| 💰 Kalshi sign-up bonus | $10 Bonus |
| ⏩ Kalshi promo code | COVERS |
| ⭐ Top feature | Legal sports trading in all 50 states |
| 💲 Minimum deposit | $1 |
| 🌎 Eligible states | All 50 states + DC |
| 📱 Kalshi mobile app | iOS & Android |
| 🕒 Offer expiry | Ongoing |
| ✅ Last verified | Feb. 25, 2025 |
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:
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.
For now, Kalshi relies on centering offers around special events — such as the Super Bowl or March Madness — and its $10 welcome bonus.
$10 Bonus
Code: COVERS
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 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.
Yes, Kalshi is legit. It operates as an events trading platform in all 50 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:
Covers Expert AnalysisBefore 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. Follow the steps below to get started:
To begin, you'll need to register with Kalshi. Navigate to the platform's 'Sign Up' button and ensure you enter Kalshi promo code 'COVERS.'
You must provide personal information to complete the registration process, such as your date of birth, phone number, and location. Kalshi may also ask you to verify your Social Security Number (SSN) and a form of ID. You will receive an email requesting this information if it is required.
Next up is adding funds to your account. In your Kalshi wallet, click the 'Deposit Cash' button at the top of the screen and select a preferred payment method. Enter your desired deposit amount and confirm the transaction.
Remember: The minimum deposit required to activate the Kalshi bonus is $1. However, to actually receive the $10 reward, you'll need to trade $100 in contracts.
Now you can start trading. Click on the 'Sports' tab in the predictions marketplace. Explore the available predictive markets and choose one you want to trade. Then, make your prediction.
If you make accurate predictions and turn a profit, you can withdraw your funds. Click the 'Transfers' section of your Kalshi betting profile and choose 'Withdraw Funds.' Select a linked payment method and enter the amount you want to take out.
As a regulated prediction market platform, Kalshi is legal and operational in all 50 states. So long as you are 18 or older, you can register with Kalshi referral code 'COVERS' to unlock the $10 welcome bonus.
| Alabama | Louisiana | Oklahoma |
| Alaska | Maine | Oregon |
| Arizona | Maryland | Pennsylvania |
| Arkansas | Massachusetts | Rhode Island |
| California | Michigan | South Carolina |
| Colorado | Minnesota | South Dakota |
| Connecticut | Mississippi | Tennessee |
| DC | Missouri | Texas |
| Delaware | Montana | Utah |
| Florida | Nebraska | Vermont |
| Georgia | Nevada | Virginia |
| Hawaii | New Hampshire | Washington |
| Idaho | New Jersey | West Virginia |
| Illinois | New Mexico | Wisconsin |
| Indiana | New York | Wyoming |
| Iowa | North Carolina | |
| Kansas | North Dakota | |
| Kentucky | Ohio |
$10 Bonus
Terms & conditions apply COVERS
Event trading with platforms like Kalshi is becoming more popular and is much easier to understand than it may first appear. All markets work on a single proposition idea. Specifically, you get a “Yes” or “No” choice for each event, such as winner/loser, first place/second place, or outright winner. This concept works like moneyline wagers in traditional sports betting.
Covers Expert Analysis
"The app flows well. It’s easy to understand and manage one’s exposure. I also like using the order book functionality: it’s much better than other brokers like IBKR for example, where the interface is so confusing and convoluted."
"I actually like this app. Easy to deposit and bet. Customer service is on point. It can be a little difficult to withdrawal. But just a little bit of reading and you can find out what to do. I would recommend this to a friend and I'll definitely use it again."
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.
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.
 |
 |
 |
|
|---|---|---|---|
| Welcome bonus | $10 Bonus | Up to 300 in Prophet Cash | 1,000 Novig Coins & five Novig Cash |
| Promo code | COVERS | COVERS | 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 |
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.
Politics is the most popular and robust category — making Kalshi one of the few relevant alternatives to true political betting sites — and event trading 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)
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.
Although the majority of U.S. states now allow for legal sports betting, not all permit you to wager on entertainment award shows like the Oscars. But since Kalshi is a prediction market platform, you can forecast your picks for Hollywood's biggest night and trade contracts regardless of location.
Here are some examples of what Kalshi has on tap:
| Oscars category🏆 | Prediction ❓ |
|---|---|
|
Best Picture |
Anora or Conclave |
|
Best Actor |
Adrien Brody or Timothee Chalamet |
|
Best Actress |
Demi Moore or Mikey Madison |
|
Best Director |
Sean Baker or Brady Corbet |
|
Best Sound |
Dune: Part Two or A Complete Unknown |
|
Best Film Editing |
Conclave or Anora |
|
Best Cinematography |
The Brutalist or Nosferatu |
|
Best Original Screenplay |
Anora or The Substance |
|
Best International Feature |
I'm Still Here or Emilia Perez |
For more expert insight and analysis on the 97th Academy Awards, check out our 2025 Oscars betting odds and our in-depth Oscars Best Picture predictions.
Use the following tips and strategies to make profitable trades on Kalshi and manage risk effectively:
Research trends, historical data, and expert analysis and monitor real-time information.
Avoid using all your money on a single event. Spread the risk across multiple contracts and event types outside of sports.
Beginners or low-budget users should start with small investments. Consider closing a position to avoid larger losses if it is not working out.
There needs to be market depth. If there is not enough liquidity, you may struggle to buy or sell your positions at a fair price.
Minimize trading during volatile market conditions and do not act upon emotions like panic or elation. Always stick to research and data.
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 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 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.
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.
| Method | Deposit | Withdrawal |
|---|---|---|
| Wire transfer | ✅ | ❌ |
| Visa | ✅ | ❌ |
| Mastercard | ✅ | ❌ |
| Crypto (USDC) | ✅ | ✅ |
| Bank transfer | ✅ | ✅ |
| Online banking | ❌ | ✅ |
The Kalshi betting 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 uses betting 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.
Bookmark this page and return here to stay abreast of the latest updates and news concerning Kalshi.
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 after 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 betting sites as already reportingly taken in $1.3 million in wagers for this year's Big Game.
Jan. 22, 2025: Kalshi will launch sports betting-like event contracts in the near future, allowing bettors to wager 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 betting 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 betting 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 bettor wagered $500K on Kamala Harris to win the U.S. presidential election.
Oct. 2, 2024: Kalshi resumes U.S. Election betting following the Appeals Court ruling.
Sept. 20, 2024: Kalshi argues that U.S. Election betting 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 betting 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 betting is simultaneously blowing up and breaking down ahead of the 2024 Federal Election.
Sept. 12, 2024: Kalshi's election betting 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 betting markets after a federal judge overturned a 2023 CFTC decision.
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:
The active Kalshi promo code is 'COVERS' in 2025.
You can enter Kalshi promo code 'COVERS' when registering to receive the $10 sign-up bonus.
Kalshi requires players to have a fully verified account and make $100 in trades to receive a $10 bonus. Remember to enter Kalshi referral code 'COVERS' when signing up.
Yes. Kalshi is currently available in all 50 states and is regulated by the Commodity Futures Trading Commission (CFTC).
There are no ongoing promos on Kalshi besides a referral bonus that rewards $10.
Kalshi covers sports, politics, climate, culture, finances, world events, economics, companies, crypto, and tech.
Established in 1995,
App Store rating
Google Play rating
Additional info
