• Casino & Gaming

Is Kalshi Legit? Here’s What to Know

Is Kalshi legit? That is the question on many bettors’ minds as the betting app has made plenty of headlines recently.

This guide will detail everything bettors need to know about Kalshi. I will analyze the site, explain how Kalshi works, and compare it to other top online sportsbooks.

What is Kalshi?

First and foremost, what is Kalshi? Simply put, Kalshi is a futures trading site regulated by the Commodity Futures Trading Commission (CFTC).

Since the CFTC regulates it, Kalshi is limited in the types of markets it can offer. Members can buy stakes in futures. Essentially, you are betting on a “yes” or “no” option for a given market.

Also, Kalshi does not bank any wagers. The money you win comes from the bettors who bought the opposite side of the futures ticket as you.

Once you have a futures ticket, you can hold onto it until the market is resolved or sell it to another member.

When Was Kalshi Created?

Sports and sports betting have gone hand-in-hand for millennia. Kalshi’s approach to wagering on the outcome of events is unique, though.

The company was started in 2018 by MIT alums Luana Lopes Lara and Tarek Mansour. Lara and Mansour wanted to create a streamlined process for trading on futures that was more efficient than the ones used by Goldman Sachs, Bridgewater, and others.

Who Created Kalshi?

Mansour and Lara created the original idea for Kalshi, but they are not the only ones who have fueled its popularity among futures bettors.

Among the investors in Kalshi are:

• Henry Kravis
• Sequoia Capital
• Mantis VC

Many of the investors in Kalshi have very deep pockets, which allowed the futures trading company to expand rapidly.

How Kalshi Works

Kalshi is a unique way to win money by predicting future events. Let’s take a closer look at how Kalshi works.

What Markets Does Kalshi Offer?

Kalshi only allows members to trade yes or no tickets for select events. Despite only allowing one type of bet, there are dozens of markets available.

Some of the futures tickets available at Kalshi include:

• Politics
• Sports
• Entertainment
• Crypto prices
• Climate
• World events

The list goes on and on. You can buy futures for short-term events, such as the temperature in a given city tomorrow, or wager on long-term markets like the winner of Super Bowl 60.

Kalshi Banking Options

As with a normal sportsbook, you must deposit funds into your Kalshi account to buy futures tickets. This means linking your Kalshi account to your chosen banking option.

The banking options at Kalshi include:

• Debit/Credit cards
• Bank transfers
• Wire transfers
• Cryptocurrency

Kalshi accepts deposits from multiple cryptocurrencies. Approved cryptos offer faster transaction speeds, higher deposit limits, and lower processing fees. 

Kalshi Trading Example

Unlike a traditional sportsbook, every futures event at Kalshi is presented in a yes or no format. Bettors buy stakes on the yes or no side of a given event. You can purchase a stake for between $0.01 and $0.99.

The cost is determined by the public opinion of the likelihood of a given event taking place. Both sides of a contract must equal $1 to pay out. You can purchase multiple tickets for the same event at once.

For instance, if you buy the “yes” option for $0.75, someone else must buy the “no” option for $0.25. The bettor with the winning side of the ticket collects the $1 pot.

Consider this market for the 2028 Democratic presidential nominee.

Newsom’s 12% chance to be the nominee equates to roughly +734 odds. For reference, BetUS lists the following odds for this market:

• Kamala Harris (+400)
• Alexandria Ocasio-Cortez (+600)
• Gavin Newsom (+700)
• Josh Shapiro (+700)
• Pete Buttigieg (+900)

The unique advantage of using Kalshi is that you can wager against specific candidates by purchasing the “no” option on their futures. However, the value of “no” tickets is limited in this market.

Is Kalshi Legal in the US?

Kalshi is not a traditional sportsbook. However, that does not mean it can avoid the regulations that other US-based operators must follow.

The good news for Kalshi is that, since it only trades futures, it does not need to be licensed by a gambling commission. However, it is regulated and licensed by the CFTC.

Current Legal Struggles

It has not all been smooth sailing for Kalshi. The site allowed members to trade futures on political events, including the 2028 presidential election.

The CFTC initially denied Kalshi’s request to offer markets on such political markets. However, a D.C. District Court sided with Kalshi. The CFTC filed an appeal, but that appeal will not be heard by a judge.

Earlier this year, Kalshi appointed President Donald Trump’s son, Donald Trump Jr., as a strategic adviser. Then, President Trump nominated Brian Quintenz to be the new head of the CFTC. Quintez is also a member of Kalshi’s board.

Congress has not yet approved Quintez’s nomination. However, in May, it was announced that the CFTC dropped its appeal against Kalshi.

Is Kalshi Better Than An Online Sportsbook?

Check out the table below to see how Kalshi compares to three of the top sportsbooks in 2025.

Site	Types of Bets	Welcome Bonus	Banking Methods
Kalshi	Futures	N/A	Visa, Mastercard, Bank transfer, Wire transfer, Bitcoin, USD Coin, Ripple, Solana, Worldcoin, and XRP
Bovada	Futures, props, moneylines, parlays	75% up to $750	Visa, Mastercard, Bitcoin, BitcoinCash, BitcoinSV, Litecoin, Ethereum, Tether, Player transfer, Bank transfer, MatchPay
BetUS	Futures, props, moneylines, parlays	200% up to $2,750	Visa, Mastercard, American Express, Bitcoin, BitcoinCash, Litecoin, Ethereum, Bank wire transfer
BetOnline	Futures, props, moneylines, parlays	50% up to $250	Visa, Mastercard, American Express, Discover, Bitcoin, Apecoin, Avalanche, Binance, BitcoinCash, Cardano, Chainlink, Dogecoin, Ethereum, Litecoin, Polygon, Ripple, Solana, Stellar, Shiba Inu, Tether, Tron, USD Coin, Person2Person, Money order, Bank wire transfer

Another factor to consider is how each site gets its odds. Kalshi’s markets are created based on public opinion. Bovada and the other sites above, conversely, consider public opinion but mainly rely on their expert oddsmakers to generate their betting lines.

Kalshi vs. Bovada

Bovada is one of the best offshore sportsbooks and casinos. It has a great online poker room, too. Kalshi does not offer a casino or a poker room, so it is already at a disadvantage compared to Bovada.

Even if you only focus on their sports betting options, Bovada has the edge over Kalshi in just about every category. In addition to offering futures markets like those at Kalshi, Bovada also has prop wagers, moneylines, parlays, and other betting types.

Bovada offers a bigger selection of banking methods as well. Both sites allow for deposits using Visa, Mastercard, bank transfers, and popular cryptos like Bitcoin. However, Bovada also accepts deposits from Litecoin, Ethereum, and Tether.

The sports betting welcome bonuses at Bovada also give it an advantage over Kalshi, which does not offer a true welcome bonus. New members at Bovada have two sports welcome promos, including a crypto-exclusive offer with a 75% deposit match.

Kalshi vs. BetUS

Kalshi does not stack up well against Bovada, but few sites do. How about another top-rated sportsbook, like BetUS?

Like Bovada, BetUS has many advantages over Kalshi. For starters, BetUS offers multiple welcome bonuses.

For instance, the code JOIN200 rewards new members with a 200% deposit match on their first crypto deposit. It includes a 150% sports match and a 50% casino match.

You can use your funds to wager on various sports betting markets, including moneylines, props, and parlays. Of course, like Kalshi, BetUS offers a great selection of futures wagers for its members to enjoy.

One area where BetUS particularly excels is its betting contests. You can wager head-to-head with other members in various contests, such as survivor pools, parlay challenges, and more.

Kalshi vs. BetOnline

Not to be outdone, BetOnline also has tons of great features that make it one of the best sites for betting in 2025. Like Kalshi, BetOnline has dozens of thrilling futures markets to bet on.

The prop and parlay builders at BetOnline give members full control over their betting tickets. Like Bovada, BetUS, and other modern sportsbooks, BetOnline also has a casino section, but Kalshi does not.

Kalshi’s lack of bonus options also stands out when compared to BetOnline. Members of Kalshi can get bonus funds with promo codes, but they must wager a specified amount first to claim them.

BetOnline members can get bonuses from their first deposit. You can also qualify for special bonuses, such as the Risk-Free Same Game Parlay bonus, by meeting specific conditions.

As a member of BetOnline, you can climb up their tiered rewards program for additional rewards. BetOnline also offers contests, including free events, for members to take advantage of.

Is Kalshi Worth Using?

Is Kalshi legit? The site has faced some legal hurdles recently, but it is still a licensed futures trading site. However, its limitations can turn off some bettors who are looking for a conventional sportsbook.

For a traditional sports betting experience, create your BetUS account today. It offers similar markets to Kalshi but provides a broader range of betting types, payment options, and bonus promotions.