Is Kalshi legit and legal in your state? What it is, fees, payments and court cases
By Alexander Burnett (editor) Last updated Data read by our script
How we got this
How: Read by our script on 15 October 2026 from Kalshi's own help, fee and legal pages, the CFTC's records and official state and court pages; a claim is shown only if its exact words are in the page text we saved. How we checkHow we make moneyCorrections
Kalshi is an exchange designated by the US Commodity Futures Trading Commission (CFTC). Its help pages we read on 15 October 2026 list no US states it leaves out, and it said it is legal in every US state (company blog post, 24 Jan 2025). Since then, courts in Nevada and Washington have ordered Kalshi to limit what it offers there, and Connecticut, Illinois, Maryland, Michigan, Missouri, New Jersey, New York, Ohio, Rhode Island, Tennessee and Wisconsin have sued it, sent it a cease-and-desist letter or won an appeal against it.
What it is and how it works
- CFTC designated contract market (KalshiEX LLC), designated 3 Nov 2020
Organization: Kalshi … Status: Designated … Date: 2020-11-03
- Clearing house Kalshi Klear LLC registered with the CFTC as a derivatives clearing organisation
issued Kalshi Klear LLC (Kalshi) an Order of Registration as a derivatives clearing organization (DCO)
- Each contract pays $1 if you are right
Each contract is worth $1 if you are right.
- Weather, crypto, sports, entertainment and more
Weather, crypto, sports, entertainment, and more
- Elections and economics, among others
Kalshi gives users the ability to engage with these outcomes through a trading lens, including: Elections
Fees
- A transaction fee on the expected earnings of each contract; rates vary by market and some markets also charge maker fees
Kalshi makes money by charging a transaction fee on the expected earnings on the contract. … In some cases, markets will have maker fees associated with them.
- Bank transfer deposits: no fee
No fees for bank deposits.
- Wire deposits: no fee
No fees for wire deposits.
- Debit card deposits: up to 2%
Debit deposits may incur a 2% processing fee
- Free to bank, debit card and crypto
No fees for bank withdrawals.
- Debit card withdrawals: no fee
No fees for debit card withdrawals.
- Crypto withdrawals: no fee
No fees for crypto withdrawals.
Deposits and withdrawals
- Debit card (incl. Apple Pay, Google Pay), bank transfer (ACH), PayPal, Venmo, Cash App, crypto, wire
Debit card (including Apple Pay and Google Pay) … Bank transfer (ACH) … PayPal … Venmo … Cash App (deposits only) … Crypto … Wire transfer
- $10 ($1,000 by wire)
The minimum deposit amount on Kalshi is $10 (except wire transfers, which have a $1,000 minimum)
- Bank transfer (US only), debit card, crypto
Bank withdrawals are available for US users only
- Debit card usually instant; bank a few business days; crypto within about 30 minutes
Debit withdrawals are normally instant
- Bank: a few business days
Funds typically arrive in your bank account within a few business days.
- Crypto: about 30 minutes
Funds typically arrive in your wallet within 30 minutes
- PayPal and Venmo may not be offered in every state
PayPal and Venmo are available for US users only and may not be available in all states.
Who can sign up
- Minimum age: 18
Be 18 years or older
- Open to many countries outside the US; restricted countries are listed in its Member Agreement
Yes, you can trade on Kalshi from many countries. … Yes, there are country restrictions
- Says it is legal in every US state (company blog post, 24 Jan 2025)
Jan 24, 2025 … As such, we are 100% legal everywhere in the US, including Washington, DC and other US Territories.
Where Kalshi is restricted: state and court actions
Kalshi's own pages we read list no US states it leaves out. These are the actions we read on official state, court and regulator pages. A lawsuit or a cease-and-desist letter is the state's claim, which Kalshi disputes; a court order is binding until it is changed.
Connecticut
- Lawsuit Connecticut lawsuit against Kalshi seeking an injunction on sports contracts (date not shown in the page text we saved)
today announced the State of Connecticut has sued Kalshi and is seeking a court injunction to block the online betting site from offering unlicensed sports wagers in Connecticut
Illinois
- Cease-and-desist Illinois Gaming Board cease-and-desist letters: Kalshi, Crypto.com and Robinhood (1 Apr 2025), Polymarket (27 Jan 2026)
Polymarket (01/27/2026) Crypto.com (04/01/2025) KalshiEX LLC d/b/a Kalshi (04/01/2025) Robinhood (04/01/2025)
Maryland
- Cease-and-desist Maryland Lottery and Gaming Control Commission cease-and-desist letter to Kalshi on sports contracts (7 Apr 2025). The federal court in Maryland refused to block it (1 Aug 2025). We could not read the Fourth Circuit docket for Kalshi's appeal.
On April 7, 2025, the Maryland Lottery and Gaming Control Commission … (MLGCC) sent Kalshi a cease-and-desist letter … The motion for a preliminary injunction will be denied.
Michigan
- Lawsuit Michigan Attorney General's case against Kalshi (Dana Nessel v. KalshiEX, LLC, No. 1:26-cv-731), listed in a federal court order in western Michigan. The Attorney General's own pages on the June and September 2026 orders refused our checker, so those orders are not counted here.
1:26-cv-731, Dana Nessel v. KalshiEX, LLC
Missouri
- Cease-and-desist Missouri Attorney General cease-and-desist letters on sports contracts (date not shown in the page text we saved)
General Hanaway calls on Polymarket, Kalshi, Crypto.com, Novig, Underdog, and Robinhood to comply with Missouri law without delay and to cease and desist from offering sports event contracts to Missourians
Nevada
- Court order Nevada state court injunction against Kalshi (3 Apr 2026); the regulator moved to hold Kalshi in contempt on 4 Jun 2026
Mar. 20, 2026 State court issues temporary restraining order barring Kalshi from offering prohibited event contracts … Apr. 3, 2026 State court enjoins Kalshi from offering prohibited event contracts in Nevada
New Jersey
- Cease-and-desist New Jersey Division of Gaming Enforcement cease-and-desist letter to Kalshi on sports contracts (27 Mar 2025). A federal court then blocked New Jersey from enforcing it while the case runs, and the Third Circuit upheld that (6 Apr 2026).
March 27, 2025 … CEASE AND DESIST … The Division demands that you immediately cease and desist from offering any form of sports wagering to New Jersey residents and void any such wagers already placed.
New York
- Lawsuit New York lawsuit against Kalshi (31 Jul 2026)
July 31, 2026 … Governor Kathy Hochul and Attorney General Letitia James today announced that New York has sued KalshiEX, LLC (Kalshi)
Ohio
- Appeal ruling Sixth Circuit ruling for Tennessee (decided with a parallel Ohio case): the order that blocked Tennessee from enforcing its sports betting laws against Kalshi is lifted
Monday, September 28, 2026 … The U.S. Court of Appeals for the Sixth Circuit ruled in favor of Tennessee … This decision lifts an order that previously blocked the State from enforcing those laws against the company. … The Sixth Circuit decided Tennessee's appeal together with a parallel case from Ohio.
- Appeal ruling Sixth Circuit opinion (25 Sep 2026): federal law does not override Ohio's gambling laws, so the Ohio court's refusal to block the Ohio Casino Control Commission and Attorney General from enforcing them against Kalshi stands
Decided and Filed: September 25, 2026 … neither expressly nor impliedly preempts Ohio's or Tennessee's gambling laws … we affirm the Southern District of Ohio's denial of Kalshi's motion
Rhode Island
- Lawsuit Rhode Island's suit against Kalshi and Polymarket US (QCX LLC) in state court (21 May 2026), since moved to federal court. Read in the CFTC's court filing, because the Attorney General's own page refused our checker.
the State filed an enforcement action in Providence Superior Court against Kalshi and QCX, LLC … Rhode Island v. KalshiEX LLC, C.A. No. PC-2026-02753 (Super. Ct. May 21, 2026)
Tennessee
- Appeal ruling Sixth Circuit ruling for Tennessee (decided with a parallel Ohio case): the order that blocked Tennessee from enforcing its sports betting laws against Kalshi is lifted
Monday, September 28, 2026 … The U.S. Court of Appeals for the Sixth Circuit ruled in favor of Tennessee … This decision lifts an order that previously blocked the State from enforcing those laws against the company. … The Sixth Circuit decided Tennessee's appeal together with a parallel case from Ohio.
Washington
- Court order King County Superior Court order (13 Aug 2026): Kalshi must stop sports, elections, politics, entertainment, culture, tech and science, and mentions contracts in Washington and geofence the state
FOR IMMEDIATE RELEASE: Aug 13 2026 … The order requires Kalshi to stop offering, accepting, or facilitating wagers on sports, elections, politics, entertainment, culture, tech and science, or mentions in Washington.
Wisconsin
- Lawsuit Wisconsin Department of Justice lawsuits in Dane County against Kalshi, Robinhood, Coinbase, Polymarket and Crypto.com over sports contracts (23 Apr 2026)
April 23, 2026 … announced that it is suing Kalshi, Robinhood, Coinbase, Polymarket, Crypto.com, and their affiliates
Courts in 2 US states (Nevada and Washington) have ordered Kalshi to limit its event contracts, and 11 more states have taken action against it, according to TradingLookup's Prediction Market Checker (October 2026).
The federal picture
- Supreme Court petition New Jersey has asked the Supreme Court to review the Third Circuit decision of 6 Apr 2026 in its case with Kalshi; Kalshi's response is due 9 Nov 2026
Petitioners v. KalshiEX, LLC … Decision Date: April 6, 2026 … Petition for a writ of certiorari filed. … the time is extended to and including November 9, 2026
- CFTC proposal CFTC proposed rule (9 Oct 2026) to define event contracts, including sports, as swaps
October 09, 2026 … published a Notice of Proposed Rulemaking that proposes providing additional market clarity by expressly further defining the term "swap" to include event contracts, including those based on sports, politics, cultural, and weather-related events
- Appeal ruling Third Circuit (6 Apr 2026) upheld the order that blocks New Jersey from enforcing its sports betting laws against Kalshi while the case runs. New Jersey has asked the Supreme Court to review it.
Argued Sep. 10, 2025; Decided Apr. 6, 2026 … Because Kalshi has demonstrated a reasonable chance of success on its argument that the Commodity Exchange Act … preempts otherwise applicable state law, we will affirm.
- Federal court order A federal court in Arizona blocked the state from enforcing its laws against Kalshi (preliminary injunction, 5 May 2026), as the CFTC's court filing records.
granted both a temporary restraining order and preliminary injunction against the enforcement of state law … KalshiEX LLC v. Johnson … (D. Ariz. May 5, 2026) (preliminary injunction)
- Federal lawsuit The US government and the CFTC have sued six states (Arizona, Connecticut, Illinois, Minnesota, New York, Wisconsin) to stop them enforcing state law against CFTC-regulated exchanges (filing dated 28 May 2026).
the United States and the CFTC have filed suit against six States … United States v. Arizona … United States v. Connecticut … United States v. Illinois … United States v. Minnesota … United States v. New York … United States v. Wisconsin
Compare
- Kalshi vs Polymarket: fees, payments, markets and state actions side by side
- Polymarket: the same facts for Polymarket
- Prediction Market Checker: every platform in every state, including Robinhood and Crypto.com
Cite this: TradingLookup (2026). Prediction Market Checker, v0.1.0, data as of 15 October 2026. https://tradinglookup.com/prediction-markets/kalshi/. Licence: CC BY 4.0.