Kalshi Review

Written by

Founder & Editor-in-Chief

Fact-checked by Catie Di Stefano Updated June 30, 2026 9 min read

Our verdict

For a Californian, Kalshi is the one app that covers everything the state actually cares about: the governor's race, the LA mayor runoff, the Dodgers and Lakers, the Oscars and even tomorrow's high in downtown LA. It's a CFTC-designated exchange that takes California sign-ups, and code VENICE adds $25 once you've traded $25. The caveat is legal, not practical: California sits in the Ninth Circuit, where the question of state gambling law and sports contracts is still being fought.

Scorecard

Trust & Regulation 5.0 / 5

Liquidity 5.0 / 5

User Experience 4.5 / 5

Bonus Value 3.0 / 5

CA Availability 5.0 / 5

Welcome offer

Trade $25, get $25 · code VENICE

Enter promo code VENICE at signup and trade $25 in event contracts to unlock $25 in trading credit. New users only. US residents in 47 states + DC (not Nevada, Michigan or Washington); Kalshi's minimum age is 18, and we recommend 21+.

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.

Code: VENICE

Pros

• Covers state and LA politics, not just sports
• Sell any time before settlement
• Busy order books on the big events

Cons

• Thin prices on small local markets
• Ninth Circuit ruling leaves the sports-contract question open
• California taxes profits as income

Key features

• California politics, sports, awards and LA weather markets
• CFTC-designated exchange, dollars in and out
• Open to Californians (not in NV, MI or WA)
• Web, iPhone and Android

What Kalshi is, in California terms

Kalshi is an exchange for yes-or-no contracts on real events, regulated by the Commodity Futures Trading Commission. A contract pays $1 if the event happens and nothing if it doesn't, so a 38¢ price on "Will the Dodgers win the NL West?" means the market puts it at about 38%. You trade against other users, and you can sell before the event settles.

The California market list

The markets that matter locally: the 2026 California governor and attorney general races, the Los Angeles mayor runoff, statewide ballot measures when they're on the ballot, Dodgers, Padres, Giants, Angels, Lakers, Clippers, Warriors, Kings, 49ers, Rams and Chargers games and seasons, Oscars, Emmys and box-office weekends, and daily high-temperature markets for Los Angeles. What's listed changes week to week, so check the app.

Prices and order books

Big-event markets such as NFL Sundays or a Fed decision are usually busy, with a tight gap between the best bid and ask. Smaller local markets, like a single ballot measure or an Angels game, can be thin: use limit orders and check the order book before you buy, or you'll pay the spread.

Using the app from California

Web, iPhone and Android all work from anywhere in the state. Location is checked when you trade, so if you're on one of the three tribal lands where Kalshi switched off access in September 2026, trading won't be available there.

Fees, deposits and withdrawals for Californians

Kalshi charges a trading fee that scales with the contract price and is highest near 50¢; the app shows it before you confirm. You fund by bank transfer or debit card and withdraw to a US bank. California taxes trading profit as ordinary state income (1% to 13.3%) on top of federal tax, so keep your trade history.

Regulation and the Ninth Circuit

Kalshi is a CFTC-designated contract market, which governs how it holds customer money and runs its markets. Whether California can also apply its gambling laws to Kalshi's sports contracts is a live question: the Ninth Circuit said on August 28, 2026, at the preliminary stage, that states likely can; the Third Circuit said the opposite in April; three petitions are before the Supreme Court. For now, Kalshi keeps taking California sign-ups.

The VENICE offer

New accounts that sign up from our link and type VENICE get $25 of trading credit after their first $25 of trades. It's credit for buying contracts, not cash, and it's for new Kalshi users only.

Who it suits in California

Politics watchers following Sacramento and City Hall, fans who want to trade a full season rather than one game, and anyone who wants weather or awards markets alongside sports. If you only trade sports on your phone, ProphetX or Novig may suit you better; if you want the widest global menu, Polymarket US is the alternative.

State availability

Californians (Kalshi's minimum age is 18; we recommend 21+) can open Kalshi and use code VENICE. Outside California, it isn't offered in Michigan, Nevada, Washington.

How we tested

Catie opened and funded an account on Kalshi with her own money (about $200), placed real trades and withdrew. The screenshots on this page are from that account.

Ready to try Kalshi?

Trade $25, get $25 · code VENICE

Visit Kalshi (opens in a new tab) Compare all apps

If you're shopping between platforms

• Kalshi promo code & full breakdown
• Best prediction market apps ranked
• Are prediction markets legal in California?

Sources & references

1. KalshiEX v. Assad, No. 25-7516 (9th Cir. Aug. 28, 2026) — opinion (opens in a new tab) — U.S. Court of Appeals for the Ninth Circuit
2. Blue Lake Rancheria v. Kalshi, No. 25-7504 (9th Cir. Sept. 16, 2026) — opinion (opens in a new tab) — U.S. Court of Appeals for the Ninth Circuit
3. KalshiEX v. Schuler, No. 26-3196 (6th Cir. Sept. 25, 2026) — opinion (opens in a new tab) — U.S. Court of Appeals for the Sixth Circuit
4. Flaherty v. KalshiEX, No. 26-299 — Supreme Court docket (opens in a new tab) — Supreme Court of the United States
5. CalMatters — Nonpartisan California news (opens in a new tab) — CalMatters
6. KalshiEX LLC — DCM Registration (opens in a new tab) — CFTC.gov
7. California Council on Problem Gambling — 1-800-GAMBLER (opens in a new tab) — CalPG.org

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.

Editor's note

I funded and tested Kalshi personally 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