Election crypto betting just got a lot easier.
Kalshi, one of the best election betting sites, recently launched a new feature allowing users to deposit using crypto.
Adding crypto deposit capabilities is excellent for both Kalshi and its users.
Unregulated blockchain sites, such as Polymarket and dozens of other crypto start-ups in the prediction market industry have dominated crypto betting.
Now, Kalshi enters the mix as a safe, regulated option for crypto bettors.
Even better? New users get a $20 bonus by depositing at least $100 of crypto into their accounts — open an account by clicking here.
Here’s everything you need to know about election crypto betting.
Election Crypto Betting with Kalshi
Election crypto betting is best done with a regulated platform, and Kalshi has set itself apart from its competitors in a short time since launching its election markets.
When compared to other regulated prediction markets such as Robinhood, ForecastEx, and PredictIt — Kalshi is the ONLY one that allows its users to fund their accounts with crypto.
Additionally, Kalshi is the best election betting site for crypto users. Their vast election odds menu dwarfs what you’ll find available from its competitors.
Compared to other election crypto betting sites, Kalshi is the ONLY regulated option available in the United States. You can sleep well at night knowing that your money is safe and that you are betting on a legal platform with regulatory oversight from the Commodity Futures Trading Commission (CFTC)
To integrate crypto deposits, Kalshi teamed up with Zero Hash, an experienced crypto firm that manages the conversion and compliance of crypto deposits.
How To Deposit Crypto on Kalshi
To deposit cryptocurrency on Kalshi, you will use USD Coin (USDC). USDC is a stablecoin pegged to the U.S. dollar, making it less volatile than other cryptocurrencies like Bitcoin and Ethereum.
You can easily buy USDC with Bitcoin, Ethereum, and any other crypto you already have. I did so using my Coinbase wallet, and then sent it on the Ethereum network.
Kalshi will walk you through the process step-by-step.
One of the advantages of betting on the election with crypto is that you will fund your account almost instantly, and there are no fees through Election Day.
You can fund your account with up to $500,000 in crypto, making it the most viable option if you’re a high-stakes bettor looking to wager thousands of dollars on the election. The minimum deposit, however, is only $2 when using crypto, and you can wager as little as $1. Kalshi is for everyone.
Kalshi made the decision to make crypto deposits free until election day.
Instant. High limits. 0 fees. https://t.co/ahMZwwqDqd
— Tarek Mansour (@mansourtarek_) October 29, 2024
Other Election Crypto Betting Sites
Polymarket – Polymarket is the largest crypto betting site, having facilitated a whopping $3B in trades on the 2024 presidential election alone. Unfortunately for Americans, Polymarket is not accessible. Most of its users are out of the country or use a VPN to make their election betting predictions. That latter option wasn’t easy to begin with. It has even gotten more difficult as Polymarket continues to crack down on US-based users after its election betting controversy involving a ‘whale’ moving the presidential market in favor of Trump with over $40 million in election bets.
Hedgehog – It seems like dozens of crypto election betting sites are trying to follow Polymarkets’ lead, Hedgehog being one of them. Hedgehog is run on the Solana blockchain, as opposed to Polymarket’s use of Ethereum blockchain technology. Despite the surge of election betting interest, Hedgehog has struggled to gain steam, facilitating only $20,000 in presidential winner bets with current liquidity for another $20,000.
BET – Another Solana-based prediction market, the Drift Protocol, has had much more success than Hedgehog but has not been able to rival Polymarket. BET stands for “Bullish on Everything.” While Polymarket and Kalshi accept only USDC, BET allows bets in 30 different cryptocurrencies and offers yield opportunities, which is convenient if you are a more advanced crypto user.
Future of Election Crypto Betting
Cryptocurrencies and blockchain technology continue to revolutionize various industries, including political and election betting.
Crypto betting sites, though unregulated, were the first to provide an avenue for Americans to bet on US elections. Sites like Polymarket spearheaded the demand for election betting but do not provide the same assurances that you get with a legally regulated option like Kalshi.
On top of that, the onboarding process on election crypto betting sites are typically too complicated for the average user.
If more people become comfortable with crypto, crypto betting sites like BET and Hedgehog will benefit. However, we believe that sites like Kalshi will dominate as they provide ways for both crypto users and non-crypto users to bet on the election (and everything else).
You can sign up with Kalshi and get a $20 bonus when you click here.
