For sports fans, that distinction matters. Instead of a sportsbook setting fixed odds and taking the other side of your bet, Kalshi uses an order book. Contract prices change as traders buy and sell, and a contract that settles correctly is generally worth $1.

Kalshi is regulated by the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market. However, its sports markets are also at the center of an ongoing dispute over whether states can apply their own sports betting and gambling laws. That means availability should be checked before trading rather than assuming every Kalshi market is available everywhere in the US.

Kalshi Promo Code and New Customer Offer

Kalshi does not currently publish one permanent nationwide welcome bonus with a fixed promo code in the way many sportsbooks do.

Instead, Kalshi operates referral and partner promotions, and the reward can change. Kalshi says the current bonus amount and qualifying trading requirement are displayed in the user’s Rewards section.

A referral code can be entered during signup. In some cases it can also be added for up to 72 hours after opening the account, provided the customer has not already made a first deposit.

Referral credits are normally intended for trading rather than direct withdrawal. Profits generated from the credit can be withdrawn, while the original promotional credit generally cannot. Kalshi says referral credits normally expire after 30 days unless different terms are stated.

This is an area where customers should check the exact offer displayed when joining rather than relying on an old Kalshi promo code found online.

What Is Kalshi?

Kalshi is best understood as an exchange for event contracts.

Each market asks a question about a future event. A simple example could be:

Will Team A win tonight?

If a Yes contract trades at 60 cents, the market is effectively pricing the outcome at around a 60% probability. A No contract will trade around the opposite side of the market.

If you buy Yes at $0.60 and the market ultimately resolves Yes, the contract pays $1. Your gross gain is therefore $0.40 per contract before trading fees.

If the event resolves No, the Yes contract becomes worth $0.

Prices aren’t set permanently by Kalshi. Buyers and sellers submit orders, and the resulting market determines the price.

That also means Kalshi prices should not be treated as guaranteed probabilities. They reflect the prices available from traders in that market at that moment.

Kalshi Sports Prediction Markets

Sports has become one of the largest parts of Kalshi.

Current markets cover leagues and events across football, basketball, baseball, tennis, golf, soccer, cricket and other sports, with markets ranging from individual games to season futures and championship outcomes.

Depending on the sport and event, customers may find familiar concepts such as:

Game winners, spreads, totals, championship winners, division winners, season win totals, tournament advancement and player-related markets.

There are also Combos, Kalshi’s version of combining several outcomes into one position.

Combos are technically separate event markets rather than conventional sportsbook parlays. Pricing is obtained through a Request for Quote system, and every component generally needs to settle successfully for the combo to pay its full $1 contract value.

That distinction may sound technical, but it matters. Kalshi’s sports product increasingly resembles online sports betting from a user perspective while the underlying product remains a derivatives exchange.

Is Kalshi Legal and Regulated?

Kalshi is a CFTC-regulated Designated Contract Market. Its DCM designation dates to November 2020, and it began offering event contracts afterward.

That does not, however, make the legal position of every Kalshi sports contract simple.

Kalshi’s position has been that its event contracts are federally regulated derivatives and therefore fall primarily under federal commodities law.

Several state gaming regulators disagree. They argue that contracts based on sports results amount to sports wagering and must comply with state gambling laws and licensing requirements.

This disagreement has produced significant litigation.

In 2026, courts in Massachusetts, Nevada, New York, Michigan and Washington have issued decisions or orders restricting Kalshi’s sports-event activity or allowing state gambling enforcement to proceed. Washington’s August 2026 order went further and required Kalshi to restrict several other types of prediction markets in the state as well.

Other courts have reached different conclusions. For example, Kalshi has won favorable rulings concerning federal preemption in other jurisdictions, so the legal question is not settled nationally.

For bettors, the practical point is simple: don’t interpret “CFTC regulated” as meaning every sports market is automatically available in every state.

This is also why we would not publish a static list claiming Kalshi is legal in all 50 states. State availability is changing too quickly.

How Kalshi Fees Work Compared to Sportsbooks

Kalshi does not make money through a traditional sportsbook margin. The exchange charges transaction fees.

Its standard taker-fee formula is:

0.07 × number of contracts × price × (1 − price)

Fees therefore change according to the price of the contract. They are highest around the middle of the market and lower when an outcome trades close to $0 or $1.

For example, buying 10 contracts at 50 cents produces a standard transaction fee of approximately $0.18.

You would spend $5 on the contracts plus the applicable fee. If those contracts ultimately settle at $1 each, they pay $10.

Some markets use different fee schedules, and Kalshi tells customers to check the fee shown in the order panel before confirming a trade.

Maker vs. Taker Fees

An important feature for more experienced traders is the difference between maker and taker orders.

A taker accepts liquidity already available in the order book and trades immediately.

A maker places an order at a chosen price and waits for someone else to accept it.

Some Kalshi markets charge maker fees as well, although these are generally lower than standard taker fees. Kalshi’s February 2026 general maker formula uses a 0.0175 multiplier compared with 0.07 for the standard immediate-execution fee.

This is one way Kalshi differs materially from a normal sportsbook: how you place the trade can affect your cost.

Liquidity Matters on Kalshi

Another difference from sportsbook betting is liquidity.

A sportsbook normally accepts an eligible wager directly, subject to its limits. On Kalshi, you need somebody on the other side of your trade.

Popular markets can have substantial trading volume and deep order books. Smaller or more unusual prediction markets may have much less liquidity.

This becomes especially important if you want to exit before settlement.

Kalshi lets traders sell an existing position, but a buyer must be available at an acceptable price. In a thin market, the actual cash-out price can be worse than the displayed portfolio value, or it may not be possible to sell the entire position immediately.

For that reason, market volume, bid-ask spread and order-book depth are worth checking before entering larger positions.

3.25% APY on Eligible Kalshi Balances

One unusual Kalshi feature is interest on eligible balances.

Kalshi currently advertises a 3.25% variable APY for qualifying US customers with at least $250 in eligible portfolio value. Interest accrues daily and is generally paid monthly.

Importantly, the calculation can include both available cash and the value of open qualifying positions.

The rate is variable, so 3.25% should not be treated as guaranteed permanently.

For customers holding longer-term prediction contracts, however, earning interest while capital remains committed is a genuine difference from a standard sportsbook account.

How To Sign Up for Kalshi

Opening an individual Kalshi account requires customers to be at least 18 years old. Kalshi also carries out identity verification to comply with its regulatory obligations.

The process is relatively straightforward:

1. Create a Kalshi account using email, Google or Apple.
2. Verify your email address and phone number.
3. Provide the requested personal information.
4. Complete identity/document verification if required.
5. Enter an eligible referral or partner code before depositing.
6. Deposit funds and select a market to begin trading.

Kalshi requires both email and phone verification and may request additional documentation as part of KYC checks.

There is also an official Kalshi demo environment that allows users to explore trading with mock funds before risking real money.

Kalshi Deposit and Withdrawal Methods

Kalshi supports considerably more payment methods than many trading platforms.

The normal minimum deposit is $10, while wire transfers have a $1,000 minimum.

ACH deposits have no Kalshi processing fee. Debit deposits may carry a 2% processing fee, which makes ACH the more economical option for many US customers.

ACH deposits generally settle within five business days, although Kalshi may make part of the balance available earlier.

Withdrawals by ACH are free and normally reach the bank within several business days. Debit-card withdrawals are also free from Kalshi and can arrive within hours, although individual banks and payment processors can delay them.

Recently deposited funds can be subject to security holds. Trading profits above the deposited principal are not subject to those same deposit holds.

What Can You Trade on Kalshi?

Sports is only part of Kalshi.

The exchange currently lists markets covering areas such as politics, economics, financial markets, crypto, climate and weather, technology, entertainment and culture alongside sports.

That variety is one of Kalshi’s strongest differentiators.

A customer could potentially trade an NFL result, a Federal Reserve decision, an inflation reading, a cryptocurrency price threshold and an entertainment outcome from the same account.

Every market has its own settlement criteria and designated information source. Traders should read these rules rather than assuming the wording of the headline alone determines the result.

Kalshi says determination can sometimes take from around an hour to more than 12 hours after a market closes, depending on when the specified source publishes the required data.

Kalshi Customer Support

Kalshi recommends contacting support through its in-account support messenger, which allows support staff to access relevant account information more easily.

Email support is available as a backup for customers unable to use the chat system.

Kalshi currently does not offer telephone or text-message customer support.

Responsible Trading Tools

Kalshi trading involves real financial risk. A losing event contract can become worthless, meaning the trader can lose the full amount paid for the position plus applicable fees.

Kalshi has expanded its responsible-risk tools during 2026. Customers can set controls including personalized funding limits, and Kalshi also provides longer-term responsible trading restrictions. Once certain restrictions are activated, they cannot simply be reversed before their selected period expires.

This is particularly relevant as the distinction between financial trading and gambling becomes less obvious on sports and entertainment markets.

Kalshi FAQs

Is Kalshi a sportsbook?

No. Kalshi is a CFTC-regulated prediction market exchange. Users trade event contracts against other market participants rather than placing conventional bets directly against a sportsbook. Its sports markets can nevertheless look and behave similarly to sports betting products.

What is the Kalshi promo code?

Kalshi uses changing referral and partner promotions rather than one permanent public promo code. The bonus amount and required trading activity can vary. A referral code generally needs to be entered before the first deposit and can in some cases be added within 72 hours of signup.

How much does a Kalshi contract pay?

A standard successful binary event contract generally settles at $1, while an unsuccessful contract settles at $0. The amount you profit depends on the price you paid and applicable fees.

Can I cash out a Kalshi trade early?

Yes, if there is sufficient liquidity. You can sell contracts before the event settles, but the price depends on buyers available in the order book. A low-liquidity market may be harder or more expensive to exit.

Is Kalshi legal in every US state?

Kalshi is federally regulated by the CFTC, but the availability of specific event contracts — particularly sports markets — is being challenged by multiple states. Court orders have already restricted Kalshi activity in several jurisdictions during 2026. Customers should check current availability from their location.

How old do you need to be to use Kalshi?

Kalshi requires individual account holders to be at least 18 years old and to complete its identity-verification requirements.

Does Kalshi charge deposit fees?

ACH bank deposits are free. Debit-card deposits may carry a 2% processing fee. Fees for other methods can depend on the payment provider or transfer method.

Is Kalshi Worth Using?

Kalshi is considerably more interesting than simply calling it another way to bet on sports.

For sports users, the ability to trade game outcomes, futures and combinations is familiar, but the exchange model changes the economics. Prices come from other market participants, liquidity matters, positions can be traded before settlement and fees depend partly on how and where an order is executed.

The wider prediction-market catalog is arguably its biggest advantage. Kalshi lets customers trade outcomes that traditional sportsbooks generally do not cover, ranging from economic data and weather to technology and entertainment.

There are drawbacks.

The fee system takes more effort to understand than sportsbook odds, less-liquid markets can be difficult to exit efficiently, and the state-by-state legal position of sports prediction markets remains unsettled in 2026.

For users who understand those differences, Kalshi offers something genuinely distinct from a conventional sportsbook. For someone who simply wants to place a straightforward moneyline bet and forget about order books, liquidity and transaction fees, a licensed state sportsbook may remain easier to use.

For US customers, however, there is an important distinction. Polymarket US is a separate, CFTC-regulated exchange, while Polymarket.com is the company’s international crypto-based platform. US residents must use Polymarket US rather than the international website.

Polymarket US currently offers sports markets covering leagues including the NFL, NBA, MLB, NHL, college basketball, soccer, tennis and golf. Contracts normally trade between $0 and $1 and settle at $1 if the selected outcome occurs and $0 if it does not.

Polymarket Promo Code and New Customer Offer

Polymarket US currently documents a $20 first-deposit incentive for eligible new participants who onboard through an approved Independent Software Vendor, or ISV.

The published rules state that a new participant must successfully open an account and deposit at least $1. The $20 incentive credit is then applied within 30 days after the requirements are satisfied.

This does not necessarily mean every Polymarket signup link or promo code offers identical terms. Polymarket US also operates referral and other incentive programs, so bettors should check the specific offer displayed when registering rather than relying on an older code found online.

If USA.bet has its own Polymarket referral or affiliate code, that should be entered here with the exact qualifying conditions.

What Is Polymarket US?

Polymarket US is a prediction market exchange rather than a conventional sportsbook.

Each market is based on the outcome of a future event. A contract might ask whether a team will win a game, whether an NBA matchup will exceed a certain total or which team will win a championship.

If a Yes contract costs $0.60, the market is effectively pricing that outcome at around a 60% probability.

If you buy at $0.60 and the event resolves Yes, the contract settles at $1 and your gross gain is $0.40 before fees.

If it resolves No, the contract settles at $0 and you lose the $0.60 paid for it.

Unlike a sportsbook, Polymarket does not simply set odds and accept the opposing side of the wager. Orders are matched through an exchange order book against other participants.

That difference affects prices, fees and the ability to exit a position before the event has finished.

Polymarket US vs Polymarket.com

This distinction is particularly important for American users.

Polymarket.com is the international version. It operates using blockchain technology and crypto-based collateral.

Polymarket US is the regulated American platform operated through QCX LLC d/b/a Polymarket US. It uses US dollars and operates as a CFTC-regulated Designated Contract Market.

The accounts are separate.

US residents cannot simply create an international Polymarket.com account and trade there. Polymarket states that US customers should use the Polymarket US app, while Polymarket.com blocks US residents from depositing or trading.

This is important because descriptions of crypto deposits, USDC wallets and international Polymarket fees do not necessarily apply to Polymarket US.

Polymarket Sports Prediction Markets

Sports is currently one of the main focuses of Polymarket US.

Available contract structures include familiar sports-betting concepts such as:

• Game winners
• Spreads
• Totals
• Championship futures
• Tournament and playoff outcomes
• Player and team-related futures
• Exact-score and advancement markets

Polymarket’s official sports documentation specifically lists Winner, Spread, Total and Future contracts.

From the user’s perspective, a Polymarket moneyline can therefore look very similar to a sportsbook moneyline.

The economics are different.

At a sportsbook, you accept a price offered by the operator. At Polymarket, the price comes from bids and offers entered by market participants.

That makes liquidity and the spread between buyers and sellers important.

How Polymarket Odds Work

Polymarket contracts are generally priced between $0.01 and $0.99.

A contract trading at:

$0.25 ≈ 25% implied probability
$0.50 ≈ 50% implied probability
$0.75 ≈ 75% implied probability

If a contract settles successfully, it pays $1.

The market price is not a guarantee that the probability is correct. It simply represents the price at which traders are currently willing to buy and sell.

That distinction becomes especially relevant in less-liquid markets, where relatively small trades can move prices more dramatically.

Can You Sell a Polymarket Position Early?

Yes.

One major difference between a prediction exchange and a traditional bet is that you don’t necessarily need to wait for the event to settle.

Suppose you buy a contract at $0.40 and new information pushes it to $0.70. You may be able to sell your position around the new market price and take the profit rather than waiting for the final outcome.

Polymarket US uses a central limit order book with price-time priority, meaning orders at better prices are matched first, followed by older orders at the same price.

However, the ability to exit depends on another trader being willing to take the opposite side.

Liquidity therefore matters.

A headline portfolio value does not necessarily mean you could sell a large position instantly at exactly that price.

Polymarket Fees Explained

Polymarket US charges trading fees using a formula based partly on the probability represented by the contract price.

The standard formula is:

Fee = 0.05 × number of contracts × price × (1 − price)

Fees are highest around a 50/50 market and decline as the price moves toward $0 or $1.

For example, buying 100 contracts at $0.50 creates $50 of contract value.

The current published taker fee for that trade is $1.25.

At $0.25 or $0.75, the fee for the same 100 contracts is lower because there is less uncertainty in the contract price.

This is quite different from reading American or decimal sportsbook odds, so customers should check the actual fee displayed when trading rather than looking only at the headline contract price.

Maker Rebates

Polymarket also rewards traders who add liquidity.

A taker places an order that immediately matches liquidity already available in the market.

A maker places an order that remains on the book waiting for another trader to accept it.

Polymarket US currently provides a maker rebate equal to 25% of the equivalent taker fee, credited when the trade is filled.

For casual sports users this may not make much difference.

For frequent or higher-volume traders, however, whether an order adds or removes liquidity can materially affect trading costs.

Polymarket Rewards and Trading Incentives

The first-deposit incentive isn’t the only rewards system on Polymarket US.

The exchange also runs incentive programs designed to encourage both trading volume and liquidity.

These have included:

Volume incentives for generating eligible trading activity.

Liquidity incentives for leaving competitive resting orders in the order book.

Fill incentives for orders that provide liquidity and are subsequently executed.

Market-maker programs for approved professional participants.

The amounts can be substantial on markets Polymarket particularly wants to develop. For example, its 2026 documentation has listed dedicated reward pools around NBA games, esports, politics, weather and macroeconomic contracts.

These programs should not be confused with guaranteed cashback. Rewards depend on the applicable program rules, trading volume, order placement and competition from other traders.

For most casual users, the headline signup incentive and standard trading fees will matter more.

Is Polymarket Legal in the USA?

Polymarket’s US legal history requires some context.

In January 2022, the CFTC ordered the original Polymarket operation to pay a $1.4 million civil penalty for offering event-based binary options without operating as a registered exchange. The company was also required to wind down non-compliant markets.

The situation today is different.

QCX LLC d/b/a Polymarket US was designated as a contract market by the CFTC on July 9, 2025. The CFTC currently lists Polymarket US as a designated exchange.

That makes Polymarket US a federally regulated product.

However, there remains a major dispute over sports prediction markets.

Several states argue that contracts based on sports results are effectively sports wagering and should therefore require state gambling licenses. Prediction-market operators and the CFTC argue that these contracts fall under federal commodities law and CFTC jurisdiction.

Courts have not produced one uniform nationwide answer, and states continue to challenge prediction-market operators. In July 2026, attorneys general from 44 states urged the CFTC to reconsider its position on sports-related prediction markets.

As a result, Polymarket availability can vary by location and market type.

This is why we would not describe Polymarket sports markets simply as “legal in all 50 states.”

Federal regulation is clear. The interaction between that federal framework and state gambling law remains contested.

Where Is Polymarket Available?

Polymarket US is designed for American customers, but sports-market availability can change as litigation progresses.

As of August 2026, several jurisdictions have imposed or pursued restrictions, while other states continue to allow access during ongoing legal disputes. Current state maps show particularly significant restrictions in places including Nevada, Michigan and Washington, while litigation or regulatory challenges remain active elsewhere.

Because this area is changing quickly, customers should check the Polymarket US app for current availability from their location rather than relying on an old state list.

How To Sign Up for Polymarket US

For US customers, signup takes place through the Polymarket US app.

The basic process is:

1. Download the Polymarket US iOS app.
2. Create an account.
3. Complete the required identity verification.
4. Enter an eligible partner or referral code if applicable.
5. Add a payment method.
6. Deposit funds.
7. Choose a market and place a trade.

Identity verification must be completed before trading.

The US app is currently available for iPhone. Polymarket says an Android version is coming to Google Play, while US customers cannot use Polymarket.com as an alternative for real-money trading.

Polymarket Deposit and Withdrawal Methods

Polymarket US is fiat-based, which makes funding considerably more familiar to American customers than the international crypto platform.

Current payment integrations include:

ACH transactions are handled through Aeropay, while card and Apple Pay payments use Checkout.com. Polymarket’s documentation says ACH generally takes one to three business days, while card and Apple Pay funding can be instant.

Withdrawals can also be processed back through supported banking or card channels, subject to account and funding-source requirements.

This is another reason US customers should avoid relying on old Polymarket reviews that describe the platform as requiring cryptocurrency.

That applies to the international product, not the current Polymarket US exchange.

What Else Can You Trade on Polymarket?

The international Polymarket platform is known for an enormous variety of markets covering politics, economics, crypto, technology, culture, weather and geopolitical events.

Polymarket US launched with a heavier sports focus, but its regulatory filings show a much broader range of event contracts being developed.

CFTC filings in 2026 include Polymarket US contracts connected with elections, government appointments, cultural charts, product releases, IPOs, economic events and sports.

Polymarket US documentation has described politics, culture, finance and economics as additional categories being added alongside its sports offering.

For USA.bet readers, however, sports remains the most directly comparable product to a sportsbook.

Polymarket Customer Support

Polymarket US has its own support operation separate from Polymarket.com.

US customers can contact support through:

In-app support
Email: support@polymarket.us

The international platform uses a different support address, another reason to make sure you are looking at documentation for the correct version.

Polymarket FAQs

Is Polymarket a sportsbook?

No. Polymarket US is a CFTC-regulated prediction market exchange. Users trade event contracts with other market participants rather than placing conventional bets directly against a sportsbook.

Does Polymarket have a promo code?

Polymarket promo code is POLY20 to claim $20 first-deposit credit for new users, you need to deposit at least $1.

How much does a Polymarket contract pay?

A successful standard contract settles at $1, while an unsuccessful contract settles at $0. Your actual profit depends on the price paid and applicable trading fees.

Can I cash out before a game finishes?

You can sell an open position before settlement if sufficient liquidity is available. The price may have moved up or down since your original trade.

Does Polymarket charge fees?

Yes. Polymarket US charges taker trading fees based on the contract price and number of contracts. Fees are highest around a 50% probability. Traders who provide liquidity may receive maker rebates.

Can Americans use Polymarket?

Yes, through Polymarket US where available. US residents cannot trade through the international Polymarket.com platform.

Is Polymarket legal in all 50 states?

Polymarket US is federally regulated by the CFTC, but state regulators continue to challenge whether sports-event contracts fall under state gambling laws. Availability therefore differs by location and can change as litigation progresses.

Does Polymarket have an Android app?

Not yet. As of August 2026, the Polymarket US app is available for iPhone and an Android version is listed as coming soon.

Is Polymarket Worth Using?

Polymarket US is one of the more interesting alternatives to a conventional sportsbook because the similarities stop once you look beneath the interface.

You can trade familiar moneylines, spreads, totals and futures, but prices come from an exchange rather than a bookmaker. You can also sell positions before settlement, use limit orders and potentially earn rebates for providing liquidity.

That creates advantages for bettors who understand market pricing.

There are also drawbacks.

Fees are less immediately intuitive than sportsbook vig, liquidity can affect the price at which you enter or exit, the US product is still developing compared with the much larger international Polymarket platform, and the legal battle between federal prediction-market regulation and state gambling law remains unresolved.

For someone who simply wants to bet $20 on an NFL game at displayed odds, a conventional sportsbook is easier to understand.

For users interested in trading probabilities, comparing market prices and exiting positions as information changes, Polymarket offers something meaningfully different.