Overview
- Kalshi rolled out the ALCOM referral code that can award new users up to $500 in bonus trades after completing $25 in qualifying trades, a move reported in updates on July 28–29.
- The offer is available in more than 40 states but explicitly excludes several jurisdictions and requires age, identity and location verification before bonuses can be issued.
- Kalshi assigns bonuses at random in five tiers with roughly 70% of qualifiers getting $15, 24% getting $35, 5% getting $75, 0.65% getting $100, and 0.35% getting $500.
- CFP markets have seen heavy activity during the promotion, with about $8.5 million traded and market probabilities placing Notre Dame, Ohio State and Texas in the low teens percent range.
- Rivals such as Polymarket are running competing invites and analysts caution that most bonus credit is non-withdrawable, subject to short use windows and verification limits, so the added liquidity may be temporary and could distort short-term prices.