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It's a betting market valued at $2 billion, so it's actually a big deal. Since it's US-based, it's most likely regulated.

So is this the one that could take down traditional sportsbooks, or is it just an alternative?
Has anyone here tried betting using this platform or at least on Polymarket?

I believe Polymarket isn’t licensed, but this one is.

 Kalshi valued at $2 billion in latest funding round, CEO says (https://www.reuters.com/technology/kalshi-valued-2-billion-latest-funding-round-ceo-says-2025-06-25/)

Polymarket has good reputation and not just about license. I understand that scammers can easily get a site and have their own gambling products and services to scam people but Polymarket is not like that. Also no site is dominating Polymarket as of now in the prediction market. They get good reputation from their past services.

Kalshi is a licensed prediction market in US. That's why majority of US people used it instead of Polymarket, which is not available in US.
It is Polymarket's major rival. it has pretty good interface, and quite big volume. The negative is that KYC is a mandatory unlike Polymarket.

For people who has privacy concern, Polymarket seems better. The problem is that it has so many scam market created by the insiders kinda different with Kalshi, which is strictly monitored by CFTC.

Correct. It’s Polymarket main rival for US customers since there’s still some US citizens that secretly using polymarket due to anonymous feature.

I believe it’s existence is not a big threat to current bookie since they are the same with polymarket while the existence of polymarket itself doesn’t even affect the operations of traditional sportsbook.

Do we really need to go back to this discussion? Polymarket have been making wave, since its origination but I've never replaced traditional sportsbook, I done see how Kalshi plans to do it, even if it is licensed. The license can also be the reason why people will prefer the Polymarket over them. Traditional sportsbooks will always remain the lead.


I understand the problem they are trying to solve which is why they got licensed. But the disadvantage here is, they could be shit down or restricted by regulators at any time.

They will not get the license if they will not comply with regulators in regular basis.

US license is the most strict and hardest to acquire that’s why only few international services wants to operate on US. There’s no way they will not comply to US requirements once they already have the license.

And also there’s no way for regulators to shutdown this business if they are compliant with the guidelines.

Can't say for sure but as I know and believe the market that anything is possible, I can't assumed it would dominate the Polymarket but it is with time, I could remembered when I started hearing about cryptocurrency exchange Binance was least to mention but as time keeps going they improve on their operations which includes; security, the type of currency/token, coin they do list on their platform. Today you can't talk about exchange without at least mentioning Binance as top 1 or top 2 global leading trading platform, so I believe that is what would happened on both sites you comparing with. Currently Polymarket has gained trust on the globe than any other predictions market and even though we don't know much other predictions market but currently they more much in people's hearts.

When is this prediction market up and running?  Never heard of it til now.

If its for US citizens then its going to be for them only. Poly is a lot popular though, though it had gone to investigation I think its working alright still. What could be listed in Kalshi may also be in Poly so there might be the need to calculate the average for the betting percentage in these platforms already.

I'm just hearing the name "Kalshi" for the first time. It's good to have some sort of competition in the space, but I do not see it dethroning Polymarket anytime soon. Polymaket is also US-based and has made quite a reputation for itself.

Also, I do not think they're going to rival traditional sportsbooks because their markets are quite different. These platforms offer predictions based on future events, while sportsbooks offer predictions based on sporting events.

To tell you the truth, I'd never heard of this new service, but I went to the website and it's very similar to Polymarket
The website is: https://kalshi.com/

I believe they will get a good slice of the market, since Polymarket has blocked access to users in the United States, and Kalshi will take exactly that market

Even on their own website they reinforce this part of the regulation:

Sometimes there are people who under-estimate the value of reputation and history for people, special when comes to gamblers and bettors who are supposed to trust their money to a centralized entity most of the times.
I have known about services and websites which are legally not regulated and following the will and whim of regulators, and yet they have managed to build a spotless reputation and story among their clients. It reminds me the case of mixers like Chipmixer, which was pretty much in a grey area in the eyes of authorities, but even though they did not have any license or documents issued by authorities, they managed to get a good monthly volume in a relatively short period of time.

So, even though this platform have licenses Polymarket already have a good advantage over this new website.

I have only recently heard of Polymarket, so I am surprised to hear there is a US-licensed version already. What even are prediction markets? They seem like some kind of soon-to-fade fad to me. How can they possibly predict anything? Sounds like false advertising to me.

They way they work is basically setting up a yes or no poll on whether an event will happen. People vote yes or no and at the same time, make their bet?

Where does the prediction part come in?  ::)

This is the first time I've heard about the Kalshi betting market like the Polymarket platform... who actually first since this platform Kalshi or Polymarket appeared?

Moreover, Kalsi is based in the US, so other than the US it will usually be difficult to play there, including Polymarket has never bet there.

So far I think more people know Polymarket even though they don't have this license like an anonymous platform, right?
So this might be a tough competitor.

For sure, once bettors of polymarket learned about this new site, they would check this out. As the market is getting big for this kind of betting, they would surely get some part of it. And yes, for those who can't access the Polymarket site, they will try this out. Though I only know this site because of this thread, if they will have nice feedback from users, they would get some bettors because of this publicity.

If they are indeed sincere in this business, it will surely show and will have organic growth when it comes to their customers. As they are already having billion worth of funding, I would say, they are on the serious side of things. It is better to have steady growth because you are offering good services rather than exponential growth and so with drastic downfall of interest because you can't offer more to your customers.

Its my first time hearing this Project or Company and did some research about it.

It seems they are expanding into sports market such as NBA, NFL, and MLB. Since its regulated and got a huge backed funding, I guess they can not only be a threat to Polymarket but gonna be a serious competitor. This might go global as it assure some healthy traction.

unless the new platform has some crazy or unique feature that polymarket doesn’t have i doubt it will replace polymarket because polymarket is already very famous and well known and it’s hard to take down a platform that’s associated with betting on outrageous evente

There is another Polymarket competitor and that is Kalshi? It seems like this kind of betting market will continue to have imitators.

I have seen something similar to the Polymarket betting market before but forgot the name and it is still in development they seem to be launching a token --- but I myself do not follow much about this.

But if Kalshi already has a value of $ 2 billion, then this betting market is quite large.

Interesting.  I've never heard of Kalshi, but I have always wondered why Polymarket seems to be the only game in town.  It's crazy that a project stemming from Polygon became so popular while the actual coin/chain has been falling like a rock for years.  Granted, Polymarket has branched out beyond Polygon, but it is still a bit shocking that nothing sprung up to replace it yet.  I guess that shows they do a good job and have a good customer base.  Kalshi definitely has room to grow some market share though and I'm sure some more prediction markets are on the way.

That means this is even bigger than Polymarket, which is only valued at $1 billion.

Polymarket nears Founders Fund-led funding at over $1 billion valuation, source says (https://www.reuters.com/technology/polymarket-nears-200-million-raise-over-1-billion-valuation-source-says-2025-06-24/)


Same with Kalshi, they also raised additional capital to grow the business. The fact that they were able to raise that much says a lot about the confidence investors have in their future. It’s a good sign that we now have two major players competing. This kind of competition gives gamblers better options and pushes the space forward.

Kalshi's biggest advantage is the license to operate in the United States market, and that's a big advantage

The North American market is very large, there is a lot of money and demand for betting
Offering the service legally, without users having to use VPNs and without risk, is already the biggest advantage they have for this market.

For the rest of the world, I doubt they'll change Polymarket as there's no reason to, and they'll probably need to do KYC, so at least from everything I've understood, they're a US-based company.

You said it right.. same type of platform, but one is regulated while the other isn't. That said, I think the non-regulated ones are still more popular. A lot of bettors prefer prediction markets like Polymarket because they don’t have to deal with KYC requirements.

If Kalshi is operating in the US, then KYC is definitely part of the process. And in that case, some people might just choose to bet on a regular sportsbook instead. At least there, the experience is more familiar.

Assuming the numbers are true, well, at least for US sports Klashi beats the hell out of Polymarket

https://kalshi.com/markets/kxmlbgame/professional-baseball-game
They have a total volume on the series of $121 million.
Polymarket, which trades individuals for each match has barely $20k per game with a max of 60k-80k when the game begins.

Either way it has two major advantages, acces to the biggest market in the world and most funds, the USA, and second, the ability to deposit directly via credit/debit and wire on top of crypto, wiht Polymarket you need an intermediary to buy crypto with your card before depositing that crypto to your account.

For me more and more prediction markets I think the better, they gamblers or bettors can use the best offer.
I just saw that the KALSHI prediction market was not widely discussed here, Yes, one side of a good point license for KALSHI bettor is more confident to spend money there.
Although Polymarkets are known to not have a license, operating in the "gray area" just like predictit but polymarket is quite well known in the US.

What I want to say, whatever the name of the License Prediction Market Web or not, we all must also be careful, gambling never gives you the opportunity, for that betting is as much as you can lose.

I think I have heard before that those that are living in the United States must have to pay tax if they win while gambling, and it is not a small amount of money if the person win big. No KYC on Polymarket. That can make them just decide to use a noncustodial wallet to connect to the prediction site and bet instead of using the regulated one with license. That sounds not good at all but I know how people think.

Funded and valued are totally different. While the value of Polymarket is no doubt a great share of the market a billion dollars. With this funding, and CEO just said that it's now valued at $2B. Well, we might sense that the gambling industry or the prediction market to be specific is going to be in a bubble that has to burst in the next few years. Polymarket is even known than Kalshi and yet, the latter is valued more than the known one?

Prediction betting is in my estimation, one of the fastest growing industry. It is the first people in that will make a lot of money before it becomes very saturated and highly competitive.
No, it is not taking down traditional sportsbooks and it is not an alternative. I think that they are in different markets and to an extent cater for different audience with different preference. I expect to see some other underground/off-shore prediction sites pop up later but when that happens people should afford them.

This is the first time I have heard of this platform, because so far I only know about the prediction market is Polymarket. But the value of $ 2 billion is quite high for a new player in the prediction market, and since they are a regulated platform and the market they are targeting is the US where many citizens already play in the prediction market, so it is likely that this platform will grow very well there.


Even though both of them provide sports betting, I think that prediction platforms like Kelshi or Polymarket are just alternative platforms, because after all, sportsbooks platforms are players who have been in the sports betting industry for a longer time and they have better user experience, bonuses, promotions, and other things, which makes them still the main choice for people in sports betting.

First time hearing about this platform but then again I have never used these types of
platforms like polymarket. I see this new one also lists sports betting too.

The OP asks if this platform will threaten existing sports betting sites and I dont
think so eventhough they will certainly command a big slice of the market but the
gambling market is enormous

Kalshi looks bigger and safer than polymarket.

I don't see polymarket offer betting for each football match, polymarket only list big competitions.

In the long run Kalshi will beat polymarket, they just need time to make people recognize them and make their brand popular.

That's what it seems to be. Both have practically the same layout and proposal. Both are raising funds for their operations, which is good. When they have interested investors, the platforms tend to grow and become more "professional", gaining more transparency in their processes. And the best part is that for those who like prediction markets, it will be another option, perhaps this will bring opportunities for other platforms to launch.

I don’t think that will happen. Polymarket’s popularity comes from being decentralized and unregulated, which makes it very appealing especially to people who value privacy.

Kalshi, on the other hand, operates under U.S. law, and you can’t really be anonymous or private in that system. The KYC requirement could be what limits their growth. Meanwhile, Polymarket might continue to stay on top for that exact reason.

This is the first time I heard of Kalshi, but I don't think a prediction platform will take down traditional sportsbooks. They aren't the same.

As far as the US market is concerned, Kalshi doesn't rival Polymarket because Polymarket can't even serve US residents. But outside the US market, I think Polymarket will remain the stronger player. In the future, however, despite of or precisely because of its loose KYC implementation, Kalshi might overtake Polymarket.

So far, there are already a handful of countries like France, Singapore, Poland, among others imposing a ban on Polymarket. Aside from having no license to operate as a gambling platform, it's more or less privacy-focused.

And probably this is the reason why they put up Kalshi, and they know that Poly become so big during the US Presidential election. And then somewhat after that, regulators goes after Poly.

Although I think since Poly is the prime mover in this kind of betting or gambling, it will still remain as the best one out there even if Kalshi's valuation or how much it's worth. Just like in crypto investment, most of us stay with Bitcoin as it is the one that started the ball rolling for this kind of investment.

We never really know,  the US has a history of going after platforms, even the regulated ones. But since Kalshi is licensed in the US, it’s likely the government will back them or at least support their growth in some way.

That makes Kalshi a serious competitor to Polymarket. I actually see them as a big threat, especially with the government on their side. Plus, Polymarket is blocked in the US, which means they’re missing out on a huge market. Even if only US users stick with Kalshi, that's already a major source of revenue for the platform.

I am just hearing about this one today but for polymarket it has been mentioned here many time, so it's not new but I have not opened an account on any of those two platform. That's because the other casinos or bookmakers am using is not lagging in any way, unless there's really something too interesting about the platforms else I really don't see myself betting there and there are really thousands of people in other casinos who still preferred the casinos they are using too, so I don't think they will take over in the future.

When there is something new and popular, competitors will appear, and so it is for polymarket.
It is up to the bettor to choose because both have advantages and disadvantages, but usually the first to appear will be far superior unless the new competitor provides a better offer and meets all user needs.

For now I'm yet bet on polymarket because previously there was a sports betting similar to polymarket called futuur, and I was not very comfortable to bet on a platform like that, I only like betting on sports where I can watch how the match goes.