March Madness isn't just about buzzer-beaters and busted brackets. It's also fueling a trading frenzy on Kalshi, a regulated financial exchange. The platform, which lets users trade on real-world events, is seeing huge spikes in activity as the NCAA tournament unfolds. And for new traders, there's a welcome bonus: a $10 credit after an initial $10 in trades.

Beyond the Bracket: How Kalshi Works

Kalshi operates differently from traditional sportsbooks. Instead of placing bets with fixed odds, traders buy and sell "event contracts." Think of them like shares in the outcome of a specific event. The price of these shares shifts based on what the market believes is the probability of that event happening. You're not betting against the house; you're trading against other users, much like a stock market.

This setup means users can build what Kalshi calls "bracket portfolios," essentially investing in the likelihood of teams advancing or specific game outcomes. The platform isn't just for sports, either. Traders can project NBA playoff races or even political events. It offers many market variety.

Point is, Kalshi is under the watchful eye of the Commodity Futures Trading Commission (CFTC). That's a big deal. It means the exchange operates as a regulated financial market, not a gambling site. For users, that brings a layer of oversight and legitimacy that many traditional betting platforms don't have. Plus, there are zero cancellation fees, making it easy to get started.

Claiming Your $10 Bonus

New users can grab a "Trade $10, Get $10" welcome bonus. It's a straightforward offer for first-time users in eligible U.S. States and territories.

Getting the bonus means signing up and using the promo code LABS.

Here's how it works: First, you'll need to head to the Kalshi website or download their mobile app. Then, hit "Sign Up" and register using an email, Google, or Apple account. You'll want to make sure the promo code LABS is entered in the right spot during registration. After that, you'll need to complete identity verification — you'll need a valid U.S. ID and must be at least 18 years old.

Once verified, deposit some funds and execute at least $10 in real-money trades on any market. It's that simple. When those initial trades settle, your $10 bonus gets credited instantly to your account. This effectively doubles your initial trading capital, a pretty sweet deal for new entrants.

Market Action During March Madness

The NCAA men's and women's basketball tournaments are a massive draw, and that energy is translating directly into market activity on Kalshi. The exchange is experiencing "massive liquidity spikes" right now. What that means is there are lots of buyers and sellers, making it easier to enter and exit positions at fair prices.

Traders aren't just guessing which teams will win. They're buying shares on which "Cinderella team will survive the opening week," for instance. This kind of nuanced trading allows for more sophisticated strategies than simply picking a winner. And it's all based on dynamic, shifting implied probabilities rather than static odds you'd find elsewhere.

But not everyone can participate. The offer is open to those 18 years or older with a legal U.S. Residential address. However, it's not available in Arizona, Illinois, Massachusetts, Maryland, Michigan, Montana, New Jersey, and Ohio. So, if you're in one of those states, you're out of luck for now.

As the tournament progresses, expect these markets to stay active, reflecting every upset and dominant performance. The ability to trade on these real-world events, backed by CFTC regulation, positions Kalshi as a different kind of player in the event prediction space.