Guide
How Kalshi sports contracts work
On Kalshi, a bet on a game is a contract that pays $1 if the outcome happens and nothing if it doesn't. You buy from other traders, not a house, and you can sell before the game ends. Here's how that changes the way you read prices and pay fees.
A contract, not a ticket
Each sports market asks a yes-or-no question, such as whether a team wins a game. A YES contract pays $1 if it does; a NO contract pays $1 if it doesn't. The price, between 1¢ and 99¢, is set by traders buying and selling, and you can sell your contract any time before settlement at whatever the market will pay.
Reading the price as odds
The price is roughly the market's chance. YES at 62¢ means traders put the team at about a 62% chance. To compare with sportsbook odds:
| Kalshi price | Implied chance | American odds | Decimal odds |
|---|---|---|---|
| 25¢ | 25% | +300 | 4.00 |
| 40¢ | 40% | +150 | 2.50 |
| 50¢ | 50% | +100 | 2.00 |
| 62¢ | 62% | −163 | 1.61 |
| 80¢ | 80% | −400 | 1.25 |
Before fees. Convert any price with the odds converter.
What you pay
Kalshi charges a taker fee of 0.07 × contracts × price × (1 − price), rounded up to the cent per order. It's highest at 50¢ (1.75¢ a contract) and small near the edges. There's no fee when a contract settles. Details and a full table are in Kalshi fees explained.
How it differs from a sportsbook
- No house: you trade with other people, so the price moves with demand, not a bookmaker's line.
- You can sell early: lock in a gain or cut a loss before the game ends.
- Fees instead of a margin: sportsbooks build their margin into the odds; Kalshi charges a visible fee per trade.
- Prices differ across venues: the same game is often priced differently on Kalshi and Polymarket US, which is where cross-market spreads come from.
Common questions
How do Kalshi sports contracts pay out?
A contract pays $1 if its outcome happens and nothing if it doesn't. If you bought YES at 62 cents and the team wins, you get $1 per contract; the fee was charged when you bought.
Can I sell a Kalshi sports contract before the game ends?
Yes. You can sell at whatever another trader will pay at that moment, which lets you take a gain or limit a loss before settlement.
Are Kalshi prices the same as sportsbook odds?
They express the same idea. A price of 40 cents is about a 40% chance, roughly +150 in American odds, before fees.
Why is the same game priced differently on Kalshi and Polymarket?
They are separate markets with their own traders. One often moves first on news or injuries, which can leave a short gap between them.
See Kalshi and Polymarket US prices on the same games side by side, with fees counted, plus the biggest bets on each.
Compare game prices free