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Is Kalshi legal?
Kalshi accepts traders in all 50 states. It is federally regulated by the CFTC, which allows the site to operate nationwide. Kalshi is particularly popular in states that have not legalized sports betting, including California and Texas.
However, 11 states have issued restrictions making sports contracts unavailable: Arizona, Georgia, Illinois, Kentucky, Maryland, Michigan, Montana, Nevada, New Jersey, Ohio, and South Carolina. In those states, you can only trade contracts on politics, current events, economics, and non-sporting events.
The regulatory situation is fluid. Kalshi is involved in ongoing legal battles. The site is also available in over 140 countries via a global liquidity pool.
Promo code terms & conditions
The Kalshi promo code comes with straightforward terms:
- Eligibility: New customers only. Must be 18+ and complete KYC verification.
- Minimum deposit: Just $1. You need to place $10 in trades to unlock the bonus.
- Expiry: Ongoing with no listed expiration date. Complete $10 in trades within 90 days of your first deposit.
- Trading requirements: Simple 1x turnover. Use the $10 bonus on any event contracts. Profits are paid in cash and can be withdrawn immediately.
You will also get a $25 bonus for each friend you refer to Kalshi. When your friend completes the trading requirements, you both receive $25. You can earn up to $1,000 total through the refer-a-friend program.
How to claim the Kalshi bonus
Follow these steps to activate your sign-up bonus:
Sign-up bonus breakdown
Here is what you get with the Kalshi welcome offer:
Is there a Kalshi bonus for existing users?
The real ongoing value for existing users comes from zero-vig pricing. While the welcome bonus is modest at $10, the savings from consistently sharper odds on every trade add up significantly over time.
The refer-a-friend program provides ongoing earning potential at $25 per referral, up to $1,000 total. Existing users also earn 3.50% APY interest on their account balance (minimum $250 balance), which no traditional sportsbook offers.
Kalshi review
Kalshi is a CFTC-regulated prediction market that lets you trade on the outcome of real-world events, including MMA fights, elections, inflation data, and much more. It is a New York-based company regulated at the federal level by the Commodity Futures Trading Commission, making it available nationwide.
Functionally, Kalshi is similar to a sportsbook: you can earn a profit by making predictions on upcoming fights. However, it is completely different from a legal standpoint. You do not place wagers against the house. Instead, you trade contracts with other users, and Kalshi takes a small fee for hosting the trades.
If you think a fighter will win, you buy yes contracts. If not, buy no contracts. It is similar to making yes/no predictions on a futures exchange, just applied to sporting events instead of commodities.
Kalshi vs. DraftKings
Here is a snapshot of how Kalshi compares to DraftKings Sportsbook in a range of important areas:
| Feature | Kalshi | DraftKings |
|---|---|---|
| Fight winner markets | Yes | Yes |
| Props (round, method, over/under) | No | Yes |
| Fringe markets (mentions during broadcast) | Yes | No |
| Live position trading | Yes (buy/sell anytime) | Limited (cash out at sportsbook discretion) |
| House edge | No vig, 0.07%-1.75% fee | Built-in vig (often 4%-5% on MMA) |
| Availability | Nationwide (some state restrictions on sports) | 26 states |
| Age | 18+ | 21+ (most states) |
| Position limits | No limits on winners | Limits common for sharp bettors |
| Interest on balance | 3.50% APY | No |
| Bonuses | $10 welcome bonus, refer-a-friend | Large welcome bonus, odds boosts, rewards program |
User experience & mobile app
Kalshi offers a clean, intuitive interface for trading event contracts. The platform is available on web and mobile, with a straightforward layout that displays contract prices, order books, and your portfolio at a glance.
The trading slip is simple to use. Tap the Yes or No button on any contract, enter your dollar amount, and the slip calculates your potential payout instantly. You can also set limit orders to buy or sell at specific prices.
Key features
Kalshi contracts are priced in probabilities. If a fighter wins, each contract settles at $1. If they lose, it settles at $0. For example, if a fighter is priced at $0.67, traders give them a 67% chance of winning.
To trade, tap the green Yes button at the displayed price. Enter your dollar amount and the slip shows how many contracts you are buying and your potential payout.
This chart shows you how some of the most common Kalshi prices translate to traditional odds:
| Kalshi price | Implied probability | Moneyline equivalent |
|---|---|---|
| $0.80 | 80% | -400 |
| $0.67 | 67% | -203 |
| $0.60 | 60% | -150 |
| $0.50 | 50% | +100 |
| $0.40 | 40% | +150 |
| $0.30 | 30% | +233 |
| $0.20 | 20% | +400 |
How Kalshi prices compare to sportsbook odds
This chart highlights the prices on a recent UFC event at Kalshi. You will see how they compare to the odds at the top sportsbooks:
| Fight | Kalshi | DraftKings | FanDuel | BetMGM | Caesars |
|---|---|---|---|---|---|
| Moreno to beat Kavanagh | 67% (-203) | -218 | -215 | -220 | -210 |
| Kavanagh to beat Moreno | 33% (+203) | +180 | +172 | +180 | +175 |
| Juice: | 0% | 4.25% | 5.02% | 5.49% | 4.44% |
| Vera to beat Martinez | 28% (+257) | +245 | +240 | +260 | +260 |
| Martinez to beat Vera | 72% (-257) | -305 | -310 | -325 | -330 |
| Juice: | 0% | 4.29% | 5.00% | 4.23% | 4.52% |
| Zellhuber to beat Green | 78% (-355) | -500 | -500 | -500 | -480 |
| Green to beat Zellhuber | 22% (+355) | +380 | +360 | +360 | +360 |
| Juice: | 0% | 4.17% | 5.07% | 5.07% | 4.52% |
Pros & cons
Pros
- Zero-vig MMA lines with sharper odds than traditional sportsbooks
- CFTC-regulated exchange available in all 50 states
- 18+ age requirement (vs 21+ at most sportsbooks)
- Buy and sell contracts anytime to lock in profits
- Earn 3.50% APY interest on your account balance
- Unique markets like UFC mentions props and fighter futures
- Low trading fees (0.07% to 1.75%) vs 4-5% sportsbook vig
Cons
- No round props, method of victory, or over/under markets
- No parlay options
- Sports contracts unavailable in 11 states
- Smaller welcome bonus ($10) compared to major sportsbooks
- 2% deposit fee on cards, Apple Pay, and Google Pay
MMA/UFC betting markets
Kalshi offers moneyline markets (win/lose contracts) on all UFC events, including numbered events and Fight Nights. While you will not find traditional props like round totals, method of victory, or round betting, Kalshi has unique markets you will not see at sportsbooks.
Mentions markets let you predict whether announcers will say certain terms during the fight. Popular options include Knockout, Blood, Tired, Dana, and Lights Out.
Futures markets let you buy yes/no contracts on whether a fighter will hold a title by year-end.
Kalshi currently focuses on UFC events but may expand to other MMA promotions in the future.
Live betting & bet limits
One key advantage of Kalshi over sportsbooks is the ability to sell your contracts before an event finishes. For example, if you buy yes contracts at $0.55 on a fighter and they dominate the first round, you might be able to sell your contracts at $0.78, locking in a 41.8% profit without waiting for the final result.
This is similar to cashing out at a sportsbook, but you will generally get much better terms when selling contracts on an exchange compared to sportsbook cash-out offers.
Payment methods
Kalshi supports the following deposit and withdrawal methods:
Kalshi supports a wide range of deposit and withdrawal methods:
| Method | Deposit | Withdrawal |
|---|---|---|
| Visa / Mastercard | Yes (up to 2% fee) | Yes ($2 fee per transaction) |
| Apple Pay / Google Pay | Yes (up to 2% fee) | No |
| Bank transfer (ACH) | Yes | Yes |
| Crypto (USDC, BTC, SOL, WLD) | Yes | Yes |
| eWallets (PayPal, Venmo) | Yes | Yes |
| Wire transfer | Yes | Yes |
Daily deposit limits: $2,500 via debit card, $5,000 via Venmo, $10,000 via online banking, $30,000 via PayPal, $500,000 via crypto. No limits on wire transfers.
Withdrawals at Kalshi
Contracts will settle after a fight ends, and your payout should then be available within two hours. These are the options:
| Method | Fee | Average Speed | Minimum | Maximum |
|---|---|---|---|---|
| Debit card | $2 per transaction | Up to 30 minutes | $10 | $2,500 |
| Bank transfer (ACH) | None | 3-5 days | $10 | None |
| Wire transfer | None (providers charge fees) | 3-5 days | $1,000 | None |
| Crypto | No Kalshi fees (network fees apply) | Up to 30 minutes | $10 | None |
| eWallets (PayPal, Venmo) | None | Up to 30 minutes | $10 | $5,000-$30,000 |
Customer support
Kalshi is a Designated Contract Market with SOC 2 Type II compliance for data security. Full KYC checks are required, and traders receive 1099 tax documents for U.S. tax reporting.
Security features include:
- Compliance with NIST security guidelines
- Cloud-native infrastructure on Amazon Web Services
- High-level encryption, data masking, and anonymization
- Multi-factor authentication
In February 2026, Kalshi launched an independent surveillance committee featuring Solidus Labs and Wharton forensic analytics to combat market manipulation and insider trading.
Frequently asked questions
The Kalshi promo code is RATE. This earns you a $10 sign-up bonus. Enter it when registering, make a $1 minimum deposit, and place $10 in trades within 90 days.
The $10 bonus has a simple 1x playthrough requirement. Use it to buy yes/no contracts on any markets. Profits are paid in cash and can be withdrawn right away.
Yes, Kalshi is legally available in California and Texas. It is federally regulated by the CFTC, allowing nationwide operation for users 18 and older.
Yes, Kalshi has moneyline markets on all UFC events including numbered events and Fight Nights, plus unique mentions markets and fighter futures.
No. Functionally it is similar, but legally it is a CFTC-regulated exchange where you trade financial instruments, not place wagers against a house.
Yes, you can sell your contracts at any time before the event settles. This lets you lock in profits or cut losses without waiting for the final result.
The minimum deposit is $1. Bank transfers and crypto deposits are free. Cards and mobile wallets have a 2% fee.
You must be 18 or older. Kalshi requires full KYC verification including a government-issued photo ID.
How we rate sportsbooks
Our 4/5 rating for Kalshi is based on the following criteria:
About the author
Editorial disclosure: Best Fight Odds maintains strict editorial independence. Our reviews are based on thorough testing and analysis. This page may contain affiliate links. When you sign up through these links, we may earn a commission at no extra cost to you.
21+ only. Gambling involves risk. Please bet responsibly. If you or someone you know has a gambling problem, call 1-800-GAMBLER or visit ncpgambling.org. All information is accurate as of April 1, 2026. Terms and conditions apply.
