Kalshi was founded in 2018 by Tarek Mansour and Luana Lopes Lara. In 2020 it became the first exchange approved by the CFTC to offer event contracts to US traders. Now based in New York and valued at $22 billion, it’s the largest prediction market in the US. It handles tens of billions of dollars in monthly trading volume and is integrated into Robinhood, Webull and Coinbase.
Kalshi works as an exchange rather than a sportsbook. You buy Yes or No contracts priced from 1¢ to 99¢ on real-world outcomes. Correct contracts pay $1, so the price tells you the market’s view of the probability. Because you trade against other users, you can also sell a position before the event ends to lock in profit or cut losses.
What stands out
No prediction market in the US has a wider range of markets. Sports make up most of the volume: NFL, college football, NBA, MLB, soccer, player props, futures and Combos, which are parlay-style trades. You can also trade on elections and the 2026 midterms, CPI and Fed rate decisions, the weather, music and awards, crypto prices and more.
Banking is fast and flexible. Kalshi supports debit card, Apple Pay, Google Pay, ACH, PayPal, Venmo, Cash App, crypto and wire. Debit, PayPal, Venmo and crypto withdrawals usually land within 30 minutes. Idle cash and open positions earn a variable 3.25% APY. New users get guaranteed trading credit, paid win or lose, once they deposit and trade $25.
The apps are highly rated: 4.8/5 on iOS from more than 550,000 reviews, and 4.7/5 on Android. Serious traders get limit orders, a Kalshi Pro desktop terminal and API access. Partnerships with the NHL, CNN, CNBC and Fox News have made Kalshi’s odds a common reference point in mainstream coverage.
Worth knowing before you sign up
Kalshi is federally regulated, but several states are fighting prediction markets in court. Sports contracts are currently blocked in Nevada, Washington, Michigan and Massachusetts. A September 2026 appeals ruling puts Ohio and Tennessee at risk too, though non-sports markets remain widely available.
Kalshi charges a trading fee on each contract, up to $1.75 per 100 contracts at a 50¢ price. Maker fees now apply to filled limit orders. Card and PayPal deposits carry a processing fee of about 2%, and deposited funds face a security hold before they can be withdrawn. Liquidity can be thin on niche markets. User reviews point to slow human support responses and extra checks on large deposits.
The verdict
Kalshi is the market leader in US prediction markets for good reason. It has the deepest liquidity, the widest range of markets, instant withdrawals and full CFTC oversight. For anyone who wants to trade on sports and real-world events from one app, it’s the natural first choice. Keep an eye on your state’s status for sports contracts.
