Kalshi is one of the leading prediction market exchanges in the US and despite its popularity, we still see confusion relating to how it works and the associated terms, including things like Kalshi odds.
Using our knowledge and experience of this site, we have created a simple guide below which sets the record straight about these terms and what you can actually do at this exchange. We’ll also provide an introduction into how it works, what you can trade, and how you can get signed up at this prediction site today.
Facts
Are There Kalshi Odds?
No. There are Kalshi event contracts and prediction markets, but no odds. Odds are what online sportsbooks and betting sites use. Kalshi is not an online sportsbook and you cannot gamble at it. Instead, you have the chance to buy and sell trade contracts relating to different real-world predictions.
It is a completely different concept and odds do not enter the equation.
You will see percentages and prices at Kalshi, but these are merely a reflection of the interest and public sentiment relating to the different prediction options – not some arbitrary odds that the operator has set.
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Start your prediction journey at Kalshi
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Explore several Kalshi markets on mobile
So how Does Kalshi Work?
Kalshi facilitates the trading of events contracts relating to different real-world predictions – no odds are involved.
Below, we explain the basic trading process, and show examples of the types of predictions you can buy and sell.
You Engage in Peer-To-Peer Trading at Kalshi
At Kalshi, you will have a single prediction market such as, “Miami Heat at Charlotte Hornets”. This is one of the Kalshi sports markets, and this is the prediction you would be trading. With that prediction, you would see a series of options with yes and no buttons with prices that are below $1.
These yes and no options are the trade contracts that you can purchase relating to the prediction, and they have a base value of $1.
So, for instance, with the Miami/Charlotte NBA prediction, there could be the following:
- Charlotte – 66% – Yes (67c), No (34c).
- Miami – 34% – Yes (34c), No (67c).
This means that if you think Charlotte is the likely winner, you can buy either the “yes” option for Charlotte or the “no” option for Miami at 67c each. The percentages next to the options are merely a reflection of the current trade volume and trader sentiment for each option – not odds set by Kalshi.
With your trade contracts, you can then either try and sell them if the price shifts in your favor, or you can hold them until the event passes to try and settle them. Settling a contract means you got the prediction right, in which case you’d get a $1 return minus any Kalshi fees.
This is the essence of trading at Kalshi, and throughout all of this you are operating within a peer-to-peer system where you are trading with other customers.
Kalshi Offers a Huge Range of Prediction Markets
During our time testing Kalshi, we found that we understood how it works better by looking at the different prediction markets it provides, and the individual types of predictions.
This operator has a huge collection of prediction categories including Kalshi election markets and more, and we’ve listed some actual examples of previous predictions below:
| Prediction | Yes | No | Category |
| Miami at Charlotte NBA (Miami to win) | 34c | 67c | Sports |
| Will Satoshi move any Bitcoin next year? | 8c | 93c | Crypto |
| US Fed decision in June? (Fed maintains rate) | 90c | 12c | Economics |
| How long will the government shutdown last (At least 75 days) | 63c | 38c | Politics |
| Best AI at the end of 2026? (Claude) | 56.5c | 45c | Tech |
As you can see from the above, there are no odds involved – just prices for the yes and no trade contracts for these predictions. Kalshi sports markets are some of the most prominent that this site offers, but it also has categories for the following:
- 🗳️ Elections
- 🏛️ Politics
- ⚽️ Sports
- 📖 Culture
- ₿ Crypto
- ☀️ Climate
- 📈 Economics
- ﹫ Mentions
- 🏢 Companies
- 💵 Financials
- 🔭 Tech & Science
We’ve always been impressed with the trade volume and liquidity the site offers too. It is one of the most active prediction exchanges in the US, and this generally makes it easy to buy and sell your trade contracts without too much down time.
Getting Started at Kalshi
To give Kalshi a try and to truly gain insight into how it works, you will need to create an account. This is a quick process for US customers, but you may also need to do some ID verification due to its strict KYC policy.
If you follow these steps, you should be able to get up and running:
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Use any of our Kalshi banners to open the site.
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Click on the sign up button.
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Choose your country.
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Choose your registration method (Google, Apple, Email).
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Enter the relevant details.
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Perform the initial ID check.
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Log in to your new account.
The ID check involves uploading a copy of a live ID such as your driver’s license or passport, and you will also be required to upload a selfie. We know this is annoying, but it has to be done and we think it’s an excellent anti-fraud measure.
When you’re signed up, you can credit your account using one of the available payment methods and check out the prediction markets.
Pros and Cons of Kalshi
Kalshi is arguably one of the top prediction market sites. It’s got excellent transparency and is doing more and more to combat insider trading. It also boasts one of the largest prediction market selections and has a high trade volume for most markets.
We do think the fee structure is a little complicated though, and it doesn’t really offer any promotions.
Pros and Cons - Great transparency
- Large selection of predictions
- Two mobile apps
- High trade volume
- Complex fee formula
- Not many promos
Example Markets on Kalshi
Conclusion – There Are No Kalshi Odds
We hope you’ve found this Kalshi review useful and you have a clearer understanding of how this exchange works.
To recap – although Kalshi does show percentages relating to its predictions, these are purely based on the actual trading volume from the P2P transactions, and thus the overall public sentiment towards a prediction, not because of an odds figure that the operator has set.
There Are No Kalshi Odds and This Is Not Betting
As we stated above, it’s important to understand the difference, and see that you are actually engaging in peer to peer trading with other customers.
If you want to get in on the action yourself and give it a try, feel free to click any of the banners or links we have featured on this page and get signed up to Kalshi today.
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Kalshi Odds FAQ
- 🏅 Does Kalshi offer sports betting?
No. Kalshi gives you the chance to trade yes and no contracts for sports predictions with other customers, it is completely different to betting. Aside from sports, it also offers a large range of other markets such as politics, elections, tech, finance, and crypto.
- ✅ Is Kalshi legit?
Yes. Kalshi is a regulated prediction exchange which complies with CFTC (Commodity Futures Trading Commission) regulations and laws and it can legally offer its services in the US.
- 📊 What do the percentages mean for Kalshi predictions?
Most of the predictions at Kalshi will have percentages next to their yes and no options. These are not odds. They are the percentage chance of the event happening, based on the current user sentiment and trade volume for each option.