Kalshi Offers $10 Bonus for First Trade on Suns vs. Trail Blazers Game

When new users trade $100 in contracts on the Phoenix Suns vs. Portland Trail Blazers game on Tuesday, November 18, 2025, they’ll receive a $10 bonus—no matter if they win or lose. The offer, activated by the promo code COVERS, is live on Kalshi, the regulated prediction market platform that’s quietly reshaping how Americans engage with sports outcomes. The game tips off at 11:00 PM Eastern Time, and the bonus hits accounts within 24 hours after meeting the $100 trading threshold, following a mere $1 deposit. It’s not gambling. It’s trading. And it’s legal in most states.

How Kalshi’s Model Differs From Traditional Sportsbooks

Most people think of sports betting as picking winners and placing wagers. Kalshi doesn’t work like that. Instead, users buy and sell contracts tied to specific outcomes—like whether the Suns will cover a 2.5-point spread or if Shaedon Sharpe scores over 30 points. Think of it like stock trading, but for basketball stats. The Phoenix Suns vs. Portland Trail Blazers game has contracts priced around the spread: Suns +2.5 (-110), Trail Blazers -2.5 (-110), and an over/under of 236.5 points. These aren’t odds from a bookie. They’re market-driven prices, shifting as traders buy and sell.

That’s why the $10 bonus is so unusual. Traditional sportsbooks give you free bets or risk-free wagers. Kalshi gives you cold, hard cash—$10 deposited into your account—after you trade $100 worth of contracts. No strings attached. Even if you lose every trade, you still walk away with $10. That’s the twist. It’s not a lure to get you hooked on betting. It’s a reward for participating in the market.

Who Can Join—and Who’s Left Out

Anyone 18 or older can sign up, except residents of Illinois, Maryland, Montana, New Jersey, Nevada, and Ohio. That’s a patchwork of exclusions that reflects the murky legal landscape around prediction markets. While Kalshi says it’s legal in 44 states, the rules vary by jurisdiction. Alabama and Colorado require users to be 19, while Arizona, Massachusetts, and Virginia set the bar at 21. But according to Kalshi’s own updated guide (verified November 20, 2025), the default age is 18.

And you can’t just sign up from your couch. You must be physically located in an eligible state when you trade. Kalshi uses geolocation to enforce this. If you’re in New Jersey, you’re locked out—even if you’re just visiting for the weekend. The platform also demands identity verification: a photo of your driver’s license or passport, plus a selfie holding that ID. No exceptions. It’s strict, but necessary. Kalshi is regulated by the CFTC as a designated contract market, making it one of the few legal platforms of its kind in the U.S.

Why This Matters Beyond the Game

This isn’t just a flashy promo for a Tuesday night game. It’s part of Kalshi’s broader strategy to normalize prediction markets as a legitimate financial tool. The same platform lets users trade on outcomes like the next Fed interest rate decision, the outcome of the 2026 midterm elections, or whether a major tech CEO will step down. The Suns-Trail Blazers game is just the entry point.

And it’s working. Kalshi’s user base has grown 300% since early 2024, according to internal data cited by Covers.com in its November 20, 2025 analysis. The platform’s mobile apps—available on iOS and Android—have become the primary way users engage. That’s key. This isn’t a desktop-only experiment. It’s mobile-first, fast, and designed for people who check scores on their phones during lunch.

There’s confusion, though. Legal Sports Report claims Kalshi is available in all 50 states with a different promo code, “LSR,” which expires June 30, 2025. But Covers.com’s verification team, which cross-checked Kalshi’s terms on November 20, 2025, found no such code active. The “COVERS” code, meanwhile, has no expiration date—making it an ongoing offer, not a limited-time gimmick.

What’s Next for Prediction Markets?

Kalshi’s rise signals a quiet revolution. For years, prediction markets were seen as niche tools for economists and gamblers. Now, they’re becoming mainstream financial instruments. The U.S. government has quietly approved Kalshi’s structure under the Commodity Exchange Act, treating event contracts like futures on outcomes rather than bets on games.

That’s why the $10 bonus is more than a marketing tactic—it’s a social experiment. By lowering the barrier to entry (just $1 to start), Kalshi is inviting people who’ve never traded stocks or crypto to try something new. And they’re not just betting on basketball. They’re learning how markets work. How supply and demand affect prices. How information moves through crowds.

One user in Arizona told Covers.com after using the promo code: “I traded on whether the Suns would cover. Lost $15. Got $10 back. Then I traded on whether the Fed would cut rates next month. Made $40. That’s when I realized—this isn’t luck. It’s analysis.”

That’s the real story here. Kalshi isn’t trying to replace DraftKings. It’s trying to teach people how to think like investors.

Frequently Asked Questions