The 2026 NCAA Tournament tips off today and traders looking to get in on the March Madness action can now do it with real money markets on Kalshi — and even get a bonus to get you started on the right foot.
Kalshi is offering new users a $10 bonus when they trade $10 using promo code DEFI, giving first-time traders immediate exposure to one of the busiest sports trading events of the year. With dozens of college basketball markets now live, the prediction site lets users trade everything from individual games to who will win it all.
Unlike traditional sportsbooks, Kalshi operates as a CFTC-regulated exchange where users trade against each other, with prices updating in real time to reflect shifting probabilities. That means every game, upset, and storyline throughout March Madness is continuously repriced as new information hits the market. Kalshi is well-suited for following along during games, monitoring real-time odds changes, and trading in and out of positions as momentum swings.
From early-round matchups tipping off today to longer-term bets on who will cut down the nets, the tournament is already generating significant trading activity on Kalshi. The $10 bonus offers a great way for new users to get involved as the Round of 64 gets into full swing.
How Kalshi’s March Madness game markets work
Kalshi’s game markets are built around familiar betting concepts, but structured as tradeable contracts.
The most basic market is for the outright winner, similar to a moneyline bet. Users can buy “Yes” shares on a team to win (or “No” shares if you want to go that route), with prices ranging from $0.01 to $0.99 per contract based on the current odds. If the team wins, the contract settles at $1. If not, you lose your entire stake.
All of the March Madness games also feature additional markets comparable to what bettors would find at sportsbooks, giving you multiple ways to trade a single matchup, depending on how you expect the game to play out.
Those additional markets include point spreads, where users trade on whether a team will win by a certain number of points, and point totals, where users can take a position on whether the combined score will go over or under a set number. The markets also offer alternate lines or ranges, giving traders more flexibility than a single spread or total.
Some games also feature more granular, in-game style markets, including first-half winners and “race to” milestones like which team will score 10 points first. These shorter-duration contracts give traders additional ways to get involved without needing to rely on the final result, and they can be especially active as games begin and momentum shifts early.
If you’re used to betting through sportsbooks and enjoy player props, you should know that Kalshi does not offer contracts on individual player performances during the NCAA Tournament.
Top NCAA tournament games of the day
As the afternoon slate rolls into the evening, a couple of Round of 64 matchups stand out, both for their seeding dynamics and how closely they’re priced on Kalshi.
The first is (11) VCU vs. (6) North Carolina, tipping off at 6:50 p.m. ET, a classic upset window where double-digit seeds regularly break brackets. Despite North Carolina’s reputation and higher seed, markets are treating this as a much tighter game, reinforcing how unpredictable these matchups can be.
Another game to watch is (7) Texas vs. (10) BYU, tipping off at 7:25 p.m. ET. The 10-seed line has historically produced some of the most competitive early-round games, and with both teams priced close heading into tip-off, it’s the kind of game that can shift quickly as momentum shifts.
For a broader look at how the tournament is being priced across markets, DeFi Rate’s March Madness odds tracker aggregates live data from Kalshi and other platforms, giving a real-time view of where traders are leaning throughout the tournament.
Beyond single games: Futures, awards, and tournament props
Kalshi’s March Madness coverage also includes a range of markets tied to the overall tournament, giving users ways to trade beyond individual game results.
Futures
Futures markets on Kalshi allow users to take positions on how teams will perform across the tournament, with prices updating as results come in.
Examples currently available include:
- National champion: The Duke Blue Devils lead here with odds at around 19%, followed closely by Arizona Wildcats at 18%, with no clear runaway favorite.
- Team advancement markets: Contracts on which teams will reach the Round of 32, Sweet 16, Elite Eight, Final Four, and championship game.
Tournament props
Kalshi’s tournament prop trades focus on how the bracket plays out and how chaotic the tournament will become.
Some examples include:
- Number of Round of 64 upsets: Around 69% for at least six upsets, with a near coin flip for seven or more
- No. 16 seed to win a game: Trading near 4%, showing how rare those outcomes still are
- Scoring milestones: Markets on whether any player will score 40+ points in a game (~35%)
- Triple-double recorded during the tournament: Around 22%
Awards
Kalshi’s awards markets include both season-long honors and tournament-specific recognition.
The Most Outstanding Player market is tied to performance across the NCAA Tournament, with odds changing as players advance and put together standout runs. Early pricing shows a relatively open field, led by:
- Cameron Boozer (Duke) at roughly 22%
- Yaxel Lendeborg (Michigan) near 17%
- Jaden Bradley (Arizona) around 12%
Kalshi also offers markets on season awards, including:
- Naismith Player of the Year: Cameron Boozer is trading as a heavy favorite at 93%, with every other player at 1%.
- Naismith Coach of the Year: A tighter race, led by Tommy Lloyd (Arizona) at around 64%, followed closely by Dusty May (Michigan) at 62%.
Mention markets add a new angle to March Madness coverage
Mention markets have become an increasingly popular category of prediction markets, including for live sports broadcasts.
These markets allow users to trade on whether specific words or phrases will be said by announcers during a game. Each contract is tied to a predefined list of terms, with outcomes determined by whether those words are uttered by the commentators during the broadcast.
In Kalshi’s Mentions section, you’ll find several of these markets each day for NCAA Tournament games, giving users a different way to engage with the action while watching the latest matchups on CBS, TBS, TNT, and TruTV.
Examples include common college basketball talking points like “transfer,” “draft,” and “NIL,” along with game-related terms like “buzzer,” “alley-oop,” “double double,” “overtime,” and “airball.”
Get started with Kalshi’s March Madness markets
With dozens of markets live across games, tournament outcomes, and even broadcast mentions, Kalshi is offering a different way to follow March Madness as it unfolds.
If you’re ready to test your prediction prowess, sign up for a new Kalshi account today using promo code DEFI to get a $10 bonus when you trade $10.
As the tournament runs through the national championship game on April 6, every upset, buzzer-beater, and deep run will keep the markets moving from start to finish. Sign up for a Kalshi account today and see if you can find your own method to the Madness.
