Kalshi Review 2026: App, Promo Code KALSHI, $20 Bonus, Legal States & Full Breakdown

Kalshi review is Locals Insider’s take on one of the most reputable and popular prediction apps in the USA. We wrote this so that you can learn about how the $10–$20 trading bonus actually clears, the dual-format pricing display, the recent perpetuals launch, the NHL/CNBC/CNN/PrizePicks institutional partnerships, the reported $2B annualized revenue run rate and IPO talks, and how Kalshi compares to Polymarket, DraftKings Predictions, FanDuel Predicts and Robinhood.

Polymarket is the world’s largest prediction market by user base. DraftKings and FanDuel Predicts are sportsbook-trained late entrants. Robinhood Predictions is a distribution layer for retail brokerage users. Kalshi is the platform that built the category. Founded in 2018 by Tarek Mansour and Luana Lopes Lara, Kalshi became the first CFTC-licensed prediction market exchange in October 2020 and the first to offer event contracts to everyday US traders in 2021.

Every other CFTC-regulated prediction-market product in the US is in some way downstream of what Kalshi did first — Robinhood Predictions literally routes through Kalshi’s exchange on the back end, and the CFTC regulatory framework that DraftKings, FanDuel and Polymarket all now operate under was largely built around the precedent Kalshi created.

The numbers in 2026 reflect that incumbency. Kalshi crossed $100 billion in lifetime notional trading volume on June 15, 2026 — a milestone no other CFTC-regulated prediction market is close to. The platform posted its first-ever billion-dollar single trading days during the 2026 World Cup, with weekly notional reaching $6.38 billion in the week of June 8 alone (up 43% week-over-week as World Cup trading accelerated).

According to Apptopia, Kalshi captured 42.3% of all US prediction-market app downloads from June 1-15, 2026 — the largest share in the category, ahead of Polymarket at 31.2%. As of June 19, 2026, Kalshi was reportedly in early talks with investment banks about a potential IPO after its annualized revenue run rate topped $2 billion.

Two structural notes before signing up. Age: Kalshi requires users to be 18+ in all eligible states. Promo code mechanics: Unlike Polymarket’s $50-on-$20 cleaner-headline offer, Kalshi’s welcome bonus structure varies widely by affiliate code — codes available in June 2026 include $10, and $20 depending on which affiliate partner you sign up through.

The brand-name reference KALSHI is the simplest identifier; the actual bonus amount you get depends on the specific promo flow you enter through.

Kalshi – Two Pricing Formats, Side by Side

The Kalshi interface displays every market price in two formats simultaneously — and once you notice it, you can’t unsee it. Pull up any market, say “Will the US confirm that aliens exist?” with a Before January 20, 2029 contract. The price shows 31% alongside 3.08x. The 31% is the implied probability (a Yes contract costs $0.31, will pay $1 if correct).

The 3.08x is the decimal-multiplier payout per dollar staked — bet $1 on Yes at $0.31, get back $3.08 if aliens are confirmed by January 2029. Best AI at end of 2026? Claude at 68% / 1.44x, Gemini at 13% / 7.25x. Brent crude oil price on June 30 above $76.99? 44% / 2.09x. S&P close price end of 2026 in the $7,800-$7,999.99 range? 13% / 6.93x.

Polymarket shows percentages only. DraftKings shows American odds only. FanDuel mixes formats by tab. Robinhood shows percentages only. Kalshi is the only major US prediction market that displays both the implied probability and the decimal multiplier on every contract. The implication is significant: Kalshi is the platform built for traders who want both views at once — the probability calculation for forecasting accuracy, the decimal multiplier for thinking about position sizing and expected value.

It reads less like a sportsbook and more like a real derivatives exchange. And given Kalshi’s institutional positioning (NHL official partner, CNBC multi-year exclusive, CNN data deal, PrizePicks integration, Crypto.com coalition member, Wealthsimple Canada partnership), that’s the bet the company is making about its long-term customer base.

The trade-off is the welcome bonus. Kalshi’s typical $10-$20 trading-credit offer is the smallest in the prediction-market category by absolute dollar value — well below Polymarket’s $50, DraftKings’ $200 Predictions Dollars, and even FanDuel’s $25 Predicts Bonus. The thinking, from Kalshi’s side, appears to be that institutional partnerships and product depth matter more for long-term volume than splashy welcome bonuses. The current numbers ($100B lifetime notional, 42.3% download share, $2B revenue run rate) suggest the company is right.

Below, the full LocalsInsider editorial review: the exact bonus mechanics and which code unlocks what amount, the legal-states breakdown including the 12 excluded states, a deep dive on Kalshi’s market depth across Commodities/Tech/Finance with specific examples, the recent perpetuals launch and institutional partnerships, side-by-side comparisons with the four other major US prediction-market platforms, and the FAQs people actually search.

What is Kalshi?

Kalshi is the original CFTC-licensed event-contract exchange, founded in 2018 by Tarek Mansour (current CEO) and Luana Lopes Lara and headquartered in New York City. The platform became the first CFTC-approved Designated Contract Market specifically for prediction markets in October 2020 and went live with consumer trading in 2021. Every other major CFTC-regulated prediction market in the US — Polymarket via QCEX, DraftKings via CME Group, FanDuel via CME Group, Robinhood via Kalshi itself — operates downstream of the regulatory and operational precedent Kalshi established first.

The trading volume tells the incumbency story. Kalshi crossed $100 billion in lifetime notional volume in 2026. The platform reported $39.7 billion traded over the trailing twelve months as of February 2026, with 87% of that volume coming from sports event contracts. World Cup 2026 trading drove the platform to its first-ever billion-dollar single trading days and a weekly notional of $6.38 billion in the week of June 8 (up 43% week-over-week). Apptopia data shows Kalshi captured 42.3% of US prediction-market app downloads — the largest share in the category.

The platform’s institutional partnerships are the second incumbency tell. NHL official prediction market partner. CNBC multi-year exclusive (announced December 4, 2025) to integrate real-time prediction data into multi-platform news coverage. CNN data partnership (December 3, 2025).

Barchart distribution (November 17, 2025) for financial-analyst data syndication. PrizePicks powered-by-Kalshi integration (October 23, 2025) extending Kalshi’s footprint into the sports entertainment / DFS audience. Coalition for Prediction Markets founding member alongside Crypto.com (December 12, 2025), with Robinhood, Coinbase and Underdog also as members.

Wealthsimple partnership to launch in Canada via Wealthsimple Predict (summer 2026), giving Canadian users access to 4,000+ event contracts. And as of 2026, Kalshi is reportedly in early talks with investment banks about a potential IPO after its annualized revenue run rate topped $2 billion.

Every contract on Kalshi is priced between $0.01 and $0.99 and resolves to either $1 (if your Yes/No prediction is correct) or $0 (if wrong). The unique Kalshi UI shows both the implied probability percentage AND the decimal-multiplier payout on every contract simultaneously. Categories visible in the platform navigation include: Trending, Elections, Politics, Sports, Culture, Crypto, Commodities, Climate, Economics, Mentions, Finance and Tech & Science, with a LIVE tab showing in-play markets (39 live markets at the time of the 2026 review). The platform also recently launched Perps (perpetuals trading) with 0% fees for a limited launch period.

Kalshi Promo Codes 2026: How the $10–$20 Trading Bonus Actually Works

This is the section where Kalshi’s bonus structure gets interesting (and confusing). The welcome offer varies by affiliate code — different partners have negotiated different bonus amounts, and the exact dollar value you receive depends entirely on which sign-up flow you enter through. Below, the full mechanics.

The brand-name code is KALSHI but the affiliate-specific codes determine the bonus amount. Codes are :

The brand-name code KALSHI for use through general / non-affiliate-specific sign-up flows is the simplest identifier when no affiliate code applies. If you’re signing up through this Locals Insider review, the affiliate flow attaches whatever current Kalshi affiliate offer is in force.

The trading requirement is $10 in event contracts across all current offers. You must place qualifying trades totaling at least $10 (any combination of markets, any number of trades) before the bonus credits. The trading requirement clears regardless of whether your trades win or lose — Kalshi credits the bonus based on activity, not outcome.

The bonus is delivered as trading credit, not withdrawable cash. Same structure as Polymarket — the $10/$15/$20 sits in your account as bonus capital usable for trading; profits from positions placed with the bonus may be withdrawable depending on current terms.

Bonus expiry is 30 days from issuance. Some offers (like KALSHI) give you 90 days to complete the trading requirement, then 30 days from issuance to use the bonus once it’s credited.

KYC required before any deposit or trading. Kalshi runs standard exchange-grade identity verification — government-issued ID and proof of US residential address. Verification typically completes within minutes.

7. The Kalshi referral program is separate. Existing Kalshi users can refer friends and earn $25 per referral after the referred user completes 100 trades within 30 days. The 100-trade threshold is higher than most referral programs but the reward is uncapped — you can refer as many users as you want.

The Kalshi bonus is the smallest in the prediction-market category by absolute dollar value, but the trading requirement ($10) and minimum deposit ($1) are also the lowest. If you want to test the platform with minimal upfront risk, Kalshi’s $1 deposit + $10 trade + $20 bonus (via the best codes) is the lowest-stakes entry into prediction markets in the US.

How to claim the Kalshi $20 bonus, step by step

1. Download the Kalshi app from the Apple App Store or Google Play, or sign up at kalshi.com on desktop (both flows work for Kalshi, unlike Polymarket’s mobile-only promo)
2. Tap Sign Up and enter the promo code that unlocks the bonus tier you want — LOCALS, KALSHI for the maximum $20 offer; the brand reference KALSHI as a general fallback
3. Complete registration: name, email, address, phone number, date of birth (18+ required)
4. Complete KYC identity verification — government-issued ID and proof of US residential address. Typically processes within minutes
5. Make a deposit of at least $1 via debit card, bank ACH, Apple Pay, wire transfer or USDC crypto. ACH is free; debit card carries a 2% fee
6. Place at least $10 in qualifying event-contract trades across any markets — sports, politics, economics, Tech & Science, Commodities, Climate, anything in the Kalshi catalog
7. Bonus credits to your account within 24 hours of the trading requirement being met. The bonus is delivered as trading credit, usable on any Kalshi market
8. Use the bonus within 30 days of issuance. Profits earned from bonus-funded positions may be withdrawable per current terms

A note on fees and withdrawals: Kalshi charges 2% on debit card deposits/withdrawals, free on ACH bank transfers, free on wire transfers. Trading fees apply per contract on matched orders based on a published fee schedule. Withdrawal holds: 3 days for debit card, 7 days for same-bank ACH, 30 days for different-bank ACH. Daily debit withdrawals cap at $2,500; bank transfers have no withdrawal cap. Kalshi pays variable interest of 3.25–3.95% APY on cash and positions held in the platform — among the few prediction markets that earn yield on idle balances.

Kalshi Markets and Unique Features: A Deep Dive

Kalshi’s market depth is shaped by its institutional focus and CFTC regulatory primacy. Where Polymarket dominates geopolitics and global markets, Kalshi dominates financial, commodities and structured event contracts — the kinds of markets that institutional partners like CNBC, Barchart and CME are actually interested in. Below, the specific markets visible in 2026.

Sports (87% of volume)

Sports event contracts are Kalshi’s volume engine. NHL official partner status means the platform offers comprehensive markets across MLB, NBA, NFL, NHL, college football, college basketball, soccer (full 2026 World Cup coverage), tennis, golf, UFC/MMA, motor racing, boxing, esports and even niche sports like darts, chess and hot dog eating. The featured Panama vs Croatia LIVE market in the screenshots shows Croatia at 61%, Tie at 25%, Panama at 16% with $42.7 million in trading volume on that single match. Pro football and pro basketball offer Combos (parlay-style products bundling multiple contracts for a larger potential payout) — currently the only sports verticals with combo support, with other sports likely to follow.

Politics & Elections

2026 midterm primary season is heavily covered with state-by-state Senate, House, Governor and Downballot markets. Will Congressional salaries increase? market: Before January 1, 2030 at 47% (1.83x), Before January 1, 2029 at 37% (2.24x). Peak US National Debt Under Trump Administration market: $50 trillion at 34% (2.94x), $45 trillion at 78% (1.20x). 2028 Democratic Presidential Nominee: Gavin Newsom leading at 24%. NY-12 Democratic Primary nominee (Micah Lasher 76%, with a +9 trending arrow showing recent momentum), NY-07 (Claire Valdez 85% ▲12), NY-13 (Adriano Espaillat 74% ▲4) — every primary race carries real-time momentum indicators.

Commodities (48 markets, including Oil & Gas, Metals, Tech)

This is where Kalshi’s institutional positioning shows. Sub-categories visible: Oil & Gas (26 markets) — Brent Crude (3), Gasoline (14), Natural Gas (5), WTI Crude (4); Metals (9) — Copper, Gold, Silver (3 each); Tech (13) — Compute (10), Token (3). Specific markets running in June 2026: US gas prices tomorrow above $3.925 at 30% (2.73x) versus above $3.920 at 71% (1.34x). Oil Price (WTI) tomorrow above $72.99 at 48% (2.01x). Oil Price (WTI) on Friday below $71.00 at 24% (3.96x). Brent crude oil price on June 30, 2026 at 5:00 PM EDT above $76.99 at 44% (2.09x) versus above $74.99 at 69% (1.48x) — with $1.22 million in volume on that single market. How high will oil (WTI) get by end of year? $115.01 or above at 30%, $120.01 or above at 26%. No other US prediction market runs this kind of structured commodity-price-target market depth.

Tech & Science

The screenshots show some genuinely unique markets that wouldn’t exist on a sportsbook-derived platform.

Will the U.S. confirm that aliens exist? Before January 20, 2029 at 31% (3.08x), Before 2028 at 23% (3.96x) — with $28.5 million in trading volume across 5 markets in the category.

How many launches will SpaceX have in June? Above 13 at 89% (1.12x), Above 12 at 97% (1.02x).

Best AI at the end of 2026? Claude at 68% (1.44x), Gemini at 13% (7.25x) — $5.97 million volume across 7 markets.

When will OpenAI release GPT-6? Before November 1, 2026 at 58% (1.67x), Before October 1, 2026 at 45% (2.14x).

When will Anthropic restore Fable 5 access for US customers? Before July 17, 2026 at 51% (1.90x). Which nuclear power companies will achieve criticality before August? Atomic Alchemy at 54% (1.83x), Oklo at 33% (3.29x).

Will a new interstellar visitor be confirmed before 2027? Yes at 32% (2.81x), No at 68% (1.44x).

When will Anthropic release Mythos? Before January 1, 2027 at 18% (5.25x), Before December 1, 2026 at 16% (6.29x) — $1.48 million volume. Sub-categories: AI, Big Tech & Business, Education, Energy, Medicine, Physics & Math, Public Health, Space.

Finance

Kalshi’s Finance vertical is built around structured equity and macro markets. Sub-categories visible in left nav: 2026 Mega IPOs; Companies (CEOs, IPOs, KPIs, M&A, Product launches); Industries (Healthcare, Technology);

Markets (Foreign Exchange, Indices, Interest Rates, Match Ups). Specific markets: S&P price tomorrow at 4pm EDT — 7,375 or above at 45% (1.86x), 7,400 or above at 36% (2.51x) — across 60 markets in the category. How high will the S&P get by month-end? Above 7630 at 18% (5.25x),

Above 7640 at 16% (5.56x), across 13 markets. S&P close price end of 2026: 7,800 to 7,999.99 at 13% (6.93x), 7,600 to 7,799.99 at 12% (8.08x), across 27 markets. S&P price range on Friday at 4pm EDT — 7,375 to 7,399.9999 at 10% (9.69x), 7,350 to 7,374.9999 at 9% (10.8x), across 30 markets.

Will GameStop acquire eBay this year? Yes at 16% (5.90x), No at 84% (1.16x). When will Tesla and SpaceX merge? Before April 1, 2027 at 54% (1.79x), Before March 1, 2027 at 53% (1.76x), 11 markets in that category.

Economics, Climate, Culture, Mentions

Economics covers Fed decisions, CPI inflation, jobs reports, unemployment, GDP — the same macro depth Polymarket runs, plus Kalshi-specific markets around climate (named Atlantic storms, regional temperature outcomes), Culture (awards: Oscars, Grammys, Emmys, TV ratings), and Mentions (markets around politician/celebrity media-mention frequencies).

Perps (Perpetuals) — new product, 0% fees launch

Visible in the Kalshi homepage screenshots: a featured “Intro to Perpetuals” promotional card with the headline “Trade with leverage, go long or short, and keep your position open without an expiration date. 0% fees for a limited time.” Kalshi’s perpetuals product is the platform’s response to crypto exchange perp-futures products and represents a meaningful product expansion. CME sued the CFTC over Kalshi’s Bitcoin perpetual futures contract approval, escalating a fight over whether regulated exchanges can list crypto perps as futures.

Variable interest on idle balances

Kalshi pays 3.25–3.95% APY variable interest on cash and positions held in the platform — among the few prediction markets that earn yield on idle balances. The yield comes from holdings of US Treasury securities and overnight reverse repos through Kalshi’s clearing infrastructure.

Responsible trading infrastructure

Kalshi has built out responsible-trading tools more comprehensively than any prediction-market competitor. Default Face ID and KYC controls. Personalized deposit limits with system-recommended caps based on user trading patterns. Inner Circle accountability tool — allows users to share trading activity with trusted friends/family for outside visibility. Trading breaks — temporary cool-off lockouts users can self-impose. Voluntary opt-outs for longer-term self-exclusion. IC360 customer protection hub partnership for safer trading practices. Birches Health partnership for confidential professional guidance on trading habits and financial decision-making.

Tax forms

Kalshi issues 1099-INT (for interest earned on idle balances) and 1099-MISC (for trading activity) tax forms — making US tax compliance more straightforward than competitors that issue only generic gambling-income or capital-gains documentation.

Referral program

Existing users can refer friends and earn $25 per referral after the referred user completes 100 trades within 30 days. The 100-trade threshold is high but the reward is uncapped — no maximum number of referrals.

“Markets over Monopolies” positioning

Visible on the homepage in the screenshots: a tagline-style banner reading “Markets over Monopolies — How fair markets protect consumers” alongside a “Responsible — Tools and tips smart” banner. This is Kalshi’s explicit positioning as the institutional, responsible alternative to monopolistic state-licensed sportsbook systems.

The shortest version: Kalshi is the institutional incumbent — volume leader, longest CFTC-licensed history, NHL/CNBC/CNN/PrizePicks partnerships, the deepest commodities and finance markets, the only platform showing both percentage AND decimal-multiplier pricing on every contract, in IPO talks at a $2B revenue run rate. The trade-off is the smallest welcome bonus in the category. If you want the institutional product depth and you don’t care about the bonus headline, Kalshi. If you want the largest welcome bonus and global market depth, Polymarket. If you want sportsbook-style polish, DraftKings or FanDuel.

What Makes Kalshi Unique

• The first CFTC-licensed prediction market exchange (October 2020) — Kalshi created the regulatory framework every US competitor now operates within
• Volume leader at $100B lifetime notional (crossed June 15, 2026), first billion-dollar single trading days during the World Cup, $6.38B weekly notional during peak summer 2026
• Dual-format pricing display — every contract shows both implied probability (e.g., 31%) AND decimal multiplier (e.g., 3.08x). No other major US prediction market shows both
• Institutional partnerships no competitor matches — NHL official prediction market partner, CNBC multi-year exclusive, CNN data deal, Barchart financial data syndication, PrizePicks powered-by-Kalshi integration, Crypto.com coalition member
• Powers Robinhood Predictions on the back end — every event contract trade on Robinhood routes through Kalshi’s CFTC-licensed exchange
• Reported $2B+ annualized revenue run rate as of 2026, with early IPO talks underway
• Wealthsimple Canada launch (summer 2026) — first prediction market with formal Canadian regulatory access via Wealthsimple Predict
• Perpetuals product (Perps) recently launched with 0% fees for limited launch period — leverage-enabled position trading with no expiration date
• Sports contract Combos available for pro football and pro basketball — multi-contract bundled products with parlay-style payouts
• Variable 3.25–3.95% APY interest on idle cash and positions — the only prediction market that pays yield on uninvested balances
• Tax forms (1099-INT and 1099-MISC) issued at year-end, making US tax compliance significantly cleaner than competitors
• The most comprehensive responsible-trading infrastructure in the category — Inner Circle accountability tool, trading breaks, voluntary opt-outs, IC360 partnership, Birches Health partnership
• Cheapest US prediction-market entry by deposit — $1 minimum deposit on most current offers, $10 trading requirement to unlock the welcome bonus
• Deepest commodities markets in the US prediction-market category — Oil & Gas, Metals, Tech sub-verticals with structured price-target contracts
• Deepest Tech & Science markets — AI model rankings, GPT-6 release timing, SpaceX launch counts, nuclear power criticality, AI product release dates including markets on Anthropic Mythos and Claude vs Gemini

Honest limitations worth knowing:

• Smallest welcome bonus in the category by absolute dollar value — $10-$20 typical vs Polymarket’s $50, DraftKings’ $200, FanDuel’s $25
• Bonus amount varies by affiliate code — making the offer landscape less straightforward than competitors with a single fixed promo
• 12 states excluded (AR, AZ, CT, IL, LA, MA, MD, MI, MT, NJ, NV, OH) — the most excluded states of any major prediction market
• 2% fee on debit card deposits/withdrawals — ACH is free, but debit-card users pay more than at competing platforms
• Massachusetts exit for sports event trading within 30 days (announced June 2026)
• Nevada legal action ongoing — Nevada Gaming Control Board filed contempt motion June 15, 2026 alleging Kalshi failed to geofence the state
• Multiple state lawsuits active in 2026 — Wisconsin (June 10), New Mexico (CFTC vs state, June 12), Kentucky (Kalshi+Crypto.com+Polymarket suing Kentucky over 14.25% transaction tax, June 13)
• Sports event trading not available in all states — even where the platform itself operates, specific sports verticals may be restricted

Kalshi Legal States: Full 2026 List

Available: 38 states + DC

Kalshi is currently available to users 18+ in 38 states + Washington, DC as of 2026 for non-sports markets. Sports event contracts are available in most but not all of those states, with state-by-state restrictions evolving as legal challenges play out.

Excluded states (12): Kalshi not available

• Arkansas (state regulator action)
• Arizona (state regulator restrictions)
• Connecticut (state regulator restrictions)
• Illinois (state regulator restrictions)
• Louisiana (state regulator restrictions)
• Massachusetts (sports event trading exit announced June 2026; non-sports access also restricted)
• Maryland (state regulator restrictions)
• Michigan (state regulator restrictions)
• Montana (state regulator restrictions)
• Nevada (active legal challenge — Nevada Gaming Control Board contempt motion June 15, 2026)
• New Jersey (state regulator restrictions)
• Ohio (state regulator restrictions)

Who Is Kalshi Best For?

Best for users who want the institutional product depth. NHL official partnership, CNBC multi-year exclusive, CNN data integration, PrizePicks integration, Wealthsimple Canada launch, $2B annualized revenue run rate, reported IPO talks — Kalshi is the institutional prediction-market product. If you want to use the platform that the financial-media institutions are partnering with, Kalshi.

Best for users who want both percentage and decimal-multiplier pricing. Kalshi is the only major US prediction market that displays both formats simultaneously. If you think about prediction-market positions in terms of expected value calculations and position sizing rather than just sports-style implied probabilities, Kalshi’s dual-format display is the cleanest UX in the category.

Best for traders who want the deepest commodities markets. Oil & Gas sub-categories with Brent Crude, Gasoline, Natural Gas, WTI Crude. Metals sub-categories with Copper, Gold, Silver. Tech sub-categories with Compute and Token markets. Structured price-target contracts running on tomorrow, this week, this month, end-of-quarter and end-of-year horizons. No US prediction-market competitor runs commodity markets at this depth.

Best for traders who want the deepest Tech & Science markets. AI model rankings (Claude vs Gemini vs ChatGPT), GPT-6 release timing markets, SpaceX launch-count contracts, nuclear-power criticality markets (Atomic Alchemy vs Oklo), interstellar-visitor confirmation markets, Anthropic product release date markets (including markets on the release of Anthropic Mythos and the restoration of Fable 5 US access). This vertical doesn’t exist anywhere else.

Best for users who care about responsible trading infrastructure. Inner Circle accountability tool (share trading activity with trusted people), system-recommended personalized deposit limits, trading breaks (self-imposed cool-offs), voluntary opt-outs, IC360 partnership, Birches Health partnership. Kalshi has built the most comprehensive responsible-trading toolkit in the prediction-market category.

Best for fee-sensitive ACH users. ACH bank transfer deposits and withdrawals are free on Kalshi. The 2% debit-card fee makes debit a worse path, but ACH users get the cheapest deposit/withdrawal experience in the category.

Best for users who want yield on idle balances. 3.25–3.95% variable APY on uninvested cash is unique in the prediction-market category. If you keep meaningful balances in your trading account between active positions, Kalshi is the only platform that pays you to do it.

Best for users who want clean tax documentation. 1099-INT and 1099-MISC tax forms make Kalshi the cleanest platform for US tax compliance. Capital gains treatment of trading profits is potentially more favorable than gambling-income treatment at sportsbooks.

Not the best fit for: users in AR, AZ, CT, IL, LA, MA, MD, MI, MT, NJ, NV or OH (use Polymarket or DraftKings/FanDuel depending on which is available in your state); users who prioritize the largest welcome bonus (Polymarket’s $50 or DraftKings’ $200); users who want sportsbook-style parlays beyond Kalshi’s pro football and pro basketball combos (DraftKings has broader player props and combo support); users who want sportsbook-style polish without learning a new pricing format (FanDuel Predicts or DraftKings Predictions); users who already use Robinhood and want the lowest-friction integrated experience (use Robinhood Predictions — which routes through Kalshi anyway).

Kalshi FAQs

Is Kalshi legal in the US in 2026? Yes. Kalshi is regulated as a Designated Contract Market by the Commodity Futures Trading Commission (CFTC) — the same federal agency that regulates futures and derivatives trading on Wall Street. Kalshi was the first CFTC-licensed prediction-market exchange (October 2020) and the longest-operating CFTC-regulated event-contract platform in the US. Kalshi is available in 38 states + DC as of 2026. Excluded states: AR, AZ, CT, IL, LA, MA, MD, MI, MT, NJ, NV, OH.

Is Kalshi legal in California? Yes. California residents 18+ have full access to the Kalshi platform including sports event contracts. CA’s restrictions on traditional online sports betting don’t apply because Kalshi operates under federal CFTC regulation.

Is Kalshi legal in Texas? Yes. Texas residents have full Kalshi access including all sports event contracts.

Is Kalshi legal in Florida? Yes. Florida residents 18+ can trade the full Kalshi catalog. Florida’s exclusive Hard Rock Bet / Seminole Tribe sports betting agreement doesn’t preempt federally-regulated CFTC event contracts.

Is Kalshi legal in New York? Yes — NY is one of the 38 + DC available states for the Kalshi platform.

Why isn’t Kalshi available in my state? Twelve states have restricted Kalshi: AR, AZ, CT, IL, LA, MA, MD, MI, MT, NJ, NV, OH. Most exclusions stem from state regulator interpretations of CFTC sports event contracts versus state-licensed gambling. Massachusetts also has a pending sports-event-trading exit (within 30 days). Nevada has an active Gaming Control Board contempt motion.

What is the Kalshi promo code for the welcome bonus? The brand-name reference is KALSHI, but the actual bonus amount you receive depends on the affiliate code you use at sign-up.Kalhsi & LOCALS code unlock the maximum $20 bonus;

What’s the Kalshi referral code? The Kalshi referral code is a unique code that existing users generate from their Account section and share with friends. Referred users get the standard welcome bonus; the referrer earns $25 per referral after the referred user completes 100 trades within 30 days. The 100-trade threshold is high but the reward is uncapped.

What’s the minimum deposit on Kalshi? $1 on most current promo codes. This is the lowest minimum deposit in the US prediction-market category. The $10 trading requirement to unlock the welcome bonus is also among the lowest in the category.

What are Kalshi’s trading fees? Kalshi charges per-contract trading fees based on a published fee schedule. Specific fees depend on contract price and contract count. Deposits: debit card carries 2% fee, ACH bank transfer is free, wire is free, Apple Pay is free, USDC crypto is free. Withdrawals: same fee structure.

Does Kalshi pay interest on idle balances? Yes. Kalshi pays 3.25–3.95% variable APY on cash and positions held in the platform. This is unique in the US prediction-market category.

What are Kalshi withdrawal hold times? 3 days for debit card, 7 days for same-bank ACH, 30 days for different-bank ACH. Wire transfers have their own timing. Daily debit-card withdrawals cap at $2,500; bank ACH transfers have no withdrawal cap.

Does Kalshi offer parlays or contract combos? Yes, but limited. Combos are currently available for pro football and pro basketball only as of 2026 — these are multi-contract bundled products with parlay-style payouts. Other sports verticals don’t have combo support yet.

Does Kalshi offer perpetuals? Yes. Kalshi launched its Perpetuals (Perps) product in 2026 with 0% fees during the limited launch period — leverage-enabled position trading with no expiration date. CME sued the CFTC over the approval of Kalshi’s Bitcoin perpetual futures contract.

How does Kalshi compare to Polymarket? Both are CFTC-regulated and use percentage pricing ($0.01-$0.99). Kalshi adds decimal-multiplier display on every contract. Kalshi has the largest US trading volume and the deepest sports, commodities, finance and Tech & Science markets. Polymarket has the deepest geopolitics and global markets, the larger $50 welcome bonus (vs Kalshi’s $10-$20), and zero trading fees (vs Kalshi’s per-contract fee structure). Polymarket is in 41 + DC states; Kalshi is in 38 + DC states. Both excluded from Nevada.

How does Kalshi compare to DraftKings Predictions? Kalshi has dramatically deeper non-sports markets and the institutional partnerships DK doesn’t have. DraftKings has the larger Predictions-specific welcome bonus ($200 vs Kalshi’s $10-$20), player props via Crypto.com partnership, and sportsbook-style American odds. Kalshi has more excluded states (12 vs DK’s 12 if you count by total platform restrictions) but broader geographic coverage of non-sports markets.

How does Kalshi compare to FanDuel Predicts? FanDuel Predicts is available in all 50 states for non-sports (vs Kalshi’s 38 + DC) but Kalshi has dramatically deeper markets in commodities, finance, Tech & Science. FanDuel offers $25 in 18 sports-eligible states; Kalshi offers $10-$20 nationwide where available. Kalshi has Combos for pro football/basketball; FanDuel has no combo product yet.

How does Kalshi compare to Robinhood Predictions? Robinhood Predictions is powered by Kalshi on the back end — every event contract trade on Robinhood routes through Kalshi’s exchange. Differences: Robinhood is integrated into the main Robinhood brokerage app (no separate download required for existing Robinhood users), is available in all 50 states for non-sports, and charges $0.02 per contract. Kalshi is a standalone app with deeper market analytics, the dual-format pricing display, Combos for pro football/basketball, and the institutional Wealthsimple/CNBC/NHL partnerships.

Is Kalshi safe? Kalshi operates as a CFTC-regulated Designated Contract Market under federal exchange regulation. Funds are held under regulated clearinghouse custody. Account security includes default Face ID, KYC verification, and exchange-grade security practices. Kalshi is SOC 2 Type II compliant. The platform offers comprehensive responsible-trading tools including Inner Circle accountability sharing, trading breaks, voluntary opt-outs, IC360 partnership and Birches Health partnership.

Are Kalshi winnings taxed differently from sports betting? Potentially yes. Kalshi operates under CFTC regulation as event-contract trading rather than gambling, and issues 1099-INT and 1099-MISC tax forms. Trading profits may be treated as capital gains rather than gambling income for federal tax purposes. This is not tax advice — consult a CPA familiar with CFTC-regulated event contracts before filing.

Does Kalshi have a desktop website? Yes. Unlike Polymarket’s mobile-first approach, Kalshi works equally well on desktop (kalshi.com) and the iOS / Android mobile apps. Sign-up flows, deposits, trading, withdrawals — all available on both desktop and mobile.

Is Kalshi launching in Canada? Yes. The Wealthsimple partnership announced in 2026 will launch Wealthsimple Predict in summer 2026 with access to 4,000+ Kalshi event contracts for Canadian users.

Locals Insider Disclaimer: Prediction markets are speculative financial instruments and carry real risk of loss. They are not the same as guaranteed investments and outcomes can shift rapidly with news events. Never trade more than you can afford to lose, verify the legal status of any prediction market platform in your state before signing up, and consult a financial advisor or tax professional for personalized advice. In most US states, prediction market platforms restrict access to users aged 18.