Overview
- Kalshi is actively promoting state‑targeted referral codes such as ALCOM and OREGONLIVE1 that, as of Aug. 4–5, 2026, award a randomized bonus up to $500 after new users complete identity verification and at least $25 in qualifying trades.
- The company discloses a tiered probability breakdown that favors small credits (about 70% receive $15) and requires traders to meet a 30‑day $25 trading window, use the bonus within seven days, and trade an amount equal to the credit before profits can be withdrawn.
- Reporters tracked the promotion driving concentrated volume into live markets tied to MLB games, WNBA matchups, the NFL Hall of Fame Game and training‑camp futures, with visible short‑term price moves on contracts such as Dodgers–Cubs and Marlins–Braves.
- Access to the offers is limited by state exclusions (examples reported include AZ, IL, MA, MD, MI, MT, NJ, NV, OH), and Kalshi operates under federal CFTC oversight rather than state sportsbook rules, which shapes where and how these promos take effect.
- Industry observers warn the mechanics raise consumer‑risk and market‑quality concerns because credits are non‑withdrawable and short‑lived, and the lasting market liquidity will depend on KYC enforcement and whether bonus recipients become repeat, funded traders.