Kalshi
In short: A US-regulated prediction market exchange that trades binary contracts on event outcomes, including elections, economics, weather, and a growing roster of sports markets. Operates under CFTC oversight as a Designated Contract Market — the first federally regulated sports betting platform in the United States.
Also known as: Kalshi Exchange, KalshiEX
Kalshi prices every contract between $0.00 and $1.00, where the price reflects the implied probability of the outcome. A YES contract trading at $0.45 pays $1.00 if the event resolves YES — equivalent to American odds of +122. Because Kalshi is an exchange, the vig is replaced by a small transaction fee and bid-ask spread, and sports markets there often diverge meaningfully from sportsbook lines, producing arbitrage.