Kalshi sports odds explained: prices, fees, vs sportsbooks

Q: How do Kalshi sports odds work?

Kalshi lists event contracts that pay $1 if an outcome happens. The contract price in cents is the implied probability: a team trading at 58¢ is a 58% favorite, roughly −138 in American odds.

Q: How do I convert a Kalshi price to American odds?

Above 50¢: −(price ÷ (100 − price)) × 100. Below 50¢: ((100 − price) ÷ price) × 100. Add the trading fee to the price first to get your real cost.

Q: Does Kalshi charge fees?

Yes. Taking a price costs 0.07 × contracts × price × (1 − price), rounded up to the next cent per order: $1.75 on 100 contracts at 50¢, $0.63 at 10¢. Resting (maker) orders pay less on most sports markets. Kalshi can change its schedule, so check it before trading.

Q: Is Kalshi legal in my state?

Kalshi is a federally regulated exchange (a CFTC designated contract market) and offers sports contracts in many states, but several state regulators have challenged sports event contracts and court cases are ongoing. Availability can change; check Kalshi’s own eligibility rules and your state’s position.

Q: Is Kalshi better than a sportsbook?

Sometimes the price is better, sometimes worse. Compare the fee-adjusted Kalshi price with the best sportsbook price and with a no-vig price, and consider depth: the quoted price may only be available for a small amount.

Intermediate3 min read

Kalshi is a US exchange where sports outcomes trade as event contracts. Prices are in cents, but they translate directly into odds — once you account for fees. Here is how to read them and compare them with sportsbook lines.

Contracts, cents and probability

A Kalshi sports contract pays $1 if its outcome happens and nothing if it does not. The price is therefore the market’s probability: 58¢ is 58%. You buy “Yes” on a team (or “No”), and you can sell your position before the game ends at the current market price.

price ≥ 50¢: American = −(price / (100 − price)) × 100 · price < 50¢: American = (100 − price) / price × 100

58¢ → −138. 35¢ → +186. 50¢ → +100.

Fees change the real price

Buying at the ask takes liquidity, and Kalshi charges takers a fee per order of 0.07 × contracts × price × (1 − price), rounded up to the next cent (the sports game, spread and total series use a multiplier of 1; schedule since 2026-07-07). It peaks at 50¢, 1.75¢ a contract, and shrinks toward the extremes. Always add it to the price before converting:

fee = roundup(0.07 × C × P × (1 − P)) · 100 contracts at 50¢: $1.75 · at 30¢: $1.47 · at 10¢: $0.63

vigged does this for every game: Kalshi and Polymarket odds after fees lists each price as what $100 gets, next to the best sportsbook price, and the board shows the same numbers under each game. vigged.com also ranks Kalshi as a book by default, at that after-fee price, where it is allowed and at least $2,000 is available at the price on that side; a thinner Kalshi price is still shown, unranked.

Kalshi vs sportsbooks

Pricing. Prices come from traders in an order book, not a bookmaker. The spread between buy and sell prices, plus fees, plays the role of vig.
Depth. Popular games can be deep; smaller ones may only offer the quoted price for a few hundred dollars. Check the order book.
Markets. Moneylines are the core; spreads and totals are available on some games, sometimes at fixed lines different from the books.
Regulation. Kalshi is overseen federally by the CFTC rather than licensed state by state like sportsbooks. Several states dispute that it may offer sports contracts, so availability can change.

Using Kalshi prices well

Treat a fee-adjusted Kalshi price like any other book’s price: compare it with the best sportsbook number and with a no-vig price. If the fee-adjusted price implies a lower probability than the no-vig price, it is +EV; if not, it is just another place to bet. The after-fee comparison does the first part live, with the gap in cents. See no-vig odds and how to find +EV bets. For the other big prediction market, read Polymarket vs sportsbooks.

Fee and availability details change; this guide describes them in general terms and is not legal advice. Check Kalshi’s current fee schedule and eligibility rules before trading.

Frequently asked questions

How do Kalshi sports odds work?

Kalshi lists event contracts that pay $1 if an outcome happens. The contract price in cents is the implied probability: a team trading at 58¢ is a 58% favorite, roughly −138 in American odds.

How do I convert a Kalshi price to American odds?

Above 50¢: −(price ÷ (100 − price)) × 100. Below 50¢: ((100 − price) ÷ price) × 100. Add the trading fee to the price first to get your real cost.

Does Kalshi charge fees?

Yes. Taking a price costs 0.07 × contracts × price × (1 − price), rounded up to the next cent per order: $1.75 on 100 contracts at 50¢, $0.63 at 10¢. Resting (maker) orders pay less on most sports markets. Kalshi can change its schedule, so check it before trading.

Is Kalshi legal in my state?

Kalshi is a federally regulated exchange (a CFTC designated contract market) and offers sports contracts in many states, but several state regulators have challenged sports event contracts and court cases are ongoing. Availability can change; check Kalshi’s own eligibility rules and your state’s position.

Is Kalshi better than a sportsbook?

Sometimes the price is better, sometimes worse. Compare the fee-adjusted Kalshi price with the best sportsbook price and with a no-vig price, and consider depth: the quoted price may only be available for a small amount.

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