The Kalshi logo arranged on a laptop in New York, US, on Monday, Feb. 10, 2025.
Gabby Jones | Bloomberg | Getty Images
Close to half of Kalshi’s user base experienced glitches and delays on Saturday during college football games, a major source of trades, as some said they were temporarily unable to process orders.
In a message sent to a user obtained by CNBC, the website apologized for any inconvenience and said it was “looking into” the issues traders were experiencing.
“The Exchange is experiencing temporary delays,” the message read. “Balances and positions may not be accurately reflected at this time.”
One user shared a screen recording and screenshots with CNBC that showed they were unable to see their balance or bets while the issues persisted.
In a statement to CNBC, a Kalshi spokesperson denied there was an outage and said the exchange “never stopped functioning properly.” He added that there has been no impact on clearing, advanced trading, or institutional trading.
“There were some glitches and delays on our web and app product, which affected less than half of our user base,” the spokesperson said. “The engineering team is fixing them as we speak, and the platform should be back to normal very soon.”
A number of users on X reported the website was down when they were trying to place bets on college football games, with some saying they had open orders that wouldn’t process. When CNBC visited the website, it wouldn’t load, showing only a green K with a spinning circle around it for more than 20 minutes. The platform later loaded.
A little over a week ago, Kalshi announced a $300 million Series D funding round that valued the company at $5 billion, more than double its $2 billion valuation in June after its Series C round.
The round was co-led by Andreessen Horowitz (a16z) and Sequoia Capital, with participation from Paradigm. Additional backers included Coinbase Ventures, General Catalyst, Spark Capital and CapitalG.
The company, founded in 2018, rose to prominence by offering bettors the ability to trade on a wide range of real-world events, from football games to who President Donald Trump could pardon this year.
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