Kalshi Review – How does it work and is it any good?

Has traditional online sports betting left you wanting more markets to predict outside of competitive sports?

Have you ever wondered how it might feel to put your money on a prediction that you are confident in for politics, culture, fiscal policy, and even how reviewers might grade a new movie that’s about to come out?

Kalshi has become a revamped platform in 2025 that allows individuals aged 18 and above to place real-money predictions on just about any category that piques the public’s interest within the United States.

Available for both smart mobile devices and desktop or laptop PCs, Kalshi operates as a peer-to-peer odds aggregation site, where players can win real money.

Below is my complete review and honest opinion of Kalshi – an event prediction app that is formally regulated by the Commodity Futures Trading Commission (CFTC) and available in every US jurisdiction, except New Jersey.

Quick review

If you’re ready to get started on the Kalshi app and simply need a few pros and cons on the service, here is what you’ll find in terms of strengths and weaknesses.

Pros

• Choose from an extremely wide range of prediction categories (most of which are futures)
• Regulated by the CFTC and available in 49 of 50 US states (not available in New Jersey)
• Deposit from your linked Trustly bank account, your crypto wallet (USDC only), wire transfer, or use a major debit card
• Simple “buy” and “sell” options make it easy for new players to understand their choices
• Potential payouts are published before you verify each prediction
• Small fee taken by the platform means you’re competing against other users and not “the house”

Cons

• Not available in New Jersey
• Liquidity is lacking for some prediction categories
• Your prediction must attract opposing action from community members before it is accepted (the Kalshi platform never acts as a “market maker” for specific predictions
• There are no traditional sports markets – just a few Futures options for popular sports events
• It will likely take new players a few hours to fully become familiar with how the event contracts system actually works
• No credit cards accepted

Kalshi rating summary

KALSHI

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Kalshi platform general overview

Kalshi acts as a sports trading event market, where customers can predict a variety of Futures ranging from simple, two-way Yes/No to preseason “Who Will Win the Championship?” choices.

In this way, Kalshi differs from traditional sports betting in a few ways:

• Every single prediction will be a Futures-style bet
• Trading is regulated by the CFTC as opposed to statewide regulatory bodies
• The Yes/No and multi-possibility choices contract payouts are determined by actual players who participate instead of by a sportsbook
• A fee is charged for each wager by the platform (as opposed to house odds)
• The number of markets (and wager types) you can choose from is limited due to a lack of peer-to-peer liquidity when using Kalshi

One way to think about it is to consider Kalshi similar to a service like Polymarket, except that you can use Kalshi in all 49 states under CFTC regulations. In contrast, Polymarket is not available in the US.

Available prediction markets and other event categories

Without the other event categories, the Kalshi prediction markets would be severely lacking in liquidity.

As it stands, the non-sports categories attract new customers, making the sports events category possible.

Still, you won’t really have a lot of choices in terms of sports to bet on.

The list of available sports includes football (NCAA/NFL), basketball (NBA/NCAAB/WNBA), ice hockey (NHL), soccer (MLS), tennis, and eSports.

That list may seem adequate on its own, but the choices you can make within these sports are extremely limited, usually to playoffs or championship games only.

So while you will probably find a multi-possibility choice at the beginning of a season regarding “Who Will Win?”, you’re not going to find weekly lines, and point spreads are non-existent.

For better or for worse, Kalshi becomes an attractive platform due to its other event categories that are outside the realm of sports games.

How event contracts work and how pricing is determined

Regulation by the Commodities Futures Trading Commission (CFTC) means that predictions work differently than how they do with normal sports betting activities.

For example, let’s say the NFL Super Bowl is next week, and we already know which NFC/AFC conference champions will be playing in the title game.

Instead of one single “Who Will Win?” choice, Kalshi will most likely list two Yes/No propositions; one for each team.

WILL TEAM ‘A’ WIN?

Yes – 43¢
No – 62¢

WILL TEAM ‘B’ WIN?

Yes – 63¢

No – 42¢

Basically, you can predict (or bet on) the same team twice, within two separate events.

However, understanding how contracts work and are priced is crucial.

Let’s say you want to wager on Team ‘A’ and are looking for the very best price.

Due to how peer-to-peer influences the prices that are currently available for each event, you would get a slightly better deal by predicting “No” on whether Team ‘B’ will win (42¢ per contract instead of 43¢ per contract).

Each event contract you pay for will cost exactly 42¢. Each successful 42¢ contract will settle at exactly $1, while each unsuccessful 42¢ contract will settle at $0.

If you plan on wagering $100, then you will be purchasing a total of 238 contracts for that prediction: or 100 divided by 0.42.

The winning amount you can expect if your prediction is successful is equal to every single contract being fulfilled at $1: 238 contracts times 1 dollar equals $238. So basically, your initial $100 would be returned, and you’d have an extra $138 in profit.

If your prediction turns out to be incorrect, you will simply lose the $100 amount that was used to purchase 238 contracts at 42¢ each.

One more thing to keep in mind is that Kalshi behaves similarly to Polymarket when it comes to pre-event buy/sell trades. You can sell your position before the event occurs (or buy another user’s position), as long as there is a community peer who wishes to complete the other side of the transaction.

Legal states and regulatory status

Kalshi is open for business in every single US statewide jurisdiction with the exception of New Jersey.

The Kalshi app and web version are regulated by the US Commodities Futures Trading Commission (CFTC) based in Washington, D.C.

All real money prediction activity that takes place on the Kalshi site and app falls under the CFTC’s regulatory reach.

Accepted payment methods and security features

The payment methods you can use to deposit into your Kalshi account are a bit different than traditional sports betting apps.

DEBIT CARD: You can use your Visa or MasterCard DEBIT card to fund your Kalshi account. This is the only way to get funds onto Kalshi instantly; however, your deposit limits will be capped at a maximum of $2,500 per 24-hour cycle. You will be charged a 2% transaction fee each time you use your debit card to deposit.

ONLINE BANKING: You can link your bank account to your Kalshi account using online banking ACH transfers ($10,000 per day limit). There will be no fee associated with depositing via a linked online banking transfer, but the actual deposits can take anywhere between 2-3 business days to arrive in your Kalshi account.

WIRE TRANSFER: Thanks to CFTC regulations, you can wire funds to your Kalshi account. The minimum allowed per wire transfer is $1,000, with no maximum cap. A wire transfer will be reflected in your Kalshi account on the next business day (in most cases). There will likely be an extra third-party fee charged in conjunction with each wire transfer.

CRYPTO WALLET (USDC ONLY): You can fund your Kalshi account using your crypto wallet address, but the only token that will be accepted is USDC. The USDC stablecoin is tied directly to the US Dollar. Network fees will apply, with a minimum of 10 USDC and a maximum of 500,000 USDC allowed per transaction. It should take a USDC crypto transaction anywhere between 30 minutes to 1 hour to show up in your Kalshi account.

All transactions made on Kalshi are performed via a secure portal that is safe to use.

Licenses and certifications

Kalshi has received numerous product certifications in 2025. You can review the certification documents in their original form at the following links.

NCAA Football Product Certification (February 10, 2025)

NCAA Men’s Basketball Certification (February 20, 2025)

Kalshi is currently expanding its prediction market portfolio by adding more sports, as evidenced by its latest product certification, which focuses on Formula 1 racing.

Formula 1 Grand Prix Certification (March 31, 2025)

Kalshi is directly licensed by the Washington, D.C. based Commodities Futures Trading Commission (CFTC).

Kalshi bonuses and promotions

If you’re located within the United States, are at least 18 years old, and have never accessed the Kalshi platform, you can receive an added bonus as a new customer when using our links to check out the platform.

The welcome bonus offer is $10 extra after you have had your first 100 contracts settled (both successful and unsuccessful contract settlements count). The period you have to clear this bonus is 30 days upon receipt.

Once you receive your $10 extra bonus, you can wager through that amount one time before it becomes available to you as redeemable cash.

To claim this welcome bonus, all you have to do is initially access the Kalshi platform using our links and successfully create a verified new account upon making a first deposit.

Remember, the $10 extra will only be added after your first 100 contracts have been played through.

Refer to the above section on “Accepted Payment Methods” to see which option is best for you.

Referral programs and deposit bonuses

The Kalshi refer-a-friend promotional program is getting overhauled in 2025, and there’s not much of an incentive to use the referral (for one of your friends) until the terms are changed.

The refer-a-friend program will award $10 extra to your buddy, but only after $100 in contracts have been played through. In other words, using the program will require a relatively large deposit and playthrough amount relative to the bonus amount.

Currently, Kalshi does not offer any specific deposit bonuses; however, this could change in the upcoming months.

Bonuses and Promotions Rating: 6 out of 10 Stars

A small welcome bonus is better than no bonus at all. Perhaps when the app achieves a larger customer base, its promotional offers for new customers will improve.

KALSHI

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Kalshi sports trading markets and event selection

The unique aspect of Kalshi and its peer-to-peer platform is that sports trading markets can operate in a pre-event environment.

This means that you can buy other futures contracts (or sell your own) before the event occurs. This can work out in the customer’s favor – or to a customer’s detriment – when a prediction rate makes a significant move.

Sports trading markets available on Kalshi

You can choose prediction contracts from the following sports trading markets:

• Football (NFL and NCAAF)
• Basketball (NBA and NCAAB)
• Soccer (MLS)
• Tennis
• Ice Hockey (NHL)
• eSports
• Formula 1 racing (coming soon)

However, if you enjoy traditional sports betting, you’ll probably find the available sports trading markets to be lacking due to their “Futures Only” focus.

While these markets do exist on Kalshi, there is a minimal number of Yes/No predictions that can be made. There aren’t any point spreads, totals, parlays, or other mainstream sports betting wagering types that exist on Kalshi.

How sports event trading differs from traditional sportsbooks

You’re buying prediction event contracts on Kalshi; you’re not placing traditional sports bets.

Buying 100 prediction contracts at 60¢ each will entail a cost of $60. If your prediction was correct, every single one of those 100 event contracts will settle at exactly $1 – leaving you with a payout of $100 ($60 for the original cost plus $40 in profit).

If you choose incorrectly, all 100 event contracts will settle at zero, leaving you with a loss of $60.

Buying and selling existing contracts before they settle

Let’s say you purchase 100 contracts at 60¢ each, and now the line has moved to 70¢ for new purchases before the event has taken place.

Your 60¢ contracts have now become more valuable, as you were able to secure a more favorable Yes/No contract cost (and potential payout) compared to the current 70¢ per contract cost.

If you’re looking to hedge, you can probably sell your existing 60¢ contract to another peer at a price that guarantees you make a profit. All you need is a willing peer-to-peer buyer to purchase your contracts at – let’s say 65¢ to win before the event itself transpires.

But this can work both ways. If your 60¢ predictions contracts are for an event that now has a 50¢ cost for the very same outcome, then your existing event contracts are worth “less” on the pre-event sports trading market, which is again peer-to-peer.

Additional markets

Without the additional markets for buying event contracts, the Kalshi platform’s traffic and overall liquidity for sports categories would suffer greatly.

Luckily, there are plenty of other markets to predict that have nothing to do with sports, and this in turn drives a lot of traffic and interest to the app.

You can buy event futures contracts on predictions that fall under the following categories, which are separate from sports:

• World/Global Affairs
• Economics
• Politics
• Culture
• Health
• Climate
• Crypto
• Financials
• Tech & Science
• Companies

You’ll quickly notice that some of the prediction parameters include what would otherwise seem to be “highly subjective” outcomes.

The important thing to pay attention to in these cases is precisely WHICH benchmark, ratings platform, or agency’s data will be used to determine the outcome.

For example, recession predictions are graded in accordance with what is published by the US Bureau of Economic Analysis (and not by any other system or opinion).  Health outcomes that are graded on a global scale are typically (but not always) determined by official reports published by the World Health Organization (WHO) and similar organizations.

Game Selection Rating: 6 out of 10 Stars

The number of markets is decent, but the number of predictions you can make, especially for sports, is minimal when compared to traditional online sportsbooks.

Kalshi mobile app and website experience

Kalshi has a dedicated mobile app for smart devices running on iOS or Android operating systems.

The app design is very clean and easy to use – all you need to have is knowledge on how event contracts work (and are priced) and how the format differs from sports betting.

Once you click or tap on a specific prediction, you’ll see updated details on the event contract price for each choice, along with other pertinent info such as which agency’s stats will be used to grade each prediction.

Designating an agency, group, or platform that will be used to determine winners and losers isn’t necessary for sports game outcomes, but is paramount for other market categories.

Android and iOS performance ratings

The Kalshi app performance rating for Android devices – on the Google Play Store – currently sits at 3.9 out of 5 Stars.

The Kalshi app performance rating for iOS devices – on the App Store – currently sits at 4.6 out of 5 Stars.

If you take a look at some of the reviews, you’ll see that the app’s grade is a bit lower, NOT because of its performance, but because of customers’ complaints that revolve around low liquidity.

Even though the app works very well for both iOS and Android smartphones and tablets, Kalshi still has its overall performance grade lowered due to how frustrating it can be to wait for another peer to take the opposing side of your prediction.

If you’re accessing Kalshi from a Windows PC or MAC, you will have pretty much the same experience as app users, but with a larger screen to see more displayed data at one time.

Mobile App Performance Rating: 8 out of 10 Stars

The Kalshi app performs well on both Android and iOS smartphones. The lack of peer-to-peer liquidity in certain markets deters customers and leads to lower review grades on the App Store and Google Play digital storefronts.

Cashier options and deposit methods

Here are your available deposit methods (you must be 18+ and located in the United States):

• Visa or MasterCard DEBIT Card — Deposits are instantly reflected in your Kalshi account. There is a $2 per transaction fee with a $2,500 maximum limit per 24-hour cycle.
• Wire Transfers — Third-party charges may apply. The minimum transaction amount is $1,000, and it will take a few hours (or one business day) for the funds to be credited to your Kalshi account.
• Crypto (USDC only) — Fund your Kalshi account using USDC by providing your specific crypto wallet address. Network fees apply and it should take less than an hour for the funds to show up. The minimum amount per transaction is 10 USDC, while the maximum amount is 500,000 USDC.
• Online Banking (ACH) — Link your personal checking or savings account to Kalshi. There are no fees, but it typically takes 2-3 days for the deposited funds to be credited to your Kalshi account. The maximum limit is $10,000 per 24-hour cycle.

Accepted withdrawal methods

There are three methods you can use to withdraw funds from your Kalshi account:

• Visa or MasterCard (DEBIT ONLY) — If you used a Visa or MC debit card to deposit, you can have the funds withdrawn to that same debit card. These transactions typically take 30 minutes to 1 hour to complete once they have been approved. There will be a $2 transaction fee for each withdrawal from Kalshi to your debit card.
• Crypto Wallet (USDC ONLY) — You can withdraw up to 2,500 USDC per 24-hour cycle to your crypto wallet. Network fees will apply. Withdrawn funds typically arrive in your wallet within 1 hour.
• Online Banking (ACH) — This is probably the least convenient way to withdraw funds from Kalshi. Although you won’t incur any transaction fees, it can take 3-5 business days for the withdrawn funds to arrive in your bank account.

All transactions on the Kalshi platform are safe and secure.

Cashier Options Rating: 7 out of 10 Stars

You can’t use credit cards to fund your Kalshi account, but you CAN use debit cards for both deposits and withdrawals as long as you’re using the same card for both transaction types.

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Payout speed and withdrawal process

Much of this is covered in the above section, but it’s worth noting how the Kalshi payout speed and withdrawal process differ from what you’ll find on most online sportsbooks.

When using Kalshi, online banking (ACH) is the least convenient way to transact on the site. This differs from online sportsbooks, where online banking transactions are often one of the most convenient methods.

ACH online banking transfers will take 3 or even 4 business days to process once approved, for deposits and withdrawals alike.

Meanwhile, withdrawals into your crypto wallet will only take an hour or even less.

If you decide to send funds back to the same Visa or MC debit card you originally used to deposit, those funds likewise will arrive in less than an hour once Kalshi has approved the transaction.

Yes, network fees (for crypto) and $2 charges (debit cards) will apply for each withdrawal. Still, customers truly prefer the convenience of receiving their withdrawn funds in less than an hour, which is far superior to the waiting time associated with traditional online sportsbook withdrawals.

Payout Speed Rating: 9 out of 10 Stars

Use your crypto wallet to withdraw USD Coins (USDC) or the same Visa/MC debit card you used to deposit. Doing so will lower the time it takes to receive approved withdrawals to less than 1 hour.

Is Kalshi safe and secure?

Being regulated by the Commodity Futures Trading Commission (CFTC) lends significant credibility to the Kalshi platform.

Personally, I didn’t experience any issues with Kalshi in terms of safety and security.

Transactions are made via secure portals, and the app itself is available on both Google Play and the App Store with positive reviews.

As long as you know how event contracts differ from traditional sports betting, you’ll be comfortable using the Kalshi platform.

Safety and Security Rating: 10 out of 10 Stars

Kalshi is safe and secure to use in 49 states due to its strict adherence to regulatory policies published by the CFTC. Kalshi is not available in the state of New Jersey. Must be 18+ to participate.

Kalshi customer support – How good is it?

Kalshi customer support consists of two means of communication.

The first is a one-way FAQ sheet that is published directly in-app or on the Kalshi browser version.

The FAQ is very extensive, and will answer most (if not all) questions that new users may have concerning how the service works.

There is also a dedicated email address available for you to contact a Kalshi representative. However, you’ll need to wait roughly one business day to reply, and chances are that the response you get will be similar to what can already be found in the FAQ section.

Kalshi also has a social media community presence on numerous sites, but its following is relatively low compared to other sports prediction apps, as it only launched in late 2024.

Customer Support Rating: 7 out of 10 Stars

For most questions, your best bet is to consult the in-app FAQ page, which covers a wide range of material that will be useful and informative for new customers.

Overall rating – Is Kalshi worth using?

Kalshi is easy to use and navigate, but customers who have never purchased sports event contracts before may encounter a slight learning curve.

Its welcome bonus is somewhat on the low end of what customers might expect from a real money sports prediction service, and the small number of available predictions for sports, plus low liquidity, takes away from the overall experience.

Kalshi shines in terms of its availability to US customers, as it operates in 49 states (excluding New Jersey), and the fact that it is formally regulated by the US Commodity Futures Trading Commission, located in Washington, D.C.

Being able to trade your event contracts with other users openly is a huge plus, but these trades are only possible if another Kalshi user is willing to take the opposing end of the deal.

Kalshi is fun to use – and can even be educational due to material published by agencies that Kalshi designates as a determining factor for one or more non-sports prediction markets.

Playing through 100 event contracts within 30 days shouldn’t be too difficult as long as you’re choosing a market or event that has relatively high liquidity.

I personally recommend depositing at least $100 for your initial deposit, as that will guarantee that you are able to achieve the 100-event contract minimum necessary to claim your extra $10 bonus.

Overall Rating: 7 out of 10 Stars

Liquidity is king for determining the overall quality of peer-to-peer prediction markets. Once Kalshi has more customers, its overall grade will correspondingly improve – not only here but also on the Google Play and App Store platforms.

How to sign up on Kalshi

Here are the steps you’ll need to take to sign up on Kalshi:

• Click or tap on our Kalshi links provided on this page
• When taken to the Kalshi platform, provide the required information
• Submit the registration form (there is no promo code needed if you access through our links)
• Complete the identity verification process (KYC)
• Make an initial deposit onto Kalshi using your debit card, bank account, USDC crypto, or wire transfer
• Begin buying event contracts on your favorite market
• Make sure to play through and settle at least 100 event contracts to receive your $10 extra bonus

KALSHI

Get A $10 Bonus Using Our Link

Get A $10 Bonus Using Our Link

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Trading strategies for success on Kalshi

There is risk involved with each trade and event prediction you make when using Kalshi.

It is also VERY IMPORTANT to know that I am NOT a financial advisor, and NONE of my insights published here qualify as financial advice.

The main thing I’d recommend for new Kalshi customers is to become intimately familiar with the pricing and payout structure of event futures contracts and how they differ from traditional sports betting lines.

Kalshi is NOT an online sportsbook; it is an event prediction market that services not only sports but a wide range of domestic and global categories.

Another thing I’d recommend is to be aware of how some prediction markets – especially those that the general population can influence – mimic Over/Under predictions for traditional sports betting tendencies.

In traditional sports betting, the “OVER” may tend to be slightly preferred by customers since the “OVER” wager is (theoretically) “always live until the very end.”

The same can be true when it comes to non-sports outcomes that the habits and activities of the general population can impact.

The “OVER” (or “YES”) prediction for topics such as “how many measles cases will occur” or “will there be a pandemic this year” can also create somewhat of a “bounty” situation that users who buy event contracts should be aware of.

For example, if you’re predicting that a new movie will receive a higher than “X” rating on the Rotten Tomatoes platform, you yourself could potentially take the action of giving that movie an inflated “perfect” rating to (however slightly) influence the eventual outcome in your favor.

My personal recommendation is to be aware of these scenarios beforehand, especially since peer-to-peer trades are possible during the pre-event phase of any topic you buy or sell event contracts for.

What are the risks of using Kalshi?

The risks associated with using Kalshi are that you can WIN or LOSE at any time.

There is also significant market volatility, especially for topics with very low liquidity.

An example of this would be purchasing contracts at 40¢ each one day, only to have the value of that end of the contract decrease to 20¢ (or lower) the next day.

Low liquidity overall can result in highly volatile contract costs, either for or against the value-based aims of each Kalshi customer.

The Commodities Futures Trading Commission directly regulates trading in event contracts, and you should be aware of the RISK OF LOSS that comes with any purchase or sale you make on the Kalshi app.

If a group of individuals (or one sole individual in some cases) decides to incorporate a “rug pull” (also known as an “exit”) before an event occurs, the pricing of event contracts for other customers can be significantly impacted.

As always, familiarize yourself with how peer-to-peer event contracts trading functions and only risk monetary amounts that you can afford.

How does Kalshi compare to other trading platforms?

The charts below compare Kalshi to other trading platforms.

Expert and user reviews – What do people think about Kalshi?

From what I’ve seen published on major news sites and customer review platforms, users and experts alike share the same opinions regarding the Kalshi app.

Pros

• Lots of non-sports markets to choose from
• Convenient deposits and withdrawals via debit cards or USDC crypto transactions
• Fun and enjoyable overall experience
• Easy to understand app that is a breeze to navigate on iOS/Android smart devices

Cons

• Limited liquidity takes away from user experience in some markets
• Very limited event options to predict for sports
• Recent launch means a limited social media community presence so far
• Relatively low welcome bonus amount
• Independent study necessary to understand peer-to-peer trading and event contract pricing

Final Verdict: 7 out of 10 Stars

Kalshi is most definitely a platform that is worth using in 2025, but its sports-only options are paltry in comparison to what you’ll find on real money sportsbook apps.

You’ll definitely enjoy Kalshi more if you want to buy real money event contracts on category-based markets that are outside the realm of sports contests.

Conclusion

Kalshi is great for learning a new process for making predictions and risking real money for a chance to win.

While you won’t have a lot of sports games to choose from, the possibilities for non-sports markets become nearly infinite due to the sheer number of categories that are available.

Be aware of how event contract pricing differs from traditional sportsbook app odds, and make sure to complete at least 100 settled contracts within your first 30 days to become eligible to receive an extra $10 bonus as a new player.

If you’re easily frustrated by low peer-to-peer liquidity, you’ll want to steer clear of event topics that don’t draw a lot of attention from users.

On the other hand, if you’re looking to have fun and buy real money contracts on a vast number of non-sports topics, you’ll likely enjoy your time using the Kalshi app or website.

Note: Kalshi is regulated by the Commodities Futures Trading Commission (CFTC).