Overview
- Kalshi is running multiple state‑limited referral codes — notably ALCOM15, OREGONLIVE1 and a tiered ALCOM — that were rolled out or expanded in coverage on July 20–21 and offer $10–$500 in trading credits for new users.
- The promotions require new accounts, ID and location verification, minimum deposits and minimum trades or contract counts before bonus credits post, and many bonuses carry expirations or use restrictions.
- Editors report Kalshi has pushed these codes into markets across golf, MLB, WNBA, college football and long‑range World Cup futures to inject concentrated short‑term liquidity that has moved implied probabilities.
- State eligibility matters: several articles list exclusions (for example Arizona, Illinois, Massachusetts, Maryland, Michigan, Montana, New Jersey, Nevada, Ohio) so where bonuses affect markets depends on who can qualify.
- Polymarket and other rivals are running larger state‑limited invites (for example $50 codes), creating a competitive dynamic that is likely to keep producing short bursts of bonus‑funded volume while raising questions about consumer risk and market integrity.