Kalshi Review
CFTC-regulated event contracts — the US prediction market leader
Kalshi is the most complete prediction market for US traders in 2026. It is the only large US-licensed event contract exchange, has by far the deepest liquidity, and is fully available in California. If you can only download one app, this is it.
Scorecard
Enter promo code VENICE at signup and trade $25 in event contracts to unlock $25 in trading credit. New users only. US residents 21+ in 47 states + DC (not Nevada, Michigan or Washington).
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at kalshi.com/tc/500. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.
- Deepest liquidity in the US
- Fully federally regulated
- Widest market selection
- –Not available in Nevada, Michigan or Washington
Key features
- CFTC-regulated exchange
- Sports, politics, economics & culture markets
- Available in 47 states + DC incl. CA
- Web + iOS + Android
What is Kalshi?
Kalshi is a federally regulated US event contract exchange overseen by the Commodity Futures Trading Commission (CFTC). Instead of betting against a sportsbook, you trade Yes/No contracts against other users on real-world questions — from 'Will the Lakers make the playoffs?' to 'Will the Fed cut rates in December?'. Contracts settle at $1 if Yes wins and $0 if No wins, so the price (in cents) is the implied probability.
Markets and coverage
Kalshi has the broadest US catalog: sports (NBA, NFL, MLB, NHL, college, UFC, F1, golf, tennis), elections, the Fed, inflation, weather, wildfires, awards shows, box office, crypto prices and more. For California residents this is huge — you get full access to CA-relevant markets like Lakers/Warriors/Dodgers/49ers outcomes and California wildfire-season contracts without geofencing issues.
Liquidity and pricing
This is where Kalshi separates itself. Headline markets routinely see seven-figure daily volume and bid/ask spreads of 1–2¢, which is competitive with major sportsbooks. Thin niche markets can still have wider spreads, but for any market you'd actually want to size into, you can get filled.
User experience
The mobile app is clean, fast and has matured a lot in 2024–2025. Charts, order book depth and a portfolio P&L view are all one tap away. The only nit: order entry on illiquid markets occasionally requires a manual price tweak vs a one-tap accept.
Fees, deposits & withdrawals
Kalshi charges a small per-contract fee (typically 1–7% of profit, scaled by price) and zero deposit fees. ACH and debit card deposits are instant up to your daily limit. Withdrawals via ACH are free and arrive in 1–3 business days; instant debit withdrawal is available for a small fee.
Safety and regulation
Kalshi operates under a CFTC Designated Contract Market license — the same regulatory regime as the CME. Customer funds are held in segregated accounts at qualified US banks. This is materially safer than offshore prediction markets or sweepstakes operators.
Welcome bonus
New traders get $25 in trading credit after trading $25 in event contracts with code VENICE — a straightforward match with no deposit-size games. There is no high-rollover trap and the bonus is in real trading credit, not site-specific funny money.
Who Kalshi is best for
Anyone in California who wants real prediction markets — politics traders, sports fans who want trader-set prices on tails and futures, and macro/crypto traders. If you've outgrown sweepstakes apps and want the real thing, this is the upgrade.
State availability
Kalshi and the VENICE bonus are available to verified US residents 21+ in 48 jurisdictions (47 states + DC).
View all eligible states
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- District of Columbia
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- West Virginia
- Wisconsin
- Wyoming
We funded a Kalshi account with $250, placed 40+ trades across sports, politics, crypto and economics markets over six weeks, and tested deposits and withdrawals via ACH and debit card.
Frequently asked
Ready to try Kalshi?
Trade $25, get $25 · code VENICE
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More for California traders
Sources & references
- 1.Commodity Futures Trading Commission — Event Contracts — CFTC.gov
- 2.KalshiEX LLC — DCM Registration — CFTC.gov
- 3.Kalshi wins court battle to offer election contracts — Reuters
- 4.Prediction markets coverage — Wall Street Journal
- 5.Kalshi & prediction-markets coverage — Bloomberg
- 6.National Council on Problem Gambling — 1-800-GAMBLER — NCPG
External links open in a new tab. We cite primary regulatory and major news sources where possible. Citations to trusted regulators (CFTC, SEC, IRS, NOAA, .gov, .edu) are dofollow; commercial outbound links are not endorsements.
Frequently asked questions
I funded and tested Kalshi personally from a California address before writing this review — no free press access, no operator-supplied account. My background is 15 years in regulated iGaming, including running the Hard Rock New Jersey online CRM launch under a DGE vendor license, so I hold prediction market operators to a real regulated-operator standard. — Catie Di Stefano
Catie Di Stefano has spent 15 years working with online gambling across some of the most regulated and competitive gambling markets in the world.
Starting at Betsson Group in Malta in 2011, she has in recent years worked her way through VIP management, CRM, gamification and marketing leadership across European and North American operations. Catie was a licensed consultancy for Hard Rock Casino in New Jersey, where she held a DGE vendor license and owned the execution of the online CRM program from launch day in 2018.