Kalshi's biggest advantage is the license to operate in the United States market, and that's a big advantage
The North American market is very large, there is a lot of money and demand for betting
Offering the service legally, without users having to use VPNs and without risk, is already the biggest advantage they have for this market.
You said it right.. same type of platform, but one is regulated while the other isn't. That said, I think the non-regulated ones are still more popular. A lot of bettors prefer prediction markets like Polymarket because they don’t have to deal with KYC requirements.
If Kalshi is operating in the US, then KYC is definitely part of the process. And in that case, some people might just choose to bet on a regular sportsbook instead. At least there, the experience is more familiar.