For the first time, people in all 50 states can make a legal bet on the outcome of the Super Bowl.

That is possible via Kalshi, a legal online trading market available anywhere in the United States.

Markets on Kalshi work differently than betting on a traditional sportsbook. Technically, people who use Kalshi are not betting on the outcome of an event. Rather, they are trading shares against those on the opposite side of the same market.

But for those outside the legal community: it’s a bet.

The Kansas City Chiefs are currently priced at 54 cents per share to win Super Bowl 59. The Eagles are priced at 46 cents per share. Those shares settle at $1 for the winner. And nothing for the loser.

To win $100 on the Chiefs, one must buy $108 worth of shares. That translates into a moneyline of -108. That’s a better deal than the moneyline being offered at most sports books right now. Kansas City, for example, is -130 at DraftKings. That means you’d have to wager $130 to win $100.

Similarly, someone backing the Eagles would win $100 for buying just $92 worth of shares. That equals a traditional money line of +109. That means you would win $109 on a $100 bet. Right now, the Eagles are being offered at +110 at DraftKings. That means you would win $110 on a $100 bet. So the Eagles are a slightly better deal at the book. 

As is always the case, it pays to shop around for the best price between legal books and legal trading sites.

The Big Game’s outcome is not the only Super Bowl market available on Kalshi.

People can also trade the following. All markets are “yes” or “no” and listed with their current volume as of 10 a.m. Eastern time on Friday.

·       “Which Companies will run ads during the Big Game?
Verizon; OpenAI ($1,148,502)

·       “What songs will be played at the half-time show?
Alright; mAAd City; King Kunta; luther; tv off; DNA; Money Trees; Humble; Not Like Us ($48,887)

·       “Who will be part of Kendrick’s half-time show?”
Baby Keem; Mustard; Jay Rock; Lil’ Wayne; Doechii; Future; Metro Boomin; J Cole; Travis Scott; Taylor Swift; Beyonce; Jay-Z; Rihanna ($183,972)

Here, the company’s house rules state that: “Ad-libs, pre-recorded features from Kendrick Lamar songs, or playing the song of an artist not present or otherwise performing are not considered performances.”

Of course, you won’t see the words “Super Bowl” on Kalshi’s site since it is not affiliated with the NFL and does not have permission to use the commercially trademarked phrase.

Kalshi rose to prominence during the 2024 election, as its users correctly predicted Donald Trump’s victory, along with most other online trading markets.

Kalshi is allowed to offer election trading contracts in the United States thanks to a federal court ruling, despite opposition from the Commodity Futures Trading Commission. It now offers more than 900 markets, trading on outcomes such as: “How many Senators will vote for Robert F. Kennedy Jr. for HHS Secretary?” “This is the hottest January ever?” and “Top US Netflix Show This Week.”

Unlike legal sports books and sports betting apps, Kalshi’s trading markets are not limited to traditional outcomes in sporting events, and some major award shows.

Its “Top USA Song On Spotify Today?” has generated more than $11 million in trading volume since it originally opened.

Kalshi is open about its willingness to offer a market on (most any) reasonable event.

The site also trades in possible outcomes of other political and current events, such as the possibility of controlling the Panama Canal or Greenland during Trump’s term.  

Friday, the company is expected to announce that people will be able to buy into its trading markets via traditional brokerages, the New York Times reported.

“Over time, integrating with brokers will enable the 160 million Americans who own stock to access prediction markets,” Tarek Mansour, Kalshi’s co-founder and chief executive, said in a statement. “Kalshi is committed to growing prediction markets into a trillion-dollar asset class — and we are not going to stop building until we do.”

Trump’s election should boost plans for Kalshi and other legal trading markets to expand. The  CFTC is expected to drop its case against Kalshi under its new commissioner, Caroline Pham. She was a critic of the CTFC's effort to limit election trading. Kalshi has also added Donald Trump Jr. to its payroll as a strategic adviser.