Kalshi vs Polymarket: Which Is Better for New Yorkers in 2026?

Update — August 15, 2026. Re-verified platform availability, promo terms, and New York eligibility against each operator's own published pages this week. Where an operator has changed its terms, the copy below reflects the current version.

[Kalshi](=AFF:kalshi) and [Polymarket](=AFF:polymarket) are the two prediction-market venues most New Yorkers actually consider. They look similar at a glance — both let you trade contracts on real-world outcomes — but the underlying products are different enough that picking the wrong one wastes time and money.

Here's a clear side-by-side, then a use-case pick at the bottom.

The one-line summary

• —Kalshi — federally regulated US event-contracts exchange. iPhone, Android, desktop. $10 new-trader credit with code NYPREDICTS, no deposit minimum.
• —Polymarket — the world's deepest prediction market, iOS-only for US users. $50 trading bonus with code NYPREDICTS after a $20 deposit.

Regulation and legality in New York

Both are legal for New York residents in May 2026 — but for different reasons. Kalshi operates as a CFTC-designated contract market under federal commodities law, which is why it works in New York where state-licensed sportsbooks set the rules for most gambling-style products. Polymarket re-entered the US market in 2025 through an iOS app available to verified residents in all 50 states.

Both platforms have been part of the active regulatory debate — see our Albany turf-battle and CFTC v. NY coverage for context — but neither is currently restricted for New Yorkers.

Devices and access

This is where a lot of New Yorkers get stuck. Kalshi works on iPhone, Android, and desktop. Polymarket's US offering is iPhone-only — no Android, no desktop trading for US users. If you're on Android, the comparison ends here: Kalshi is your only option of the two.

Liquidity and markets

• —Kalshi is the deepest US-regulated venue for politics (NYC mayor, federal elections), macro (CPI, Fed decisions, jobs), and sports event contracts. Liquidity is solid on flagship markets and thinner on niche ones.
• —Polymarket has the deepest liquidity in the prediction-market world overall, particularly on global news, geopolitics, and election markets that get media attention. It's the venue most often quoted on cable news.

Signup offers — head to head

Both use the promo code NYPREDICTS. The structures are different:

• —Kalshi NYPREDICTS — $10 credit for new US traders, no deposit minimum. You need to verify identity and place a first trade to activate.
• —Polymarket NYPREDICTS — $50 trading bonus after you deposit $20 in the iOS app. The bonus is trading funds, not withdrawable cash.

Step-by-step claim flows: Kalshi promo code walkthrough and Polymarket promo code walkthrough.

Fees and settlement

• —Kalshi — small per-trade fee plus a settlement fee on winning contracts. USD deposits and withdrawals through a US bank. No crypto required.
• —Polymarket — crypto-based settlement under the hood, abstracted by the iOS app. You'll see USD prices, but funds move on a public blockchain.

Who should pick which

• —You're on Android or desktop → Kalshi. Polymarket isn't an option for US users on those platforms right now.
• —You want US politics, the Fed, NYC races → Kalshi has the cleanest regulated slate.
• —You want global news, geopolitics, deepest media-quoted markets → Polymarket.
• —You want to try the product cheaply → Kalshi's $10 with no deposit is the lower-friction first step.
• —You're already comfortable depositing $20 → Polymarket's $50 trading bonus is the better headline value, if you're on iPhone.
• —You're serious about it → Open both. Most active New York traders end up running both accounts and using each for what it's best at.

The honest version

Neither platform is a sportsbook and neither is a casino. They're regulated event-contract venues with real loss risk. Both work in New York. The right starting move for most readers is to open Kalshi first (lower friction, $10 with no deposit), see whether the product clicks, then add Polymarket on iPhone if you want deeper liquidity on global news.

Editorial only — not a recommendation to trade. See our Kalshi review, Polymarket review, and NY legality guide. For a sibling-site take that scores both head-to-head, the outcome-focused comparison is worth a read.