⭐ What Is Kalshi Betting
On Kalshi betting, you do not predict the winner of an outright bet or a player prop. You can bet on questions like ‘Who will win the next College Basketball D1 Championship?’ or ‘Will it snow in NYC this month?’ The answer is always Yes or No. You can buy a contract, and if you win, you earn money based on the price and risk of your prediction. Like a betting exchange, you can sell your contract or buy one from someone else. You don’t bet against a sportsbook. Instead, you trade with other players.
The Commodity Futures Trading Commission (CTFC) regulates Kalshi betting, making it legal in all 50 US states (except OH and NJ). However, there are some limitations on the events it offers for trading. For example, you cannot buy a contract for the winner of a Lakers-Celtics match or any other sports game. Because sports betting isn’t legal in every state, Kalshi exchange can’t offer all sports markets nationwide. You can still trade on sports futures like the winner of the Super Bowl and get a sign up bonus for Kalshi.
Examples of How Does Kalshi Work
Suppose you want to bet on Super Bowl LIX. You can choose between Kansas City and Philadelphia. The table below shows the available odds.
| Football team | % Chance | Yes | No |
|---|---|---|---|
| Kansas City | 53% | 53¢ | 48¢ |
| Philadelphia | 48% | 49¢ | 52¢ |
Another example of how does Kalshi work would be the Rotten Tomatoes score of ‘Heart Eyes’. The odds table would look like this.
| Score | % Chance | Yes | No |
|---|---|---|---|
| Above 80 | 85% | 87¢ | 16¢ |
| Above 85 | 57% | 57¢ | 44¢ |
| Above 90 | 10% | 10¢ | 92¢ |
Kalshi doesn’t use regular betting odds. Instead, it shows the event’s chances as a percentage, with prices for Yes or No. Every contract is worth $1, and trades’ prices are between $0 and $1.
Which Kalshi Markets Are Available
Kalshi markets are available in sports (NBA, NHL, Champions League), politics, entertainment, and finance. You can bet on the highest temperature in Miami or Los Angeles for today, which AI app will be the best in 2026, the Nasdaq close price at the end of 2026, which movie will win the Oscar for best picture, or when will be the next SpaceX Starship launch.
Kalshi markets offer bets that sportsbooks don’t, giving you more options to trade. However, sports markets are limited by CTFC regulations.
Some of the most popular Kalshi markets are:
| Available Betting Markets |
|---|
| Football |
| Basketball |
| Ice Hockey |
| Soccer |
| Oscars |
| Elections |
| Cabinet Picks |
| Crypto Prices |
| Weather Forecast |
| Jobs Report |
| Senate Votes |
| Movies Score on Rotten Tomatoes |
| Debt Ceiling |
| Fed Interest Rates |
| Video Games Release Dates |
| Spotify Daily Charts |
| Inflation Rate |
What Is A Kalshi Betting Contract
Let’s determine how much you can win from a Kalshi betting contract. On the Super Bowl LIX example, we assume you pick Yes to the Kansas City winning, which the Kalshi exchange prices at 53 cents. If Kansas City wins, you get $1 per contract—47 cents in profit plus your 53-cent investment back. In American odds, it would look like this.
47¢ win ÷ 53¢ wager= 0.88 or -132 in American odds.
Are There Any Fees With Kalshi Betting
Yes, Kalshi charges fees based on the market’s odds. For favorites and long-term bets, the fees are lower. For close games or events, fees could go higher. The highest amount Kalshi will charge is $1.74 for a $100 bet. You can use this formula to calculate any fees you might incur:
- fees = round up(0.07 x C x P x (1-P))
- P = the price of a contract in dollars (50 cents is 0.5)
- C = the number of contracts being traded
- round up = rounds to the next cent
Can I Trade My Contract On the Kalshi Exchange
Yes, you can buy and sell contracts just like in the stock market. You can buy a contract and sell it later for a profit if its price goes up. Likewise, if you purchased a market on the Kalshi exchange and its price has dropped, you can sell it and only take a slight loss instead of a bigger one.
⭐ Is Kalshi Legit and Legal in the USA
Yes, the Kalshi exchange is legal and regulated by the CTFC, so it has fair markets and transparent rules. It is legal in all 50 US states (except OH and NJ), and the gambling age limit is 18, or equal to the limit for daily fantasy sports in your state. Once you register to Kalshi, you must verify your account to ask for a withdrawal by adding your SSN and confirming your phone number.
⭐ Sports vs Kalshi Betting Differences
If you’re new to Kalshi, you might wonder why to use it instead of a sportsbook. Kalshi betting has several advantages over traditional online bookmakers:
- No house edge: Since you bet against other players, Kalshi Trading does not have a vig. Traditional sportsbooks always price their advantage into every market, so they profit from all outcomes.
- Market variety: You can buy a contract on numerous unique Kalshi markets, such as ‘Top USA song on Spotify today’ or ‘How high will Ethereum get this year?’ However, the scope of the sports market is smaller.
- Security: Kalshi Trading is regulated by the Commodity Futures Trading Commission, known for its strict criteria. Therefore, you know that your funds are safe and you play at a legit place.
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