Kalshi Promo Code SBR35: Trade $25, Get $35 Bonus in Oct. 2026

Kalshi promo code SBR35: offer summary for Oct. 2026

I've already spent dozens of hours using Kalshi, thoroughly testing it by depositing, trading, claiming the welcome bonus, and cashing out my winnings. The $35 welcome offer is perfect for beginners and experts alike, since it involves little risk.

The welcome bonus from Kalshi sits at the very top of the pack, in my opinion. While its overall bonus total is not high, it's extremely simple to claim and carries little risk. 

I rank Kalshi's $35 welcome bonus among the best in the industry. While it may not be as high as some competing offers, Kalshi is the best prediction market platform in the business, and the offer is easy to claim. 

Kalshi promo code terms and conditions: Fair & straightforward

Nothing stood out to me as abnormal when I signed up for Kalshi. The process was quick, easy, and seamless. However, I still want to highlight some of the more important terms and conditions that you should keep in mind when using the Kalshi promo code to grab the welcome bonus:

• You can use Kalshi in all states except Nevada and Washington.
• To trigger the offer, you must sign up with Kalshi bonus code SBR35.
• Proof of identification in the form of a driver's license or passport is required to register. You will also need a photo of yourself holding your ID.
• The minimum deposit is $10, but I put in $25 just to make it easier to collect the bonus.
• You must trade at least $25 in event contracts to earn the bonus. Whether your initial trades result in a profit or a loss doesn't matter.
• Once you've completed at least $25 in trades (within seven days of registering), you will receive $35 in bonus funds.
• There is no expiration date for this promo.

These terms are very customer-friendly. I was able to complete the entire process, from signing up and depositing to making my first trades and collecting the $35 bonus, in the span of 10 minutes. 

Best Kalshi promo code trading strategy: Start with favorites

Although the Kalshi welcome promo requires you to make $25 worth of trades to activate it, there are no restrictions on which markets (or prices) you can pick. Therefore, the best way to maximize your potential profits is to start by picking some moderate favorites.

For example, the two picks I made (Yankees to beat the Mariners and Dodgers to beat the Royals) were trading in the 55% to 60% range. Those trades both had better-than-even chances of being correct and resulted in my first two trades netting me roughly $8 and $6.50, respectively. 

Even better, those two trades were enough to trigger the bonus from Kalshi, which netted me another $35. 

I think it's great that your first trades aren't required to win (or lose), which makes this offer better than what many traditional sportsbooks still offer. I could have traded on even heavier favorites if I wanted and still claimed the bonus funds.

Kalshi promo code final grade: 4.9/5.0

All things said and done, I give the Kalshi welcome promo one of the highest scores possible: a 4.9 out of 5.0.

To get to this rating, I weighed all of the factors mentioned above:

• Low initial risk.
• Ease of registering and creating my account.
• First deposit and trading requirements.
• Lack of price restrictions.
• Speed of bonus funds hitting my account.
• Simplicity of turning my bonus funds into real cash that can be withdrawn.

This Kalshi bonus gets top grades from me in every category.

The only thing keeping this bonus from a perfect score? The bonus maxes out at $35, which is lower than some competing prediction market offers. Still, Kalshi's bonus is simple to claim and doesn't come with a bunch of complex fine print, so it's still top-notch. 

*Certain limitations apply. The offer is available to new users only, subject to the terms and conditions specified by Kalshi. 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.

TL;DR: My quick summary of the Kalshi promo code offer

The Kalshi welcome bonus is a solid offer. I easily claimed it by depositing $25 and making a pair of MLB trades. Kalshi added $35 in bonus funds to my account as soon as my trades settled: 

• I traded $15 on the Dodgers to beat the Royals.
• Then, I traded $10 on the Yankees to beat the Mariners.
• Each trade won. Both teams were slight favorites, though, so my return wasn't huge.
• Once those two trades settled, Kalshi put $35 in bonus funds into my account.
• I used my bonus funds to make two additional trades, one worth $15 on the Guardians to beat the Tigers and one worth $20 on the Red Sox to beat the Blue Jays.
• The Red Sox won, but the Guardians fell 3-0 to the Tigers.
• After those four trades, I had just under $60 in my account.
• I cashed out $35 (my original deposit plus $10 profit) and left the rest in my account to keep trading.

Comparing the Kalshi bonus to other top promos

After testing all of the major prediction market apps, there's no doubt in my mind that Kalshi is the best. That said, the following table shows key features of some of my favorites. 

Kalshi promo vs. Polymarket promo

Kalshi and Polymarket are the two biggest players in prediction markets, so it makes sense to compare them directly. 

• With $35, Kalshi offers new users a larger bonus than Polymarket.
• However, Kalshi requires $25 worth of trades, while Polymarket requires just a $10 deposit.
• Both bonuses were easy to collect using the Kalshi and Polymarket mobile apps.

Here’s how I claimed the Kalshi promo code offer

As I mentioned earlier, I was able to claim the Kalshi welcome promo quickly and easily. The whole thing couldn't have taken more than 10 minutes. There are no market limitations, which easily makes this one of the best prediction market promos. And remember, while you must make $25 in trades to earn the welcome bonus, the minimum deposit to claim this deal is just $10. Still, I deposited $25, just in case my first trade didn't go my way. 

Here's a step-by-step guide on how I claimed my bonus from Kalshi. You can follow the same steps to get your own bonus. 

1. Register

Creating my Kalshi account was simple. There's a prominent green 'Sign Up' button in the top right corner of the website or mobile app. I signed up using my existing Google account, but you can also use your Apple ID or simply any other email address to register.

2. Identity Verification

I had to give Kalshi some standard personal information, such as my date of birth, home address, and the last four digits of my Social Security Number. I also snapped a selfie with my passport and uploaded it to the secure platform. Rest assured, these are standard Know Your Customer (KYC) protocols that Kalshi requires to verify that you are who you say you are. 

3. Enter promo code

I used the Kalshi promo code SBR35 during registration to claim its welcome bonus offer.

4. Deposit

I found the deposit process seamless and instant when using Kalshi. I simply tapped the 'Add Funds' button and selected my preferred deposit method. I used my bank transfer, but other options are available too (debit card, wire transfer, or crypto).

I only deposited $25, enough to make the trades required to earn the welcome bonus, but the maximums are much higher (but vary by deposit type). The minimum deposit amount is typically $1, though. 

5. Make a prediction

With my account created and funded, it was time to make my first predictions. Since I come from a sports betting background, I started there. With the MLB being the only major sport running at the time (football hadn't started yet), I made two simple baseball predictions for $10.00 and $15.00 each. 

I picked slight favorites in the 55% to 60% range. Both picks won (thank you, Dodgers and Yankees), but more importantly, I met the requirements for the welcome bonus by trading at least $25 within seven days of opening my account. 

6. Withdraw

I found withdrawing funds to be just as easy as depositing, though transaction times were a little slower. To get started, I went to the 'Transfers' tab, selected 'Withdraw Funds,' and picked a withdrawal method. I cashed out my original $25 plus an extra $10, leaving me with my winnings to use as "house money" on future trades. 

The bank transfer withdrawal method has no limits or fees, but it is also the slowest option. Debit card and crypto withdrawals are much faster but have a $2,500 daily limit and a $2 fixed fee. You can only withdraw with crypto if you previously deposited with it. I used the bank transfer option, since I didn't mind waiting a couple of days for the money to hit my account. 

💡SBR Expert Tip: If you're not quite ready to start making trades, Kalshi allows you to view its platform without registering an account. This allows you to browse its extensive prediction markets and get a feel for how they work before making any financial commitment. I found this helpful when I first discovered Kalshi, since I wasn't familiar with how prediction platforms worked.

Additional active Kalshi promo codes

I have confirmed with trusted colleagues that you can use a Kalshi promo code from Covers or another one of these trusted sites, too: 

Trending on Kalshi today

Kalshi is the perfect place to trade all the biggest events in the world. No matter what is happening, Kalshi probably has a market for it. 

You can check the 'Trending' tab on Kalshi to see which markets are attracting the most trading volume this week:

• Fed decision in Oct. 2026? - Over $7.2 million in trading volume
• Which party will win the US Senate? - Over $43.1 million in trading volume
• Brazil Presidential election winner? - Over $6.4 million in trading volume
• When will Anthropic officially announce an IPO? Over $2.9M in trading volume
• Los Angeles Mayor winner? - Over $98 million in trading volume
• Big Brother Season 28 Winner - Over $6.4 million in trading volume

MLB

The MLB postseason rolls on after the Wild Card games have finished, and four teams have been eliminated from World Series contention. The AL and NL Divisional Series start this weekend. 

The Dodgers remain the favorites to win a third straight championship. Can any other playoff team dethrone the L.A. juggernaut? 

NFL

Kalshi is one of the best NFL prediction market sites, offering odds on individual games and futures like Win Totals, league awards, Division winners, stat leaders, the first coach fired, and even the year the Jets will break their playoff drought. 

Frankly, there are too many markets to list here. However, here are the favorites to win Super Bowl LXI, with Week 4 games coming up:

What is Kalshi?

Kalshi is a prediction market platform that is federally regulated by the Commodity Futures Trading Commission (CFTC). The CFTC considers Kalshi a Designated Contract Market (DCM), so it is treated as a financial exchange.

Kalshi is legal and operational in most U.S. states, except for Nevada and Washington. While some state regulators have pushed back against prediction market platforms, claiming they operate illegally, Kalshi operates entirely within federal law, at least for now. Multiple legal cases are ongoing to determine the final legality of Kalshi and other prediction markets. 

At Kalshi, traders can trade outcomes of real-world events. If your trade resolves as correct, then you will earn $1 for every share you own. If your trade resolves as incorrect, then your shares will settle at $0.

Kalshi is an open exchange, meaning that trading is what sets the prices and odds for shares. At traditional sportsbooks, bettors bet against the house, but at Kalshi, traders buy one side of an outcome, while other traders buy the opposite side.

How to invite your friends with a Kalshi referral code

Another great perk of signing up with Kalshi is that after grabbing the welcome offer, I was able to accumulate additional funds through the Kalshi referral bonus. I was able to send my unique link to my friends, and as soon as they entered my Kalshi referral code and made $25 worth of trades, we both received bonus funds. 

I've done this a handful of times, but I'm nowhere near maxing out the bonus, as it can be used up to 40 times. Here's how:

• Tap the Menu button on the Kalshi app or website.
• Tap the little green "Invite Friends" button, usually stylized with a small gift box icon.
• Tap the "Copy invite link" button to add a unique code to your device's clipboard.
• Paste the link in an email, text message, or DM to your friends.
• When your friend uses your invite link and trades $25+, you each collect rewards.
• Bonus Funds from referrals expire seven days after receipt.

The referral code must be entered within 72 hours of the referred party creating their account and before they make their first deposit. All trading requirements need to be met within seven days.  Remember: if your friend uses the Kalshi referral code, they can't use any other Kalshi promo codes when signing up. 

The table below explains all of the key information related to the Kalshi referral code:

Kalshi referral code vs. Kalshi promo code

Although these two terms are almost identical, it's important to note that they are actually different methods of signing up with Kalshi. 

Our Kalshi promo code SBR35 can be used to claim $35 in bonuses when you register. Once your account is up and running, you can generate a unique referral link to send to friends interested in signing up for Kalshi. 

Let's look at the key similarities and differences:

Is Kalshi legal?

Kalshi is a legal, regulated trading platform. You can grab the welcome promo for Kalshi in New York and all other states except Nevada and Washington. Kalshi combines traditional financial markets with predictions, allowing you to trade on the likely outcomes of future events.

Notably, Kalshi is also legal in a handful of places where online sportsbooks are not. You can use Kalshi in Texas, for example. 

Not only is the platform legal, but professional leagues have also welcomed the operator with open arms. This is evident from Kalshi's status as an official prediction market partner of the National Hockey League (NHL).

Kalshi is federally regulated by the CFTC. Therefore, it is required to adhere to the following security standards:

• Designated contract market: The CFTC oversees all stock and financial trading laws at the federal level.
• SOC 2 Type II compliance: A minimal requirement for any SaaS provider, this auditing procedure ensures a service provider securely manages its data to protect its interests and the privacy of its clients.

Kalshi is currently unavailable outside the US, but you can sign up for the waitlist and be notified when it becomes legal in your country. Kalshi recently announced a partnership with financial company Wealthsimple to launch a prediction market in Canada. WealthSimple Predict arrived in August 2026, albeit with far fewer markets than the U.S. version. 

My complete Kalshi review: Great live trading & market depth

I spent over 20 hours on Kalshi to prepare this review. During this time, I fully tested every aspect of both the mobile app and the desktop site. I deposited $25, made some initial trades on baseball markets, collected the welcome bonus, and then cashed out some of the profits. 

After spending ample time with Kalshi, I was able to spot all of the pros, cons, and everything in between:

Kalshi website and mobile app: Simple yet effective

I really enjoyed the clean design of both the Kalshi website and mobile app. Browsing the platform and finding specific markets and events is easy, thanks to intuitive navigation and good categorization. The top menu displays various verticals, from sports and politics to crypto, economics, culture, climate, and more.

I definitely prefer the mobile app over the desktop experience. In my opinion, the app version of Kalshi is just cleaner looking, with a minimalist design that lets you get straight to your preferred markets without any extra distractions. On the other hand, the desktop version shows a lot more information that could be useful to some traders, including the desktop-only Kalshi Pro feature. 

Kalshi pros and cons: Flexible trading, minimal bonuses

Kalshi is one of the most popular trading services in the U.S., but that doesn't mean it's without a few shortcomings. Here are the main advantages and disadvantages that I found when using the platform:

Pros: ✅

• Excellent user interface: Kalshi’s top-notch interface makes it easy for beginners and experienced traders to use. Navigating from one place to another is a breeze, with great responsiveness and quick loading times.
• Plenty of non-sporting events: Sports markets are a major draw for Kalshi, but it also offers markets in politics, culture, tech, finance, climate, entertainment, crypto, and more.
• High limits and flexible trading: Trading limits on Kalshi extend well beyond those of most traditional sportsbooks, with some events enabling multi-million-dollar trades. There's also flexibility in selling your positions early, if desired.
• Can trade 'No' side: Most sportsbooks only offer odds on whether something will happen, like a player scoring a touchdown. On Kalshi, you can also predict that something won't happen and potentially profit from it.
• Make your own markets: Want to make a prediction on something, but can't find it on the Kalshi platform? Contact Kalshi to submit a new market and watch how users' predictions shape the market.
• Wide availability: You can use Kalshi in Florida and most other states, including many where sports betting is illegal. For example, you can also freely use Kalshi in Georgia. Only Nevada and Washington are restricted.

Cons: ❌

• Not a sportsbook: Trading on sports prediction markets is not the same as making a legal online sports wager, even if it feels similar. You may get vastly different prices (better or worse), and Kalshi doesn't offer the same type of customer support as most dedicated sportsbooks.
• Fees: Kalshi charges a small percentage fee per trade and a flat $2 fee for debit card withdrawals (some other withdrawal methods are free). It's not much, but it could add up if you're a high-volume trader.
• No ongoing promotions: Aside from the welcome bonus for new users, Kalshi doesn’t offer regular promotions, unlike many online sportsbooks. While the referral bonus is great, you can't get it unless you can convince others to sign up with your link.
• Many markets are long-term plays: On the one hand, predicting the 2028 U.S. Presidential Election is a unique opportunity. On the other hand, it means your money is tied up until the ballots are all counted, which is still more than two years away. If you want to make some long-term predictions, you'll need patience.

Kalshi trade options: Limited but enough

When I say that the Kalshi trade options are limited, I am not talking about the number of different markets to trade on. Those are seemingly endless. However, every market boils down to a simple YES or NO pick. For seasoned sports betting who are used to teasing the spread or playing prop markets like Alternate Strikeouts, boiling every trade down a black or white option might seem too simple.

Despite the firm YES/NO trading dynamic, I still had a lot of fun finding interesting markets on Kalshi. Best of all, you can still find those player props — they are just structured slightly differently.

For example, here's how the Pitcher Strikeouts market looks on Kalshi for Yankees vs. White Sox. I could tease Gerrit Cole's number up and down, view the current market prices, and buy at the spot where I saw the most value. 

Kalshi sports to trade on: NFL, NBA, & more

When I checked Kalshi today, there were 19+ different sports markets to trade on. All the most popular leagues are there, including the NFL, NBA, MLB, NHL, and MLS. There's also markets for soccer, tennis, golf, cricket, MMA, eSports, motorsports, boxing, rugby, lacrosse, and even chess. 

Each category expands when you tap it. For example, picking the 'Soccer' market lets you view close to 50 difference leagues and competitions from around the world, featuring both domestic leagues and international or continental competitions. 

I used the World Cup markets to trade extensively on soccer matches throughout the summer. Now that the World Cup has finished, I am sticking with MLB games until the new football season starts. 

Kalshi culture markets to trade on: Politics, Oscars, & more

One of Kalshi's primary marketing slogans in 'Trade On Anything' and they certainly live up to the marketing. Beyond sports, Kalshi has thousands of markets in the following categories: elections, politics, culture, crypto, commodities, climate, economics, mentions, finance, tech, and science. 

In practical terms, that means you can use Kalshi to predict who will win the 2026 U.S. Midterm Elections, the most searched person on Google this year, the next Best Picture winner at the Oscars, or even the opening week box office haul for Avengers: Doomsday.

Here are a few key awards markets and other cultural events available as of October 5, 2026:

Kalshi combos: Work in progress

Parlays (and same-game parlays) have really taken over when it comes to traditional sportsbooks. These types of wagers let you combine multiple picks into a single bet, giving an increased payout if you win (but raising the risks significantly, since missing even a single leg will cause your bet to lose).

Kalshi's attempt to replicate the parlay or SGP experience is Combos. It's the exact same concept, allowing you to combine multiple trades together into a single trade for a larger potential payout if every pick comes through. 

Unfortunately, I found the Kalshi Combos feature to be not fully fleshed out. It does work, but there are limited sports markets available and building my combo on Kalshi didn't feel as intuitive as it does on regular sportsbooks. However, Kalshi only introduced this feature about six months ago. I fully expect it to improve, especially with the 2026-27 NFL season kicking off soon. 

Kalshi trading odds and fees: Solid, not exceptional

Whether I'm trading on sports or any other market, there are two main factors that I need to consider: trading odds and fees. Both have the capacity to cost or save me money, depending on my picks and the platforms I use to make them.

Trading odds

I always recommend shopping around for the best price. So whether you have access to traditional sportsbooks or not, you should always look around to see where you can gain even the smallest of edges.

For example, sometimes I can find a market listed at 56% on Kalshi that is listed at 58% on another prediction market. If I make a $10 trade, the difference is profit in about $0.40.

At just $10 risked, these differences are minor. However, $0.50 is 4% of my $10 risk, meaning I'm giving away 4% if I trade on the platform with the lowest return. That would be a mistake. 

I found Kalshi's odds to be competitive. There were times that Kalshi offered the highest payout for my picks, but that wasn't always the case. It's always worth checking multiple platforms before making any predictions to ensure you get the best possible pricing. 

Trading fees

Unlike sportsbooks, which bake their profits into the odds via the vig or juice, prediction markets charge trading fees.

Kalshi's maker fee formula is: M x 0.07 x C x P x (1-P), rounded up to the nearest cent. 

Kalshi's taker fee formula is: M x 0.0175 x C x P x (1-P), rounded to the nearest cent.

• P = the price of a contract in dollars (50 cents is 0.5).
• C = the number of contracts being traded.
• M = the multiplier for each contract (default is 1 unless otherwise indicated).

In practice, this means that trading on markets priced close to 50% have the highest fees, while extreme percentages like less than 2% or higher than 98% have zero fees. 

Kalshi's fees average out to about $0.07 per contract and max out at $1.75 per 100 contracts. In simple terms, I found myself paying anywhere between 1% and 5% on my event contracts, depending on the price and how many shares I bought. 

Kalshi customer support: Responsive & smart

Kalshi customer support is limited to email, as live chat is not available. For a quicker response, I joined the Kalshi Discord. You can also try to reach them on their social media profiles.

As a test, I contacted Kalshi support to ask how to obtain my profit and loss statements following the 2026 World Cup. An agent helpfully guided me to the right spot in my account settings to see all of trades, easily outlining my wins, losses, and total net spend. 

Kalshi payment methods: Smooth banking, decent selection

Kalshi accepts several deposit methods with varying limits, fees, and transaction times. Here are your options:

• Debit card: $2,500 maximum every 24 hours with immediate deposit.
• Bank transfer: $10,000 maximum per transaction, usually instant but up to three business days.
• Crypto (USDC): $50,000 daily limit with transactions clearing in 30 minutes, on average.
• Wire transfer: $1,000 minimum cleared on the same day or the next.

Banking fees

Kalshi allows you to withdraw your funds directly to your bank account with no limits or fees in about one to four business days. Debit card and crypto withdrawals are much quicker, taking around 30 minutes on average, but they have a $2,500 max limit. Additionally, debit card withdrawals come with a flat $2 fee.

Kalshi Pro

Kalshi Pro is the latest from the prediction market platform, designed to provide a "desktop trading workstation" for active traders. You won't find Kalshi Pro in the Kalshi app, and the mobile version of the site is not good. There is simply too much information, and many important elements end up overlapping. This is definitely a desktop service.

Before I get further into this, I want to highlight that Kalshi Pro is in beta testing, so I assume many of the issues I mention will be addressed in future versions of the product.

I'm an avid Kalshi user, but I have to say, Kalshi Pro felt very overwhelming. It's not really all that similar to the Kalshi app. While prediction markets are listed across the top, you won't find specific games, and the search tool isn't great.

While on Kalshi Pro, I tried searching for props related to the France vs. Spain World Cup semifinal, which was played earlier this year. Typing "France" into the search bar only returned a few results, and I couldn't find Team Totals at all. I found these props much more easily in the Kalshi app.

I also didn't love that I had to purchase a set number of shares rather than being able to make purchases with a set amount. For example, I couldn't just purchase $25 worth of shares for France to score more than 1.5 goals. I had to purchase whole contracts instead, which meant doing some extra math. While some may prefer this, as the number of contracts you purchase is your payout if your contract is correct (25 shares settle for $25 no matter what), I'd like to see Kalshi offer both options.

With my first Kalshi Pro purchase, I bought contracts for France to earn fewer than 4.5 corners against Spain. As you will see below, I typed in corners, then selected what I wanted. Once I did, more options popped up, some of which weren't available in my initial search. Then, I simply typed in the number of shares I wanted and clicked "Review Buy."

Here's a look at the process:

How I trade on popular Kalshi markets

I've already talked about how I traded on MLB games to earn the Kalshi welcome bonus. However, there's so much more to Kalshi than just sports markets. It's one of the best places to make predictions for upcoming elections, the future price of cryptocurrencies, or even what the weather will be like. 

Here I make a series of trades on these markets.

How I trade on Kalshi political markets

Kalshi is one of the few platforms to offer political markets in the United States. The prediction market platform made a name for itself during the last U.S. presidential election, then furthered its notoriety during the recent New York City mayoral race.

Kalshi has dozens of political markets, ranging from election results, future legislation and tariffs, and even Trump's approval rating. It's not limited to the United States, either. You can trade on hundreds of specific markets for international politics too.

Looking ahead, here are a few markets I expect to draw significant trading action on Kalshi:

• Which party will win the U.S. House next year? (Democratic Party/Republican Party)
• Democratic Presidential nominee in 2028? (Gavin Newsom/Alexandria Ocasio-Cortez)
• Which party will win the U.S. Senate next year? (Republican Party/Democratic Party)

Here's a particularly juicy market I traded on: Will Trump be impeached before Jan. 1, 2028?

Kalshi currently says there's a 61% chance of it happening, buoyed by midterm polling suggesting the Democrats could retake the House or Senate (or both) this fall. Unfortunately, this trade won't settle for another 18 months. However, if the odds spike upwards, I may be able to sell my position for a small profit before that.

How I trade on the weather 

Dig a little deeper into Kalshi's prediction markets, and you'll find some truly unique categories. For example, Kalshi lets you trade contracts on multiple weather events.

Most of the available markets are daily predictions for specific cities, such as "highest temperature in New York City today." But you can also go longer term with markets like "number of tornadoes this month" and "rain in NYC this month." 

Here's a simple one: how hot will it get in New York City today? Kalshi offers a 56% chance that the thermometer will max out at 78° or 79° F today in the Big Apple. I bought $10 worth of YES contracts.

The Market Rules for these types of trades will tell you exactly where the temperature is recorded. In this case, it's the highest temperature recorded in Central Park by the daily National Weather Service's Climatological Report.

How I trade on the value of Bitcoin

Think you can predict how high the value of Bitcoin will rise before the end of the year? Kalshi allows you to participate in the Bitcoin value prediction markets. Think Bitcoin will hit $60,000 before it hits $100,000? Then head over to Kalshi to make your prediction. You can also trade on other popular cryptocurrencies, like Ethereum or Solana. 

I don't know much about crypto, admittedly. However, Kalshi offers a whole section on crypto trading and I wanted to check it out. I bought $10 worth of contracts on "Bitcoin at or above $63,700 at 2 PM EST today." 

As I watched the live value ticker, Bitcoin hit just under $64,000 around 1 PM EST but then dropped back down below my contract by about 1:40 PM. This one is going to be a photo finish, I think.

[Editor's note: Bitcoin traded at $63,607.95 at 2 PM EST on June 28, 2026, rendering this trade a LOSS.]

Why Kalshi is different from traditional sportsbooks

Prediction markets are a fairly new product, so a lot of my friends are naturally asking me what makes Kalshi different from a regular sportsbooks like FanDuel or BetMGM. 

The differences are subtle, but important, from both a legal and user experience perspective:

Kalshi

• Regulated at the federal level by the CFTC.
• Trade contracts at current market prices.
• Other users buy the opposing sides, similar to buying/selling stocks.
• Can sell positions any time before they resolve.

Traditional sportsbooks

• Regulated at the state level by individual state gaming commissions.
• Bet against the house at fixed odds, which contain built-in profit margins (the "vig" or "juice")
• Your bets are locked in until they resolve (barring any Early Cashout features).

Exiting positions early

My favorite part about using prediction markets is that I can sell my contracts at any time, assuming there is a buyer. If my contracts have increased in value, I can sell before the event resolves to secure a profit. On the flip side, I can also choose to cut my losses and sell contracts that have since dropped in value. 

Some sportsbooks offer an Early Cash-Out feature. However, it doesn't function quite the same. First, not all bets are eligible to be cashed out and sportsbooks often limit the feature on wagers that look likely to lose. Secondly, the dollar figure they offer to cash out early is usually not a fair market price. Instead, it's a number they hope you will take so they can avoid a larger loss. 

Regulation and legal status

The most important difference between Kalshi and traditional sportsbooks is their respective legal statuses. It's a subtle difference, and one that the average user might not even notice or care about.

Kalshi is federally regulated by the Commodity Futures Trading Commission (CFTC), since event contracts are designated as a financial products. Sportsbooks are regulated by individual state gambling commissions.

Since federal regulation generally supersedes laws from the state level, Kalshi is available in most states that don't have any form of legal online betting.  

Why Kalshi is different from stock and crypto trading

Kalshi combines two existing products into a single, unique platform: traditional betting and stock or cryptocurrency trading.

The traditional financial trading model focuses on investing in specific companies or digital assets like Bitcoin. In these cases, I would actually have ownership of the assets: 100 shares of Apple, for example, or $1,000 worth of Bitcoin. 

Trading on Kalshi is difference, as there's nothing to own. Instead, you are merely purchasing event contracts on real world outcomes, which pay out $1.00 each (if you predicted correctly) or $0.00 each (if you didn't).

How I trade responsibly with Kalshi

Whether you consider it trading on event contracts or just regular ol' gambling, there's one important thing to remember: the risk of losing your money is very real. 

As with any product that involves financial risk, you need to be careful. Always trade within your means, don't overextend your bankroll, and never chase losses. 

Kalshi offers a number of useful responsible trading tools, including timed breaks, deposit limits, and self-exclusion options. They even partner with Birches Health, a leading provider of specialized treatment for modern digital addictions and compulsive behaviors.

I made sure to set up my daily, weekly, and monthly deposit limits when I created my Kalshi account, just as a safeguard. 

Finally, don't hesitate to call one of the national help lines if you feel like you're in over your head: 1-800-MYRESET or 1-800-GAMBLER.

What’s the latest with Kalshi?

Keeping up with the ever-changing landscape of Kalshi (and other prediction markets) is a full-time job. But hey, it literally is my job, so I've done the work to gather all the important information for you and present it here, in one place. 

This section will outline major changes we've made to this page, along with the latest news from Kalshi.

Recent page changes

• Oct. 1, 2026: Removed older news updates from the page.
• Sept. 23, 2026: Updated list of active Kalshi promo codes, clarified legal situation in Washington, reduced file size of mobile screenshots.
• Sept. 14, 2026: Updated trending culture markets; expanded bonus table to include more details.
• Sept. 1, 2026: Added recent Kalshi news updates, plus updated competing promos from other prediction markets.
• Aug. 19, 2026: Updated page with new Kalshi welcome offer: Trade $25, Get $35 in Bonuses.  

Recent Kalshi news

October 2026

-CBS announces that Kalshi will be providing data for the network's coverage of the upcoming midterm elections. 

-Kalshi pursues another round of funding (of roughly $1 billion), which would put the valuation of the company at $40 billion. 

September 2026

-The U.S. Sixth Circuit Court of Appeals becomes the second federal appeals court to issue a serious legal blow against Kalshi. The Court sided with earlier rulings from Ohio and Tennessee, which held that Kalshi violated state gambling laws. 

-Kalshi launches a new marketing campaign featuring Marshawn Lynch and Pete Sampras to coincide with the opening weekend of NFL games. Kalshi saw more than $388 million in trading volume on NFL single-game event contracts on the first Sunday of football of the new season. 

-Kalshi continues to wage legal battles in multiple states, as New Jersey formally petitions the U.S. Supreme Court to hear arguments about whether prediction markets can bypass state betting laws.   

-Kalshi accuses Washington State regulators of singling them out in legal action against prediction markets, arguing that if it cannot offer certain markets in the state, competing brands should also not be allowed to offer them either. 

-Kalshi suspends and fines North Carolina Congressional candidate Laurie Buckhout (R) for trading on her own election race. Buckhout is now banned from Kalshi for three years and subject to over $2,500 in fines. 

Other prediction market platform promos I recommend

I think Kalshi is the best in the business, but it's far from the only game in town. There are several great options, including the Novig Promo Code, FanDuel Predicts Promo Code, and the ProphetX Promo Code.

Here are other top platforms that you should check out:

Polymarket - Deposit $10, Get $25

I used the Polymarket promo code SBR to claim a $25 welcome bonus after signing up. All I had to do was deposit $10, with no actual trading requirements, to collect the bonus.

OG - Trade $10, Get $10

The OG welcome bonus will get you a simple $10 in bonus funds after making your first trade of $10 or more. I didn't need an OG promo code to get started here, and you won't either. 

Underdog - 50% Deposit Match up to $1000

Underdog recently launched its own prediction market and hit the ground running with a welcome bonus that offers a higher maximum value than almost every other brand: up to $1,000 in bonus funds through a 50% first-deposit match. Use the Underdog promo code SBRBONUS to get started. 

Additional prediction market options

While the options above are more than enough to get you started, I also recommend exploring the Plus500 promo code, Moon Promo Code, Onyx promo code, Gemini predictions promo code, and Fanatics Market Promo Code.

• Sleeper Markets Promo Code - Get a $20 no deposit bonus, plus up to $100 in deposit matching bonus funds.