Kalshi is the first regulated event trading platform in the United States, founded in 2018 by Tarek Mansour and Luana Lopez Lara. The company received approval from the Commodity Futures Trading Commission (CFTC) in 2020 and began operations in 2021. Kalshi is headquartered in New York City.
The Kalshi platform allows users to trade contracts on the outcome of a variety of real-world events, such as elections, economic indicators, climate events, and cultural events. Contracts are priced between 1 and 99 cents, and are settled for $1 when the contracted event occurs. This allows traders to hedge risk or speculate on the likelihood of certain events occurring.
In October 2024, Kalshi achieved significant success by receiving approval to resume trading political contracts, including congressional and presidential elections. The decision was the result of a lawsuit with the CFTC, in which the court found the commission’s actions to be excessive and allowed Kalshi to offer such contracts. Since then, the platform has begun offering contracts on the outcome of the presidential election, control of the houses of Congress, and other political events.
Kalshi provides access to more than 300 markets covering a variety of categories, including finance, politics, climate, culture, and more. The platform is available to users throughout the United States, with the exception of certain states such as Illinois, Maryland, New Jersey, and Ohio. Users can trade through the website or the Kalshi mobile app, which is available on the App Store.
In January 2025, Donald Trump Jr. joined Kalshi as a strategic advisor, bringing additional attention to the platform. Since then, the company has continued to expand its offerings and attract new users, aiming to become the leading event trading platform in the United States.
