Legality in California
Both are legal for California residents. Kalshi operates as a CFTC-regulated Designated Contract Market (DCM). Robinhood's event contracts are offered through KalshiEX — the same regulated venue — meaning every Robinhood event trade is, in regulatory terms, a Kalshi trade routed by Robinhood. Eligibility for any specific contract still depends on Kalshi's state-by-state rules.
Markets and coverage
Kalshi direct has the broadest catalog: politics, Fed decisions, economic data, weather, culture, and a growing sports book. Robinhood currently surfaces a curated subset — primarily headline politics, macro, and major sports events. Niche markets (single-state elections, lesser-known awards, weather contracts) typically appear on Kalshi first and may never surface inside Robinhood.
Pricing & fees
Kalshi charges modest per-contract fees disclosed at order entry. Robinhood adds its own per-contract fee on top of the underlying Kalshi market — exact pricing varies by contract but Robinhood event-contract trades generally cost more than going directly through Kalshi. Both are still dramatically cheaper than sportsbook vig.
User experience
Robinhood's strength is integration: event contracts sit alongside your stocks, options, and crypto in one app you already check. Kalshi's interface is finance-forward and specialized for prediction markets — better order books, faster product launches, deeper category navigation. If you want to trade event contracts seriously, Kalshi's product is purpose-built; Robinhood's is a feature inside a brokerage.
Who should use which
Use Robinhood if: you already keep your brokerage account there, you only want occasional exposure to a few headline markets, and one-app convenience matters more than fees. Use Kalshi if: you want the full market catalog, lower per-contract costs, faster access to new markets, or you plan to trade more than casually. Most active traders end up on Kalshi direct.