Overview
- Kalshi rolled out region-specific referral codes such as ALCOM and MLIVE that award new users a $25 bonus after they complete identity verification and place $25 in qualifying cash trades.
- The offers require account KYC, a recommended deposit to cover the $25 trade threshold, and a stated qualifying window that most articles say is 30 days but some reports say the bonus expires seven days after issuance.
- Kalshi operates as a CFTC‑regulated event‑trading exchange, not a sportsbook, and is unavailable in a list of states that includes Arizona, Illinois, Massachusetts, Maryland, Michigan, Montana, New Jersey, Nevada and Ohio.
- Reporting showed the promos created concentrated short‑term liquidity that moved implied probabilities on NFL preseason markets — for example Kalshi quoted about 53% for Jacksonville vs. Carolina and about 73% for Denver vs. Green Bay in cited markets.
- The promotion follows earlier variable bonus campaigns that offered up to $500 in credit, and analysts say Kalshi’s long‑term market depth will depend on strict verification, enforcement of state exclusions and whether bonus recipients become repeat, funded traders.