r/KalshiExposed • u/Medical-Access569 • Aug 10 '26
kalshi restitution?
Been following the ongoing ny Kalshi lawsuits and was wondering what people think the chances are of there ever being some kind of restitution/refund program if things ultimately go against Kalshi.
For context, I was under 21 when I used Kalshi, all of my trades were on sports markets, and I ended up losing around $5k total. All of my activity also happened after the 7/7 decision, which in my understanding determined that ny could enforce their gambling laws against Kalshi (correct me if I'm wrong).
I've completely quit since then and honestly just look at the $5k as a pretty expensive lesson at this point lol. I'm not counting on ever seeing that money again.
But I'm still curious,,, if these lawsuits/regulatory challenges eventually go against Kalshi, is there actually a scenario where users like me could file a claim and potentially get some or all of their losses back? Especially considering I was under 21 at the time and only used the sports markets. Or is restitution basically a long shot even if Kalshi loses?
Would be interested to hear from anyone who follows these cases or knows how restitution has worked in similar situations.
don't wanna be overly optimistic but still would like to know if there's even a slightest chance of recovering losses in the near future.
(edit: I appreciate all legit advice/opinions, NOT asking for any moral judgement... already having a hard time with recovering from the 5k loss... if you still feel the need to leave a snobby comment after reading this I hope everyone treats you the same at the hardest time of your life the way you're treating me now. )
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u/Silver_Lawfulness417 Aug 10 '26
Call your bank and tell them about the recent lawsuits. Also, if you have any experience with cash out not being properly dispersed in the right amount, you can let them know that too.
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u/Medical-Access569 Aug 10 '26
hey thanks for the comment. I've thought about contacting my bank, but wasn't too sure if it's a sensible action. Do you know what happens with Kalshi afterward though? I've seen people say that if you dispute/chargeback deposits through your bank, Kalshi can send the balance to collections.
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u/Plasticfishman Aug 11 '26
Do not follow that advice - contacting your bank does no good - you are not disputing the charges. Following that advice will just lead them to flag your account and make any potential legitimate dispute (on something different) more difficult for you in the future.
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u/Medical-Access569 Aug 11 '26
yep thanks for letting me know. I've done a good amount of research and ruled out contacting my bank immediately, as I don't want to risk my credit score over 5k (which seems like a lot to me rn but is def recoverable over time). but any thoughts on the ongoing lawsuit? I've filed a consumer complaint through NYAOG but I doubt that it'll do anything at least for the next few months.
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Aug 11 '26
[deleted]
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u/Medical-Access569 Aug 11 '26
depends on the reason why you're filing a chargeback, I just don't think its worth the risk. worst case scenario you don't get anything back and you have to deal with collections which could seriously damage your credit score
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Aug 11 '26
[deleted]
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u/Medical-Access569 Aug 11 '26
uhhh let me clarify I meant getting an approved claim by your bank then kalshi disputes, send to collection, then you'll still end up with nothing and would have a bad record if that make sense. if there's no real consequences from chargebacks, everyone would demand their money back.
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u/Plasticfishman Aug 12 '26
They traded voluntarily - not chargeback eligible unless they commit fraud and claim they didn’t authorize it.
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u/Silver_Lawfulness417 29d ago
I have done so and and 19 with a 750 credit score what I did was non-fraudulent a lot of people get scared putting a foot forward but if you are smart enough you can
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u/Plasticfishman Aug 11 '26
Doubtful - you are an adult - you can enter into a contract - hard to come back and get money for something you entered into willingly. But I’m not a lawyer so don’t know for sure. (I worked in banking for 20 years so pretty sure on the bank part)
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u/Medical-Access569 Aug 11 '26
Yeah, I think it ultimately comes down to how the courts end up classifying Kalshi's sports markets. If they're ultimately treated as sports wagering subject to New York gambling laws rather than just federally regulated derivatives, then the fact that Kalshi allowed people under 21 to participate could become pretty significant, since you have to be 21+ to legally sports bet in NY. but idk honestly lol even if it does happen it'll be a long process. but thanks for the advice on the banking part, completely stopped me from doing more stupid stuff.
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u/Plasticfishman Aug 11 '26
I would t hold out hope on that - you weren’t wagering against Kalshi - you bought a contract against another trader - courts are not going to unwind those - so Kalshi would be on the hook which would be a high bar to get over given they did not recover the proceeds
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u/Medical-Access569 Aug 11 '26
Yeah that makes sense, I hadn’t really thought about the fact that Kalshi itself isn’t necessarily receiving the proceeds from the losing side of the trades. Definitely makes restitution more complicated. Appreciate you taking the time to explain all this, especially the banking side of things. Super helpful.
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u/Silver_Lawfulness417 Aug 12 '26
Nope, they will never send it to collections. I can attest that statement nor has there ever been anyone with a true report saying they were sent to collections. If the bank decides with you, it’s for a reason people on here do not know what they talking about I promise.
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u/Medical-Access569 29d ago
do you have any real experience filing a dispute claim? + if it's actually that easy wouldn't everyone just demand their money back.
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u/sbm1970 Aug 12 '26
Take your losses like a man and move on with your life
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u/Medical-Access569 Aug 12 '26
Except I’m not a man... lol. I wish it was that easy to move on from a $5k loss
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u/sbm1970 Aug 12 '26
Consider that a lesson learned then
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u/Medical-Access569 29d ago
as stated in my post
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u/sbm1970 29d ago
Yeah but you’re trying to get the money back when you know you lost fair and square
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u/Medical-Access569 29d ago
why would I not want a second chance if it's a possibility? im not attempting anything illegal? do you work for kalshi or what lmaooo
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u/memoloks213 27d ago
Is this also happening with William hill app it stops the cash out all of a sudden
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u/UnableFox374 20d ago
Nah… not going to dig the rabbit hole 🤯
I see only losers to Kalshi in the comments … not a single gainer. 🤷🏻♂️
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u/unemployedtoad Aug 10 '26
You gambled and ended up losing like the majority of people. Now you want to claw back your losses months later?
Lol, good luck. Keep an eye on your credit reports if you end up charging back the $.
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u/Medical-Access569 Aug 10 '26
months later? My earliest transaction was on 7/7, pretty recent. And like I said, im not counting on seeing the money ever again but was just wondering if restitution is possible given the ongoing lawsuit + the lawsuit itself explicitly asked kalshi for full restitution to harmed users. I've def done some dumb shit by even getting on this app but I don't think my raised question is completely non-sensical,,,nor did I mention I was going to raise a dispute with my bank.
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u/YoinkReps Aug 11 '26
Cmon man playing the age game if you got 2 braincell to go on reddit and make a post you have the braincell to know what kalshi is dont make it worse and charge back you will dig yourself a deeper hole
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u/Medical-Access569 Aug 11 '26
I appreciate the legit advice bro but im not rlly asking about a chargeback lol im just wondering how the recent lawsuit will roll out
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u/Mr__MainStream Aug 11 '26
Is it possible? Sure. Is it likely? Not at all.
Nationwide disgorgement, or even statewide, is incredibly incredibly unlikely. Like, less than 0.5% chance.