How Kalshi works for sports betting
On Kalshi, every game market is a Yes/No contract that pays $1. Buying Yes on a team at 58¢ means you collect $1 if that team wins. You can sell before the game ends, and Kalshi charges a fee on each trade.
Key takeaways
- Yes on a team pays $1 if it wins; No pays $1 if it doesn't. Yes plus No is about $1.
- Quick orders fill now; limit orders wait at your price.
- Overtime counts, and a tie with no tie outcome listed pays each side 50¢.
- You must be 18+, and bank deposits are free; debit cards may cost 2%.
Kalshi is a federally regulated exchange that lists event contracts on everything from interest rates to elections, and sports are its biggest category. If you know how a sportsbook works, the main thing to learn is that you buy and sell contracts instead of placing bets.
What is a Kalshi sports contract?
Every Kalshi game market is a question with a Yes and a No side, such as "Will Alabama beat Texas A&M?" A Yes contract pays $1 if Alabama wins and $0 if it doesn't. A No contract pays $1 if Alabama doesn't win.
- Prices run from 1¢ to 99¢ in 1¢ steps. A Yes at 70¢ means the market sees about a 70% chance.
- Yes and No together fund the $1 payout: a 70¢ Yes pairs with a 30¢ No.
- On a game market, "win" means scoring strictly more points than the opponent, overtime included.
To convert prices to the odds you'd see at a sportsbook, see how to read prediction market odds.
Sports Index
See the data
| Price | Implied probability | American odds | Profit on $100 if it wins |
|---|---|---|---|
| 5¢ | 5% | +1900 | $1,900 |
| 10¢ | 10% | +900 | $900 |
| 20¢ | 20% | +400 | $400 |
| 25¢ | 25% | +300 | $300 |
| 33¢ | 33% | +203 | $203 |
| 40¢ | 40% | +150 | $150 |
| 45¢ | 45% | +122 | $122 |
| 50¢ | 50% | +100 | $100 |
| 55¢ | 55% | -122 | $82 |
| 60¢ | 60% | -150 | $67 |
| 67¢ | 67% | -203 | $49 |
| 75¢ | 75% | -300 | $33 |
| 80¢ | 80% | -400 | $25 |
| 90¢ | 90% | -900 | $11 |
| 95¢ | 95% | -1900 | $5 |
How do you place a trade on Kalshi?
- Find the game and pick a side: Yes on the team you think wins, or No on the team you think loses.
- Choose an order type:
- Quick Order (a market order) buys right away at the best available price. A large one can fill across several prices.
- Limit order sets the price you'll pay and waits for a seller.
- Enter the number of contracts or dollars. The ticket shows your cost, fee and payout if you win.
See limit vs. market orders for when each makes sense.
Can you sell before the game ends?
Yes. You can sell contracts you hold at any time someone is buying, including during the game, with a limit sale at your price or better. If you bought at 40¢ and the price is 65¢ at halftime, selling locks in 25¢ a contract whatever happens next.
What does Kalshi charge?
Kalshi charges a transaction fee on the expected earnings of each trade, so the fee is largest at a 50¢ price and small near 1¢ and 99¢. Third-party analyses put the taker rate at 0.07 × contracts × price × (1 − price): about 1.75¢ per contract at 50¢. Its main sports game markets also carry maker fees when a resting order fills. Full details are in Kalshi fees explained.
How do Kalshi sports markets settle?
- Overtime counts. All overtime periods are included.
- Ties: if no Tie outcome is listed, Yes and No holders are each paid 50¢.
- Postponements: a game that restarts within 48 hours settles on the rescheduled game; otherwise at the last fair price.
- Payout: no later than the day after the contract's expiration, and earlier once a winner is reported.
More in how sports markets settle.
What sports can you trade?
Kalshi lists game, spread and total markets for college football, the NFL, the NBA and college basketball, among others, plus props, futures and parlay-style Combos. For college football specifically, see Kalshi college football; for Combos, see parlays explained.
Who can open a Kalshi account?
- You must be 18 or older and pass identity verification with a driver's license or passport.
- The CFTC may require more, such as proof of address or source of funds.
- Which states can trade sports contracts depends on ongoing court cases; see where you can trade.
How do deposits and withdrawals work?
| Method | Cost and timing |
|---|---|
| Bank transfer (ACH) | Free; settles in about 5 business days |
| Debit card, Apple Pay, Google Pay | May carry a 2% processing fee; Visa, Mastercard and Discover debit (no Amex) |
| Wire | Free; $1,000 minimum |
| PayPal, Venmo, Cash App (deposit only), crypto | Accepted |
| Withdraw to bank or debit card | No fee; debit usually within hours |
Is Kalshi regulated?
Yes. The CFTC designated KalshiEX LLC a contract market in November 2020, the same federal category as other regulated futures exchanges. Customer funds are held under CFTC rules, and the exchange's contracts are filed with the agency.
Frequently asked questions
Is Kalshi legit?
Kalshi has been a CFTC-designated contract market since November 2020, the same federal category as other regulated futures exchanges.
How do you bet on a game on Kalshi?
Open the game, choose the team, and buy Yes contracts at the current price or set a limit price. Each contract pays $1 if your team wins.
Can you sell a Kalshi bet before the game ends?
Yes. You can sell contracts you hold at any time there is a buyer, including during the game.
Sources
- Kalshi Help Center: How are prices determined?
- Kalshi: Football game contract terms
- Kalshi Help Center: Quick orders
- Kalshi Help Center: Fees
- Kalshi Help Center: Signing up as an individual
- Kalshi Help Center: Transfers FAQ
- Kalshi Help Center: Card deposits
- CFTC press release 8302-20: Kalshi designated a contract market
Facts that change, such as fees, rules and where each exchange operates, were checked on the date above. Check the exchange's own pages before you trade.
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Kalshi fees explainedKalshi charges a trading fee that peaks at 50¢, plus maker fees on some sports markets. Fees by price, deposit and withdrawal costs, and how to pay less.
Kalshi college footballKalshi lists FBS games with moneyline, spread and total markets plus Heisman and playoff futures. What is offered, how it settles and how to trade it.
Novig vs. KalshiNovig vs. Kalshi compared for sports: fees, markets, parlays, age and state availability, selling early and settlement. Which exchange suits which bettor.
Sports Index publishes research and paper picks; it is not a sportsbook or an exchange and takes no bets. Trading on prediction markets risks real money. You must meet the exchange's age requirement and be in an eligible state. If gambling is a problem for you or someone you know, call or text 1-800-GAMBLER.