Overview
- Kalshi has active, state‑specific referral codes — including OREGONLIVE1, ALCOM15 and SYRACUSE — that grant new users $10 to $15 in trading credit after signup, identity/location checks, a deposit and minimum qualifying trades.
- The offers are timed around marquee sports such as the MLB All‑Star Game, World Cup semifinals, WNBA and UFC, and reporters find that bonus-funded accounts produced concentrated short‑term volume that moved contract prices on those markets.
- Polymarket is running larger, state‑limited $50 invites as a competitive response, so platforms are effectively buying initial liquidity with differing bonus sizes and state eligibility lists.
- State exclusions and Kalshi’s verification process limit how many bonus accounts qualify, and bonuses often carry usage, expiration or withdrawal rules that make immediate cash‑out difficult and could reduce whether new users remain active after credits post.
- How long the liquidity lasts depends on enforcement of residency and ID checks, whether bonus users convert to repeat traders, and whether rivals continue offer cycles, a dynamic that will shape market depth and consumer risk going forward.