Kalshi Promo Code: Use 'COVERS' for $10 Bonus in 2025

Best Kalshi bonus offers for new users

Although its market predictions platform launched in 2021, Kalshi only added its sports offerings in late January 2025. As such, there are fewer markets and bonuses than at traditional betting sites like DraftKings or BetMGM. However, as Kalshi continues to become more popular, it's likely that you'll see more markets become available.

For now, Kalshi relies on centering offers around special events — such as the Super Bowl or March Madness — and its $10 welcome bonus.

$10 Kalshi sign up bonus

$10 Bonus

Code: COVERS

Claim $10

Collecting the Kalshi promo for first-time customers is straightforward. Ensure you sign up with code 'COVERS,' then make an initial deposit of at least $1. From there, you're free to peruse Kalshi's numerous markets and real-world event contracts, whether for sports or another category, such as politics or culture. You'll need to trade at least $100 in these contracts to unlock the $10 reward.

Kalshi promo code summary for this week

Kalshi promo code terms and conditions

Inputting Kalshi promo code 'COVERS' during registration will unlock the new-user reward. However, there are some other key terms and conditions attached to the bonus — I've broken them down for you here:

• You can claim the Kalshi promo in all states except for IL, MD, MT, NJ, NV, and OH. 
• To trigger the offer, you must sign up with Kalshi bonus code 'COVERS.'
• Registering requires entering personal information, such as your legal name and email address, and providing proof of ID. This includes a photo of drivers license or passport along with an accompanying selfie holding that ID.
• Make an initial deposit of $1 or more and trade at least $100 in event contracts.
• No matter the results of your trading, you will receive a $10 bonus.
• The Kalshi promo code offer is ongoing.

Claim Kalshi bonus

Trade on the next Pope with Kalshi

Following Pope Francis' tragic passing in April 2025, a papal conclave — an assembly of cardinals worldwide to vote on who will serve as the next head of the Catholic Church — took place. Kalshi was one of the few online sports sites that allowed you to trade on the outcome, offering event contracts for most cardinals. Underdog Robert Prevost, who had a 1% chance when the white smoke emerged, won the vote and was named the new Pope.

Kalshi Pope desktop image

Is Kalshi legit?

Yes, Kalshi is legit. It operates as an events trading platform in most U.S. states, which exempts it from the same licensing requirements as online sports betting apps and the laws surrounding social and sweepstakes casinos. While it is not under the licensing control of gambling regulators, Kalshi does need to comply with regulators in other industries and adhere to security standards:

• Regulatory compliance: Kalshi is a Designated Contract Market (DCM) regulated by the Commodity Futures Trading Commission (CFTC), which handles trading laws on a federal level.
• Auditing and security: Kalshi has SOC 2 Type II compliance, a security certification that evaluates how a company handles customer data. Along with SSL encryption, this ensures your information is safe and secure.

Covers Expert Analysis

"I have personally used Kalshi and can confirm that it is safe. Trading is smooth, if a little barebones, and I had no issue withdrawing funds. However, I recommend making withdrawals with your debit card or USDC since it can take up to four business days to receive your payment using bank transfers."

Christian Stringer, Sports Betting Editor

How do you claim the Kalshi promo code?

Before you can take advantage of the Kalshi sign up bonus, you must open an account. It is worth noting that the sports trading component is part of the wider Kalshi service, which includes predictions on culture, economics, politics, entertainment, climate, and more. This diverse range of options is what helps separate Kalshi from competitors. Follow the steps below to get started:

Where is Kalshi legal?

As a regulated prediction market platform, Kalshi is legal and operational in the United States. So long as you are 18 or older, you can register with Kalshi referral code 'COVERS' to unlock the $10 welcome bonus.

Kalshi platform review

$10 Bonus

Code: COVERS

Claim $10

Who it's for

Kalshi is best for users who want to speculate on real-world outcomes. It is a good option for traders and sports betting fans, but it also has a niche appeal with data analysts and political enthusiasts. The platform is ideal for tracking economic trends, sports forms, data, and election polls. For example, during the US presidential election, Kalshi showed Donald Trump as the favorite earlier in the process.

Covers BetSmart Rating: ⭐ 4.2/5

Bonuses and promotions	⭐ 4.0/5
Banking and payout speed	⭐ 4.5/5
Key features	⭐ 4.5/5
Security and trust	⭐ 4.8/5
Customer support	⭐ 3.5/5
User experience	⭐ 4.6/5
Betting odds	⭐ 4.3/5

User reviews  

Editor's note: User reviews may be edited for clarity. 

"Kalshi is hands down one of the best apps I’ve ever used! It’s not just another trading platform — it’s an innovative, exciting, and engaging way to make decisions based on real-world events. The interface is sleek, user-friendly, and makes navigating the markets a breeze, even for beginners like me."

- App Store user

"Events trading is really sick. I’ve added them to my portfolio as a way to get more precise exposure on a number of factors that go into a stock. I wouldn’t be surprised if this trading instrument becomes massive."

- Rick, App Store user

Kalshi at a glance

💰 Sign-up bonus	$10 bonus
⏩ Kalshi bonus code	COVERS
🏅 Top feature	Legal sports trading
💵 Minimum deposit	$1
🕒 Payout speed	Up to 4 days
App Store rating	4.6/5 ⭐ (6.3K reviews)
Google Play rating	4.4/5 ⭐ (873 reviews)
🌎 Available states	Most states + DC
🕒 Offer expiry	Ongoing
✅ Last verified	June 8, 2025

Kalshi iOS app

What we like

Events prediction model: Kalshi uses a model of event-based predictions for different sports and other niches.  

Ease of use: The platform has simple trading where users can choose between two outcomes.  

Flexible trading: Users can modify their investments while the market is open, making changes based on real-time analytics. 

What we don't like

Minimal bonuses and promos: While Kalshi has some event-based promos, there are no ongoing offers. Hopefully, as the platform grows, we'll see them add some new offers.

Limited sports coverage: The Kalshi platform offers a limited number of sports and prediction markets compared to traditional sports betting sites. We anticipate that they will add more sports in the near future.

Our comprehensive Kalshi Sports review provides additional information.

Kalshi app review

Mobile users can access Kalshi through a web browser or a dedicated app. The HTML5 responsive website is a decent option as it has a clean interface that optimizes well to mobile screens. In fact, the user interface closely resembles that of the native app, making our list for the best sports betting apps Georgia offers in 2025.

Still, I found the actual Kalshi app to have better options, including a mobile-centric layout, 2-factor authentication, and push notifications. It is available for iOS and Android, offering a complete experience with markets, payments, and customer support. You can enter the Kalshi promo code 'COVERS' to claim the $10 reward as easily as on the desktop site. 

Kalshi promo comparison

	Kalshi	ProphetX	Novig
Welcome bonus	$10 Bonus	Up to 200 in Prophet Cash	1,000 Novig Coins & five Novig Cash
Promo code	COVERS	COVERS1	COVERS1000
Bonus type	Trade and get	Play and get	No deposit offer
Bonus form	One (1) $10 bonus	2% bonus back on every play for 30 days	1,000 Novig Coins & five Novig Cash
Payout speed	Within 24 hours	Within 24 hours	Within 24 hours
Min. deposit	$1	$10	$5
Covers BetSmart Bonus Rating	⭐ 4.2/5	⭐ 4/5	⭐ 4.6/5

What markets can you trade on Kalshi?

Sports event trading is a new vertical on Kalshi, offering markets in several niches: Basketball (NBA), football (NFL), baseball (MLB), hockey (NHL), F1, tennis, soccer, and golf.

Kalshi is also ready for the ongoing NBA Playoffs, as it's the first time Kalshi has listed single-game NBA markets.

Politics is the most popular and robust category that became mainstream during the most recent U.S. presidential race. Other options include:

Culture (music, movies, awards shows like the Oscars, celebrities, review ratings, TV, video games)

Crypto (Bitcoin, Dogecoin, hourly values, Ethereum)

Climate (temperature, climate change, natural disasters)

Economics (interest rates, inflation, employment, consumer spending, energy)

Companies (Elon Musk, CEOs, layoffs, product launches)

Financials (NASDAQ, currency, treasuries)

Tech & Science (AI, space, energy, papers)

Health (disease spread, COVID)

World (foreign economies, international politics)

Kalshi live event trading

While you cannot predict specific moments and outcomes of an event, Kalshi still allows you to change your prediction once it is active. Users can continue to trade contracts in real time, giving them more flexibility and the chance to respond to changes in circumstances. Data-driven analysis can help track an event and buy or sell a contract before or during it. 

Kalshi profitable trading strategies

Use the following tips and strategies to make profitable trades on Kalshi and manage risk effectively:

Kalshi promo code for existing customers

Currently, no Kalshi promos are available for existing users. However, some exclusive promotions may be available from time to time via a Kalshi bonus code. If the situation changes, I will list the bonuses and respective codes in this section. 

For now, you can claim $10 for each friend you invite to the platform who registers, deposits funds, and completes 100 trades within 30 days. They will need to enter your unique Kalshi referral code for you to receive the reward. The process works similarly to a typical sportsbook referral bonus.

Kalshi trading odds and fees

Kalshi does not directly influence prices, which are set by the market. Investor consensus bases the price on the likelihood of each contract outcome happening. Pricing is relatively straightforward, as each market has only two outcomes. For example, a contract for the Philadelphia Eagles to win the 2026 Super Bowl will allow users to trade on the 'Yes' or 'No' outcome. 

Supply and demand of the contract will sway prices, and mean fluctuations are common. Think of actual trading concepts and you have a basic understanding of the buy/sell dynamics of Kalshi. Essentially, you will buy — with real money, separating Kalshi from social sportsbooks — and sell your prediction/contract as often as you want to get the best result. Liquidity is also set by the market. 

Kalshi charges transaction fees, the amount of which depends on the market/contract. In most cases, the charge is 1% of the value of a trade. 

Kalshi customer service

Kalshi features a live chat function — you must make a real-money deposit before you can use it — active between 8 a.m. and 3 p.m. ET, with connection times of around 30 seconds to speak to an agent. Other ways to communicate with Kalshi are via Discord, email, and phone. There is also an in-depth and legitimately helpful FAQ section on the site. 

• Live chat: Available 8 a.m. - 3 p.m. ET
• Email: support@kalshi.com
• Phone: 332-205-9910
• Support language(s): English
• X (Twitter): @Kalshi

Kalshi payment methods

Kalshi's deposit and withdrawal options are fairly lackluster, missing popular providers such as PayPal and Play+. Visa and Mastercard are available but come with a $2 fee per transaction. Cryptocurrency, meanwhile, charges no fees, but is limited to USDC. 

How does Kalshi compare to stock and crypto trading?

The Kalshi platform blends sports wagering and trading concepts but is not directly like either. It is different from normal stock or crypto trading because it focuses on event-based contracts. Users predict the outcome of real-world events and then trade on the quality of their predictions. 

Meanwhile, normal stock trading focuses on investments in companies or digital assets. The classic model gives investors ownership or value in their stock/crypto. Event contracts settle when the outcome of the event happens. 

Kalshi trading limits and liquidity

Kalshi uses trading caps, but they vary by market. If a market has low liquidity, the pricing is less accurate due to widespread predictions. High-liquidity markets, on the other hand, provide better trading outcomes as prices are more stable.

Recent Kalshi updates

Bookmark this page and return here to stay abreast of the latest updates and news concerning Kalshi.

May 28, 2025: The Commodity Futures Trading Commission (CFTC) is set to host a conference call with tribal leaders May 29th to discuss federally regulated prediction markets (such as Kalshi and Robinhood) and, presumably, the sports event contracts they offer.

May 28, 2025: CFTC nominee Quintenz submits an ethics statement about regulating prediction market providers, including Kalshi, where he serves as a board member.

May 27, 2025: A Republican California gubernatorial candidate used prediction market platform Kalshi to purchase nearly $100 worth of political outcome contracts on himself to be named Governor in 2026. 

May 26, 2025: If Kalshi CEO Tarek Mansour is right in his suspicions, customers will soon be able to to buy prediction market contracts through the same financial brokerages that hold their 401(k) by the end of 2026.

May 23, 2025: A bettor wagering on the New York Knicks lost nearly $10k on Kalshi after their epic Eastern Conference Finals Game 1 collapse against the Indiana Pacers.

May 21, 2025: Kalshi backtracks on AI partnership with Elon Musk, after CRO Tarek Mansour posts on social media that the prediction market company is partnering with xAI.

May 20, 2025: U.S. District Court Judge Andrew Gordon said he'd move quickly on the Nevada Resort Association's (NRA) May 14 motion to intervene in the ongoing legal battle between prediction market Kalshi and the Nevada Gaming Control Board (NGCB).

May 12, 2025: Prediction markets Kalshi and Polymarket see more than $40 million worth of trades on the papal conclave's outcome.

May 8, 2025: Papal upset surprises prediction betting markets.

May 8, 2025: Robert Francis Prevost becomes the first American-born Pope after Italian Pietro Parolin surges in odds to take the vacant seat, despite 1% odds and $10.6 million in predictions.

April 28, 2025: Judge grants Kalshi a temporary injunction in New Jersey sports-related event contracts case.

April 28, 2025: Kalshi reaches $4.5 million in Canadian election handle.

April 23, 2025: Kalshi and its prediction-based markets are offering next pope odds markets for 15 potential replacements with forecasts ranging from 30% to less than 1% likelihood, and they've accepted $1 million in action.

April 22, 2025: Kalshi files a lawsuit against Maryland, arguing that the state's regulators — the Maryland Lottery and Gaming Control Commission — are "unconstitutionally threatening to prohibit sports event trading". 

April 20, 2025: The state of New Jersey files a new opposition to prediction market startup Kalshi’s preliminary injunction, accusing the company of making an “endrun” around its regulatory framework. 

April 17, 2025: Kalshi launches MLB game markets despite scrutiny over sports contracts. 

April 15, 2025: Kalshi launches single-game NBA moneyline trading for the play-in tournament and NBA playoffs.

April 9, 2025: Kalshi wins round one of its Nevada sports betting battle after a judge partially grants its request for a temporary restraining order and preliminary injunction against local gaming watchdogs.

April 8, 2025: Former AGA Executive Sara Slane joins Kalshi as Head of Corporate Development. 

April 7, 2025: Maryland joins the sports event contract betting clampdown, sending a cease-and-desist to Kalshi and other prediction market operators.

April 4, 2025: Amidst numerous cease-and-desist orders from state regulators, Kalshi CEO Tarek Mansour says the company won't stop offering sports-event contracts until the CFTC steps in. 

April 1, 2025: Ohio regulators seek to shut down Kalshi and other sports event contract trading companies.

March 31, 2025: Kalshi challenges the Nevada and New Jersey cease-and-desist orders with its lawsuit. 

March 27, 2025: The New Jersey Department of Gaming Enforcement sends a cease-and-desist order to Kalshi, demanding that they stop offering any form of sports wagering.

March 24, 2025: Kalshi surpasses $200 million in March Madness contracts throughout the first two rounds of the NCAA men's basketball tournament. 

March 24, 2025: Kalshi partners with IC360 to unveil a new customer protection hub, introducing new features like deposit caps, trading breaks, and voluntary opt-outs. 

March 17, 2025: After receiving regulatory clarity, trading platform Robinhood unveils prediction markets for March Madness, powered by Kalshi.

March 5, 2025: Nevada sends a cease-and-desist to Kalshi, officially becoming the first state to take action against the prediction market platform. 

Feb. 27, 2025: The Indian Gaming Association urges the CFTC to prohibit sports prediction outcome markets like Kalshi. 

Feb. 24, 2025: Congresswoman Dine Tutus shares concerns about predictive markets — like Kalshi — to the CFTC, arguing that these platforms bypass existing betting laws.  

Feb. 13, 2025: President Donald Trump picks former Kalshi board member Brian Quintenz as the head of the federal commodities regulator.  

Feb. 12, 2025: Webull partners with Kalshi to offer event-contract trading like other online brokerages. 

Feb. 8, 2025: Ahead of the Super Bowl, a CFTC filing reveals that Kalshi is self-certifying markets allowing bets on game winners, effectively mirroring moneyline betting. 

Feb. 4, 2025: Robinhood pulls its Super Bowl contracts on Kalshi one day after the Commodity Futures Trading Commission's legality concerns. 

Feb. 3, 2025: Robinhood will offer contracts for Super Bowl LIX through a partnership with Kalshi.

Jan. 28, 2025: Kalshi is already attracting big bucks for Super Bowl LIX, as the prediction trading sites have already reportingly taken in $1.3 million in wagers for this year's Big Game.

Jan. 22, 2025: Kalshi will launch sports trading event contracts in the near future, allowing wagers on predictive markets ahead of the Super Bowl.

Jan. 13, 2025: Donald Trump Jr. will work as an advisor to Kalshi following the rise in popularity of prediction betting in the U.S. 

Nov. 6, 2024: Kalshi and Polymarket rise to the top of the App Store charts amidst the U.S. Election craze. 

Oct. 29, 2024: Kalshi has taken in almost $200 million in U.S. Election trading, says CEO Tarek Mansour. 

Oct. 23, 2024: Kalshi experiences a recent demand explosion after launching U.S. Election trading markets, reporting to Covers that the operator has seen over $70 million in election contracts in the past three weeks. 

Oct. 21, 2024: The U.S. Election betting 'whales' are starting to surface after Kalshi reports one user traded $500K on Kamala Harris to win the U.S. presidential election. 

Oct. 2, 2024: Kalshi resumes U.S. Election trading following the Appeals Court ruling. 

Sept. 20, 2024: Kalshi argues that U.S. Election trading can combat misinformation amidst its battle with the U.S. Court of Appeals for the District of Columbia Circuit. 

Sept. 17, 2024: A federal regulator argues that the 'explosion' of U.S. Election trading done on Kalshi and other sites will harm the public's interest in the upcoming election.

Sept. 13, 2024: Thanks to grey-area predictive sites like Kalshi, U.S. Election trading is simultaneously blowing up and breaking down ahead of the 2024 Federal Election. 

Sept. 12, 2024: Kalshi's election trading is halted after a U.S. Court of Appeals temporarily freezes all election betting. 

Sept. 9, 2024: Kalshi gets the OK to offer U.S. Election trading markets after a federal judge overturned a 2023 CFTC decision. 

Additional predictive market platform promos

Kalshi is a pioneer in its niche space, meaning there aren't many platforms providing the same service, and even fewer offer promos and bonuses. That said, if you're looking for some Kalshi alternatives, the below options may be your best bet:

• Polymarket: Offers referral program perks for inviting friends and rewards for users who contribute to liquidity.
• PredictIt: Offers a $20 bonus with a $20 deposit for new users.
• Robinhood: Issues new users up to a $200 Robinhood promo code bonus today.
• Sporttrade: Claim up to a $100 bonus without a Sporttrade promo code.

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