We are the first CFTC-regulated prediction market exchange in the UK. On our platform, you buy and sell binary contracts on real-world outcomes - elections, Fed decisions, sports results, crypto prices - and every contract settles at exactly £1 if correct or £0 if not. No bookmaker margin built into the price. No complex instruments. Just a regulated order book, live pricing, and a clear outcome.
We run contracts across six categories. Each market is a measurable yes/no question with a defined resolution source - no ambiguity about how it settles.
| Category | Example contracts | Settles on | Notable volume |
|---|---|---|---|
| Sports | NFL game winner, PGA Tour champion, NBA prop bets | Official result | 90%+ of total platform volume |
| Politics and elections | US Senate winner, presidential nominee, Congressional vote outcomes | Certified official result | £573M+ on the Midterms Hub alone |
| Economics | Fed rate decision, CPI print, GDP range, unemployment figure | BLS / FOMC official release | High institutional participation |
| Crypto | BTC / ETH hourly and daily price ranges, perpetual futures | Exchange price feed | £22B+ total on Crypto Perps |
| Commodities | Gold, platinum, oil price - updated every 15 minutes | Official price feed | £26M+ total volume |
| Climate, culture, tech | Temperature records, award show winners, AI milestones | Official announcements | Growing category |
Sports account for more than 90% of our total volume. We do not call these bets - they are event contracts regulated as financial instruments by the CFTC. That changes how settlement works and means there is no operator margin built into the price. Here is what we offer across the sports category:
The full process from landing on our page to placing your first trade takes under five minutes. You need a valid email, a phone number, and a government-issued ID.
Our app runs on iOS and Android and gives you the full platform from your phone: live order book, portfolio tracking, push alerts on specific contracts, and access to every active market. The app covers the same order types as the desktop version. Kalshi Pro, currently in Beta, is also available on mobile and adds advanced order tools across both Predictions and Perpetuals.
Get the Kalshi app now and enjoy non-stop action.
Our fees follow a formula rather than a flat rate: 0.07 × price × (1 − price). Contracts at the extremes of the price range cost almost nothing. The highest possible fee is around £0.0175 per contract, reached only at the 50p mark.
| Contract price | Fee per contract | Fee per 100 contracts | Equivalent bookmaker margin |
|---|---|---|---|
| £0.01 / £0.99 | £0.00 | £0.00 | Near zero |
| £0.10 / £0.90 | ~£0.006 | ~£0.63 | Under 1% |
| £0.30 / £0.70 | ~£0.015 | ~£1.47 | Under 2% |
| £0.50 | ~£0.0175 | £1.75 | Under 4% - still below most bookmakers |
Limit orders resting on the book carry a lower fee than market orders and are only charged on execution. Cancelling an unfilled order is always free. Wire and ACH deposits have no platform fee. Crypto deposits carry no platform fee but standard network costs apply.
There are no fractional or decimal odds to convert on our platform. The price of a contract is the probability. A contract at 68p means the market gives the event a 68% chance of happening. Your job is to decide whether the market is right.
| Contract price | Implied probability | Profit if correct | Decimal odds equivalent | Where to look for edge |
|---|---|---|---|---|
| £0.10 | 10% | £0.90 | 10.0 | Contrarian positions on underpriced underdogs |
| £0.30 | 30% | £0.70 | 3.33 | Markets with low volume and unreliable consensus |
| £0.50 | 50% | £0.50 | 2.0 | Information edge over the market consensus |
| £0.75 | 75% | £0.25 | 1.33 | High-confidence plays where you disagree with the lean |
| £0.92 | 92% | £0.08 | 1.09 | Near-certain outcomes where you want cheap hedging |
Volume is the second signal. A market with £7 million in traded volume reflects genuine collective judgement. A market with £300 in volume can be moved by a single order. Check both the price and the depth before committing a position.
Here is what traders say about us across app stores and prediction market communities. Fees, settlement reliability, and the range of markets come up most consistently.
Cheapest way to trade political outcomes I've found. Fee near zero on high-probability contracts.
🏆🏆🏆
Big markets are liquid. Smaller ones can be thin but nothing unusual for a growing platform.
Signed up on my lunch break. Was trading before I finished my coffee.
Most British traders are used to either a bookmaker or a betting exchange. We are neither. Kalshi is a regulated financial exchange for event contracts, which changes how pricing, fees, and settlement all work.
| Feature | Kalshi | Traditional bookmaker | UK betting exchange |
|---|---|---|---|
| Pricing model | Live order book, no overround | Operator sets odds with 5–10% margin | Live order book, 2–5% commission |
| Regulation | CFTC (US financial regulator) | UKGC | UKGC |
| Fee on a 90p contract | ~£0.006 per contract | Embedded in odds, not visible | 2–5% of winnings |
| Can you sell before settlement? | Yes, anytime during trading hours | Cash out at operator's discretion | Yes, via lay orders |
| Market categories | Sports, economics, politics, crypto, commodities, climate | Sports and some specials | Sports and politics |
| Parlay contracts | Single fee on combined position | Stacked margin per leg | Not available |
We charge no minimum withdrawal amount and no inactivity fees.
We hold a Designated Contract Market licence from the US Commodity Futures Trading Commission - the same federal body that oversees the Chicago Mercantile Exchange. That designation is not a registration or a self-certification. It requires ongoing regulatory reporting, compliance with the Commodity Exchange Act, and mandatory segregation of customer funds from operating capital.
In practice, your deposited funds sit in a separate account that we cannot use to cover our own operating costs. If we ran into financial trouble, your funds would not be part of the general creditor pool. That structure is a meaningful difference from unregulated platforms where customer and company funds are often commingled. We have raised £2.8 billion across 11 funding rounds from Sequoia Capital, Andreessen Horowitz, Coatue, and Morgan Stanley, reaching a £22 billion valuation in 2026.
| Year | Milestone |
|---|---|
| 2018 | Tarek Mansour and Luana Lopes Lara found Kalshi in New York after working at Goldman Sachs, Citadel, and Bridgewater |
| 2019 | Accepted into Y Combinator Winter 2019 batch; early backers include SV Angel and Henry Kravis |
| 2020 | Receive our Designated Contract Market licence from the CFTC - the first event contract exchange to hold federal designation in US history |
| 2023 | Win legal battle against CFTC after the regulator attempts to block political event contracts; federal court rules in our favour |
| 2024 | Launch election markets for the US presidential race; become the primary public reference for real-time election probability during the campaign |
| 2025 | Expand to 140+ countries; Luana Lopes Lara becomes the world's youngest self-made woman billionaire following a £1 billion raise at an £11 billion valuation |
| 2026 | Process £11+ billion in a single month; valuation reaches £22 billion; our prediction market features go live inside Robinhood and Coinbase |
Yes. UK traders can register, verify their identity, and trade on our platform. Everything runs in USD so deposits convert from pounds at the current rate. Our full app is available on iOS and Android.
Most trades cost under 1% of stake. Contracts priced near £0.01 or £0.99 carry zero fees. Traditional bookmakers embed 5-10% margin in their odds. For high-probability and low-probability events in particular, our cost structure is considerably cheaper.
Yes. You can exit any position during trading hours by selling your contracts back into our order book at the current market price. You do not have to wait for settlement.
We charge a transaction fee on each trade based on the contract price: 0.07 x price x (1 - price). There are no subscription fees, no charges on unexecuted orders, and no payment for order flow.
