Kalshi in one paragraph
Kalshi is a regulated event-contract exchange licensed by the US Commodity Futures Trading Commission (CFTC). It lets users buy and sell shares in real-world outcomes — politics, weather, sports, economics — with each share paying $1 if the answer is YES and $0 if NO. Because shares trade peer-to-peer rather than against a house, the market price reflects the collective implied probability of the event happening, with no vigorish (built-in profit margin) baked in.
How to read a Kalshi price
If 'Will the Lakers beat the Spurs?' is trading at 67¢ YES on Kalshi, that means the market is pricing the Lakers' win probability at 67%. A NO share trades at 33¢ (100¢ - 67¢). Buying YES at 67¢ pays out $1.00 if the Lakers win, for a profit of 33¢ — or +49% on your stake. The American-odds equivalent of 67% implied probability is roughly -204.
How Kalshi differs from sportsbook odds
A sportsbook like DraftKings or FanDuel sets its own prices and charges a margin (the 'vig') so that the implied probabilities of both sides sum to more than 100% — typically 104–106% across moneyline markets. That extra 4–6% is the book's profit. Kalshi, being peer-to-peer, has no vig: YES + NO always sums to exactly 100% (minus a small spread between bid and ask).
When Kalshi disagrees with the books
Because the two markets have different participants and pricing mechanisms, they regularly diverge. SportsBookISH highlights these gaps in real time across every game. A buy edge means Kalshi is pricing the outcome cheaper than the de-vigged consensus across DraftKings, FanDuel, BetMGM and the rest — a potentially profitable buying opportunity. A sell edge means Kalshi is overpriced.
What sports does Kalshi cover?
Kalshi's sports coverage includes:
- NBA — championship winner, game winners, MVP, conference champions, series outcomes
- MLB — championship winner, game winners, division leaders
- NHL — championship winner, game winners, series outcomes
- EPL — match winners, season champion
- MLS — match winners
- PGA Tour — tournament winner, Top 5/10/20/40, Make Cut, head-to-head matchups, round leaders, props
Should I bet on Kalshi instead of a sportsbook?
Kalshi's advantages are: no vig (cheaper pricing on the same outcome), no limits (you can bet as much as the orderbook supports without being capped), federal regulation (CFTC oversight), and operation in all 50 states. Sportsbooks have wider market coverage (props, parlays, live in-game), faster cashouts, and stronger promo offers. Sharp bettors often hold both and shop the price.
How SportsBookISH helps
We ingest every active Kalshi sports market every 5 minutes and compare each price to the de-vigged consensus across 11+ US sportsbooks. The edge column shows you exactly where Kalshi is cheaper or more expensive than the books — letting you pick the better side of every market in seconds.