Compare · Records checked Nov. 7, 2026
Kalshi vs Polymarket
How the two compare on the legal questions: regulation, where each is blocked, age and identity rules, tax forms, and the lawsuits that name each. We don't compare odds, prices or payouts.
The main differences
- Both run their own CFTC-regulated exchanges.
- Kalshi is blocked or not offered in Washington, where Polymarket is not.
- Kalshi is named in 74 cases we track (65 active); Polymarket in 23 (23 active).
| Topic | Kalshi | Polymarket |
|---|---|---|
| What it is | Kalshi's own website (kalshi.com) and mobile app. Its contracts are also offered inside partner apps, including Coinbase (live in all 50 states through Kalshi, per The Block, January 2026) and Webull (partnership reported February 2025). | Through the Polymarket US app (provided by QC Tech LLC d/b/a Polymarket App as an independent-software-vendor front end) connected to the QCX exchange. Its terms also allow access as a direct participant or through an FCM or introducing broker. Covers reported on May 12, 2026 that the iOS app had opened without a waitlist and that there was no Android app yet. |
| Operator | KalshiEX LLC | QCX LLC d/b/a Polymarket US |
| CFTC registration | DCM, DCODCM designated 2020-11-03, with the CFTC granting a petition to modify the designation order on 2025-01-17; affiliate Kalshi Klear LLC registered as a DCO 2024-08-28 (CFTC industry filings) | DCM, DCODCM (QCX LLC) designated 2025-07-09; affiliate QC Clearing LLC d/b/a Polymarket Clearing registered as a DCO 2024-12-16 (CFTC industry filings) |
| Contracts trade on | Its own exchange | Its own exchange |
| Launched | Kalshi launched its trading platform in July 2021, after the CFTC designated KalshiEX LLC as a contract market in November 2020. Source | Polymarket began rolling out its US app to waitlisted users in early December 2025, starting with sports (PYMNTS, December 4, 2025). New York's governor and attorney general describe the US launch as December 2025. The waitlist was dropped for US iOS users in May 2026. Source |
| Where it's offered (51 jurisdictions) | No restriction found: 48 · Sports blocked: 3Blocked or not offered: Michigan, Nevada and Washington Checked Oct. 22, 2026 | No restriction found: 49 · Sports blocked: 2Blocked or not offered: Michigan and Nevada Checked Oct. 28, 2026 |
| Minimum age | 18 Source | 18 Source |
| Identity checks | Kalshi requires legal name, date of birth and a residential address (no commercial addresses or PO boxes) that match a government ID. It asks for a live in-app photo of a driver's license or passport. It may also ask for proof of address, employment information or source of funds. It may request a Social Security number at any point after signup, which it uses for identity verification and tax reporting; an SSN is not required to deposit. (Help articles updated June 30 and August 25, 2026.) Source | Polymarket US requires date of birth, a phone number confirmed by text code, legal name, residential address and Social Security number. Most users are verified automatically; others may be asked for a government-issued ID and a selfie check. KYC must be completed before depositing or trading, and the terms require KYC, AML and sanctions screening. Source |
| Tax forms | Kalshi says users who meet IRS reporting thresholds get Form 1099-INT (interest), 1099-MISC (credits and rewards), 1099-B (proceeds from crypto transfers) and 1099-DA (digital asset reporting from ZeroHash). The forms appear under Tax Info in the Account tab, and some are emailed through Zenwork. Kalshi gives no dollar thresholds or issue dates. Trading profit-and-loss statements are in the documents tab (help article updated June 22, 2026). Source | Not confirmed |
| Contract types | sports, politics, elections, culture, entertainment, crypto, economics, finance, commodities, climate, weather, tech and science, mentions, world news | sports, politics, crypto, economics, weather, tech, culture |
| Lawsuits naming it | 74 (65 active) | 23 (23 active) |
| Latest development | Nov. 5, 2026: Arkansas v. Kalshi (Independence County) | Oct. 27, 2026: Louisiana |
Each row comes from the platform's own materials or the sources linked, and updates when our records do. Not legal, financial or tax advice.
Questions
- What is the difference between Kalshi and Polymarket?
- Both run their own CFTC-regulated exchanges. Kalshi is blocked or not offered in Washington, where Polymarket is not. Kalshi is named in 74 cases we track (65 active); Polymarket in 23 (23 active).
- Is Kalshi or Polymarket legal in more states?
- By the records we track, Kalshi is blocked or not offered in 3 states and Polymarket in 2 states. Both face state challenges to their sports contracts. Check your state on each platform's page.