Kalshi Offers New VIP Program for High-Volume Accounts
Prediction market platform Kalshi is making an aggressive push to keep high-level traders with a new VIP loyalty program called "Kalshi Platinum."
An email image being circulated on X shows Kalshi’s Adin Smith reaching out to a select group of high-end Kalshi users with perks that include merchandise, dinners and tickets to events, referral incentives, and even a “dedicated account manager” 18 hours a day who can “assist with anything you need’ from 7 a.m. to 1 a.m.
“For the past couple of months, our team has been brainstorming ideas on how to best serve our most loyal customers. After speaking with both customers and partners, we are excited to announce the launch of Kalshi Platinum to a select group of Kalshi users,” the email says.
Following the Sportsbook Host Program Model
While Kalshi and other prediction markets try to distance themselves from being labeled “sportsbooks”, the move further blurs the lines.
Most regulated sportsbooks, along with iGaming and horse racing platforms, have their own loyalty programs to retain and attract new customers. The more you play, the more you earn to redeem or cash out.
Platforms this writer has used all have some kind of rewards program: DraftKings, Hard Rock Bet, BetMGM, betParx, Borgata Sports, 4NJBets (horse racing), Caesars Sportsbook, BetRivers, Fanatics Sportsbook, bet365, theScore Bet and Bally Bet.
VIP programs are among the most heavily criticized practices of sportsbooks, particularly by responsible gaming advocates. Players who should be flagged as exhibiting addictive behaviors, some contend, are often enticed into betting more through these programs.
Kalshi Stresses Financial Companies Offer Similar Programs
More perks were promised as the program starts to build up, according to Kalshi.
“Similar to other financial markets, brokerages, and large consumer brands, we’re piloting a program that offers priority support and other benefits to some of our most loyal customers,” Kalshi head of communications Elisabeth Diana said in a statement.
Financial companies Coinbase, Kraken and Schwab were some of the examples Kalshi used to develop its program.
For instance, Coinbase offers Coinbase Advanced with advanced VIP perks such as premium fee rebates, customized and tailored incentives, along with increased withdrawal limits. They also offer 24/7 premium support, premium swag, exclusive events and experiences such as invites to premium experiences such as Formula 1 auto racing, NBA games, etc.
Diana added that the program is for all high-volume traders, not just sports traders.
Nevertheless, the move into sportsbook-type VIP programs isn’t helping Kalshi get into the good graces of many gambling and financial industry observers.
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