Compare · Records checked Nov. 7, 2026
Kalshi vs Robinhood
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
- Kalshi runs its own CFTC-regulated exchange; Robinhood is an app whose contracts trade on KalshiEX, ForecastEx and Rothera Exchange and Clearing (a Robinhood joint venture with SIG); since 2026-09-08 also OG.com's North American Derivatives Exchange, Inc..
- Kalshi is blocked or not offered in Washington, where Robinhood is not.
- Kalshi is named in 74 cases we track (65 active); Robinhood in 21 (19 active).
| Topic | Kalshi | Robinhood |
|---|---|---|
| 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 prediction markets hub in the Robinhood app. Event contracts are offered by Robinhood Derivatives, LLC, a CFTC-registered futures commission merchant, and are listed on partner exchanges: Kalshi, ForecastEx and Rothera, plus OG.com's exchange since September 8, 2026. |
| Operator | KalshiEX LLC | Robinhood Derivatives, LLC |
| 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) | Robinhood Derivatives, LLC, a wholly owned subsidiary of Robinhood Markets, Inc., is a CFTC-registered futures commission merchant and NFA member. It brokers event contracts listed on CFTC-designated exchanges. One of those exchanges, Rothera, is a joint venture of Robinhood and SIG that bought 90% of MIAXdx on 2026-01-20. |
| Contracts trade on | Its own exchange | KalshiEX, ForecastEx and Rothera Exchange and Clearing (a Robinhood joint venture with SIG); since 2026-09-08 also OG.com's North American Derivatives Exchange, Inc. |
| Launched | Kalshi launched its trading platform in July 2021, after the CFTC designated KalshiEX LLC as a contract market in November 2020. Source | Robinhood first offered event contracts on the 2024 presidential election, offered through ForecastEx and approved by Robinhood Derivatives. Its prediction markets hub with Kalshi, which included sports, opened on 2025-03-17 (Axios). 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. 22, 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 | Opening a Robinhood Derivatives account requires identity verification under federal law. Robinhood asks for identifying information, citizenship and a US residential address, and may ask for a driver's license or passport. 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 | NATP, a tax-preparer association, reports that Robinhood has said it won't issue Forms 1099 for event contract trades. Robinhood instead provides an Event Contracts Annual Statement labeled 'not a substitute tax reporting form.' Robinhood's derivatives client agreement says it will provide 'certain tax documents.' Source |
| Contract types | sports, politics, elections, culture, entertainment, crypto, economics, finance, commodities, climate, weather, tech and science, mentions, world news | sports, economics, politics |
| Lawsuits naming it | 74 (65 active) | 21 (19 active) |
| Latest development | Nov. 5, 2026: Arkansas v. Kalshi (Independence County) | Nov. 7, 2026: Robinhood v. Massachusetts (First Circuit) |
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 Robinhood?
- Kalshi runs its own CFTC-regulated exchange; Robinhood is an app whose contracts trade on KalshiEX, ForecastEx and Rothera Exchange and Clearing (a Robinhood joint venture with SIG); since 2026-09-08 also OG.com's North American Derivatives Exchange, Inc.. Kalshi is blocked or not offered in Washington, where Robinhood is not. Kalshi is named in 74 cases we track (65 active); Robinhood in 21 (19 active).
- Is Kalshi or Robinhood legal in more states?
- By the records we track, Kalshi is blocked or not offered in 3 states and Robinhood in 2 states. Both face state challenges to their sports contracts. Check your state on each platform's page.