Kalshi
Federally registered, and in court
Seven pages on Kalshi: what it is, whether it is lawful where you are, what it charges.
Kalshi holds a CFTC contract-market designation and is being sued by 37 states and the District of Columbia over its sports contracts. Both are true at once, and every page below cites the filing, order or schedule it describes rather than somebody else's summary.
Company
Can you invest in Kalshi? No, and here is why
Kalshi is private. No ticker, no IPO, no retail route. It raised $1bn at a $22bn valuation in May 2026. What you can do instead.
Legality
Is Kalshi Gambling? What the CFTC and the Trademark Filing Both Say
Kalshi holds a CFTC contract-market designation, and its own trademark filing described bookmaking services. What the paperwork says.
Legality
Is Kalshi legal? 37 states say not for sports
Kalshi is federally regulated and 37 states plus DC filed against it in Massachusetts v. KalshiEx, SJC-13906. The two differ.
Trust
Is Kalshi legit? Yes, CFTC-regulated, with 3 caveats
Kalshi is a CFTC-designated contract market, so it is federally regulated. But 174 of its 214 BBB complaints are unanswered. The caveats, sourced.
Referrals
Kalshi Referral Code: How It Actually Works
Kalshi referral credits are not cash and expire in seven days. The code must go in within 72 hours and before your first deposit.
Review
Kalshi review: fees verified, no deposit made
A Kalshi review with no funded account behind it: the 0.07 taker fee worked at real prices, the 7-day referral catch, and what we could not check.
Comparison
Kalshi vs Polymarket: same trade, $3.26 vs $0.00 in fees
Kalshi vs Polymarket compared on mechanics: a 100-contract round trip costs $3.26 on Kalshi and $0.00 to $3.25 on Polymarket, by category.
Start with whether it is legal where you live, because that decides whether the rest matters to you. Then read the fee math, which applies however the litigation resolves.