Last year, Kalshi made history by offering legal, regulated election trading in all 50 states, unleashing 100 years of pent-up demand.

And considering over $1 billion in election trades were made on our platform, it’s safe to say the public wants more.

That got me thinking.

What if instead of trading on normal things, like Rotten Tomatoes scores and TSA travel volume, we offered the public the chance to trade on some really obscure stuff… like the outcome of sporting events. 

At first, our CEO, Tarek Mansour, poo-pooed the idea, saying it was far too niche for casual users, and would spook our investors

“No one wants to trade on a bunch of grown men tossing around an inflated leather orb,” he said. “Let’s stick to NYC rainfall and hot dog prices.”

But I held my ground, and now Kalshi is offering markets on college and professional sports.

And they are 100% legal in all 50 states!

You’re welcome, America!

Legal sports trading in all 50 states…

Of course, many states have already legalized sportsbooks. And that’s great, if you happen to live in a state that has them. But millions of Americans don’t.

And for those Americans who do have access to legal sportsbooks, we offer a different product...

An exchange, not a sportsbook

We’re not a sportsbook. We’re an exchange. That means we’re regulated, at the federal level, by the Commodity Futures Trading Commission (CFTC).

As such, we are 100% legal everywhere in the US, including Washington, DC and other US Territories. Hell, if you happen to be in Guam or American Samoa, we’ve still got you covered.

^{This is an opinion, not financial advice. The views expressed are those of the author, who uses a pseudonym and cannot trade on the platform.}

A smarter way to play…

Since Kalshi operates as an exchange, you’re placing trades, not making wagers. That might sound like a technicality, but it’s an important distinction that benefits consumers.

When you use a sportsbook, you are in direct competition with the house. When you use Kalshi, you are trading on our platform, not against our platform.

On Kalshi, you trade against real people in an open, transparent, and fair marketplace. Just like a stock market, prices shift as supply and demand change, causing the odds of each outcome to fluctuate.

Every trade you make has a counterparty on the other end. If you win, your money comes from another trader, not from the exchange. If you lose, your money goes to another trader, not the exchange.

Fair Trades...
As a result, we have no vested interest in the outcome of a trade. Our odds are completely dictated by market pricing. We are simply facilitating fair trades, because our revenue comes from our fees.

Always live/never locked…
With Kalshi, you’re never locked into your trade. You can sell your position at any time before the end of a game to take a profit or limit your losses. Buy low and sell high, just like stocks.

Earn interest…
With Kalshi, the money you deposit on our platform actually earns interest while you wait, so it’s always working for you. This even applies to the money locked up in your open positions. You’re basically getting paid to hold.

How Kalshi’s contracts work

On Kalshi, contracts are dynamically priced between $0.01 and $0.99, reflecting the market’s perceived probability of an event:

• A “Yes” contract for the 2025 Pro Football Champion priced at 40¢ reflects a 40% chance that team will win.
• A “No” contract for a team priced at 85¢ reflects an 85% chance that team will not win.

Every trade on Kalshi is matched between buyers and sellers to ensure balance and fairness.

If you buy a 75¢ “Yes” contract for a team to win, another trader is effectively paying 25¢ for a “No” contract. And whoever wins will receive $1.

Football, basketball, hockey, and beyond…

To get things started, we have a variety of big-ticket games to choose from spanning professional and college sports.

Over the coming weeks and months, Kalshi is going to be expanding our offering across categories. We are here to serve you: if you want us to list anything, just tell us and we’ll try to get it done, regulation permitting.

We’re building a platform that’s cost-effective, easy to access, and built on fairness. More importantly, it’s packed with everything you need to trade on sports like never before.

So sign up for Kalshi today and take the next step toward smarter sports trading.

Follow Kalshi on X: @Kalshi
Follow Terry Oldreal on X: @realoldterry

^{The opinions and perspectives presented in this article belong solely to the author, who is using a pseudonym and cannot trade on Kalshi. This is not financial advice. Trading on Kalshi involves risk and may not be appropriate for all. Members risk losing their cost to enter any transaction, including fees. You should carefully consider whether trading on Kalshi is appropriate for you in light of your investment experience and financial resources. Any trading decisions you make are solely your responsibility and at your own risk. Information is provided for convenience only on an "AS IS" basis. Past performance is not necessarily indicative of future results. Kalshi is subject to U.S. regulatory oversight by the CFTC.}