to confirm the contract, and your trade will go live.
The position limit for most users is $7 million. However, some institutional investors qualify for a $100 million limit, providing they meet stringent standards.
How do you win an event contract?
You will win an event contract if your prediction is correct. If the event occurs, “Yes” contracts settle at $1 and “No” contracts become worthless (and vice versa).
For example, let’s say you want to speculate on Cleveland winning the NBA championship. You navigate to the “Pro basketball champion?” section and see these prices:
- Cleveland (12%). Yes 12¢. No 89¢.
That suggests the market is giving the Cavs a 12% chance of winning the NBA title. If you think they will lift the trophy, you can opt for “Yes.” Let’s say you decide to risk $20. In that case, you would end up with 167 contracts, at an average price of $0.12. There are then two potential outcomes:
- The Cavs win the NBA championship. That means each of your $0.12 contracts pays out at $1, resulting in a profit of $0.88 on each contract. You receive a payout of $167.
- The Cavs don’t win the NBA championship. In that case, each of your 167 contracts will settle at zero, meaning you lose your $20.
You can simply allow your contracts to play out. However, there’s also the option to sell your contracts before the event concludes if the market moves in your favor.
What makes this different from traditional sports betting?
There are significant differences between Kalshi and traditional sportsbooks:
| Feature | Kalshi Betting | Traditional Sportsbook |
|---|---|---|
| Regulation | Kalshi offers event contracts, which are regulated by the Commodity Futures Trading Commission. They are available in all 50 states, provided you’re 18 or older. | Online sportsbooks are regulated by state-level gambling commissions or gambling control boards. The regulations vary. For example, some states don’t allow prop bets on college sports. |
| Format | This is a peer-to-peer trading platform, where users buy and sell contracts based on the outcome of various events. | Sportsbooks set the odds on various outcomes. You can then place wagers against the house. |
| Model | Kalshi charges a fee for all trades, regardless of whether you win or lose. This fee is a percentage of the total amount traded, and it varies according to the contract’s price. | Sportsbooks build a house edge into their lines. This is known as the vigorish, the vig or the juice. It allows sportsbooks to earn a margin, pay their overheads, and operate a viable business. |
| Odds | The prices are set by user interactions. That means they can fluctuate according to market sentiment. | Oddsmakers set the odds and lines at sportsbooks. The average house edge is 4.77% on sides and totals, but it is normally higher on props. |
| Markets | Kalshi offers a limited selection of markets. Liquidity is an issue, as you can only place trades if other users take the opposite side. | Sportsbooks offer a huge range of options on thousands of events each week. There are no liquidity concerns, as you’re betting against the house. |
Sports selection
Kalshi Betting is currently offering trades on just six sports:
- Football
- Basketball
- Tennis
- Hockey
- Soccer
- Esports
The focus is firmly on futures. These are some of the options:
- Men’s college basketball champion?
- Women’s college basketball champion?
- Men’s college basketball second-round qualifiers?
- Men’s college basketball round of 16 qualifiers?
- Men’s college basketball Round of 8 qualifiers?
- Men’s college basketball semifinal qualifiers?
- Men’s college basketball final qualifiers?
- Pro basketball champion
- Pro hockey champion
- Champions League winner
- French Open women’s singles champion?
- Who will be the next New Orleans Saints head coach?
- Who will win League of Legends Worlds?
You can’t speculate on individual games unless only two teams remain in the competition (such as the Super Bowl). As such, you won’t find point spreads, totals, props, and so on.
However, there are loads of political, entertainment, and novelty markets. You can speculate on everything from guests on the Joe Rogan Show to the number of riders on the New York City Subway. The categories include climate, economics, companies, financials, tech, science, health, world events, and transport.
What’s missing from Kalshi Betting?
The offering is still limited at Kalshi. For example, the app doesn’t have markets for baseball, golf, or NASCAR yet.
Kalshi also only offers contracts on a small range of events. For instance, you can speculate on the French Open, but there are no Wimbledon or US Open markets. You won’t find contracts on ATP Tour or WTA Tour events, and there are no contracts on individual matches.
However, I expect to see the range of markets expand rapidly in the months ahead. Kalshi will also be limited by liquidity constraints. However, if more people sign up, it will be able to roll out more markets. Deals with brokers like Robinhood should help.
In the future, I’d love to see college football and MLB markets. Coverage of golf majors would be welcome, too. Event contracts on specific games, races, fights, and other events would also make Kalshi more appealing.
Customer support
You will need to send an email if you need assistance at Kalshi Betting. The site doesn’t offer phone support or online live chat assistance.
I hope to see Kalshi increase its customer support options in the future. The company was founded in 2019, but it only took off in the fall of 2024, so it’s still very much in the development phase.
As such, the company may not have had enough time to build a substantial customer service department yet. Instant support via live chat and phone would be useful, as many sports fans are new to contract event trading, so hopefully Kalshi will address this issue.
On a brighter note, the online help center is excellent. It covers all the key topics in detail, and the guides are helpful.
| Method | Does Kalshi have it? | How usable is it? |
| Live chat | No | n/a |
| Phone | No | n/a |
| Yes | Somewhat | |
| ❓FAQ | Yes | Strong |
How quickly did I get a response?
I emailed support@kalshi.com with a few questions. Some were straightforward, and one was relatively complex. I received a response the following day. The reply was succinct, but it answered my questions clearly and accurately.
However, I noted that some users on Reddit have complained about the customer service at Kalshi. They said they emailed multiple times and didn’t get a reply. Perhaps I was lucky to hear back within a day.
Did I feel safe using the site?
Yes, I felt safe using Kalshi. It was reassuring to be making trades on a platform that’s regulated by the Commodity Futures Trading Commission. That means Kalshi has to comply with strict consumer protection laws.
I didn’t notice security issues, either. There’s a comprehensive privacy policy. The site has an up-to-date security certificate, and the app is available through reliable platforms like Google Play and the App Store.
How does Kalshi Betting compare to other top trading platforms?
| Trading Platform | Available Markets | 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, college football) | Debit card, bank transfer, BTC, USDC | Yes |
| Polymarket | Sports, politics, crypto, pop culture, science, business | Debit card, USDC | Yes |
Note: Polymarket has blocked access to US customers since 2022. This followed a settlement with the Commodity Futures Trading Commission. Some other alternatives to Kalshi for US traders include SportX, PredictIt, and PropSwap.
If you’re still on the fence about Kalshi betting …
If you’ve made it this far and you’re still unsure about whether to try Kalshi, consider the following:
- Kalshi covers a huge range of entertainment, politics, and novelty markets. This helps to differentiate the site from sportsbooks and fantasy sports apps.
- There is no minimum deposit limit. You can make a trade for just a couple of bucks and see if you enjoy it.
- The platform is available in all 50 states. That could make it an attractive option in states that have not yet legalized online sports betting, such as California and Texas.
- Kalshi is highly likely to improve in the months and years ahead. More events will be added, liquidity will improve, and the software will evolve.