Prediction markets have gone from a niche corner of finance to one of the fastest-growing trading categories in the US. After Kalshi’s 2024 court win against the CFTC, regulated event-contract trading expanded into sports, politics, economics, climate and culture — and major brokerages and sportsbook operators have rushed in.(1)
If you’re looking to trade event contracts, the right platform depends on what you want to trade and where you live. Sports markets are restricted by state in many cases. Some platforms specialize in politics and macroeconomics. Others focus on sports parlays. A few are dedicated exchanges; others are integrated into apps you may already use.
Below, we compare the leading regulated prediction market apps in the US, including Kalshi, Polymarket, Robinhood, Crypto.com, Fanatics Markets, and others — their fees, market selection, state availability and who each one is best for.
The best prediction market apps in the US for 2026
Kalshi is the largest CFTC-regulated US prediction market, with $23.8 billion traded in 2025 and the deepest liquidity of any federally regulated platform in the country. Trade event contracts across politics, sports, economics, climate, crypto and more — plus earn 3.25% interest on your uninvested cash and open positions while you wait. Maker orders trade fee-free.
Key features:
Commission: Variable taker fee on expected earnings; no fee on maker orders
Availability: Desktop, mobile, available in most states
Kalshi is the largest CFTC-regulated US prediction market, with $23.8 billion traded in 2025 and the deepest liquidity of any federally regulated platform in the country. Trade event contracts across politics, sports, economics, climate, crypto and more — plus earn 3.25% interest on your uninvested cash and open positions while you wait. Maker orders trade fee-free.
Key features:
Commission: Variable taker fee on expected earnings; no fee on maker orders
Availability: Desktop, mobile, available in most states
Polymarket has been the world's largest prediction market by lifetime volume and remains the deepest source of liquidity in political and global event markets. The platform re-launched in the US after the CFTC issued an amended Order of Designation in November 2025. Polymarket uses USDC stablecoin for trading and offers no trading fees on most markets. US access is rolling out via waitlist after Polymarket's $112 million acquisition of CFTC-licensed exchange QCEX.
Key features:
Commission: No trading fees on most markets; small built-in spread
Availability: Web and mobile (US rollout via waitlist)
Polymarket has been the world's largest prediction market by lifetime volume and remains the deepest source of liquidity in political and global event markets. The platform re-launched in the US after the CFTC issued an amended Order of Designation in November 2025. Polymarket uses USDC stablecoin for trading and offers no trading fees on most markets. US access is rolling out via waitlist after Polymarket's $112 million acquisition of CFTC-licensed exchange QCEX.
Key features:
Commission: No trading fees on most markets; small built-in spread
Availability: Web and mobile (US rollout via waitlist)
Trade event contracts on sports, finance, economics, politics and entertainment in 24 states, with deeper sports coverage coming as Fanatics expands. Built around the Fanatics ecosystem, the app uses Crypto.com's CFTC-regulated derivatives exchange for institutional-grade clearing while delivering a fan-first interface designed for sports enthusiasts. Available on iOS and Android.
Key features:
Commission: Variable by market
Availability: Mobile app, 24 states
Markets: Sports, finance, economics, politics, entertainment
Annual fee
$0 per month
Minimum deposit
$0
Signup bonus
N/A
Trade event contracts on sports, finance, economics, politics and entertainment in 24 states, with deeper sports coverage coming as Fanatics expands. Built around the Fanatics ecosystem, the app uses Crypto.com's CFTC-regulated derivatives exchange for institutional-grade clearing while delivering a fan-first interface designed for sports enthusiasts. Available on iOS and Android.
Key features:
Commission: Variable by market
Availability: Mobile app, 24 states
Markets: Sports, finance, economics, politics, entertainment
Pros
Fan-first interface designed for sports
Backed by Fanatics' sports ecosystem
Sports contracts available in non-betting states like CA, TX, FL
CFTC-regulated through Crypto.com derivatives exchange
Cons
Available in 24 states only
Narrower market selection than dedicated exchanges
Available asset types
Event contracts
Account types
Brokerage
Annual fee
$0 per month
Minimum deposit
$0
Signup bonus
N/A
Cash sweep APY
Annual fee
$0 per month
Minimum deposit
$0
Signup bonus
N/A
Robinhood
9.4
Excellent
Get a free stock when you successfully sign up and link your bank account. T&Cs apply.
Trade event contracts on sports, economics, politics and more without leaving the Robinhood app you already use. Pricing is simple at $0.01 per contract to Robinhood plus $0.01 per side to the Kalshi exchange. Robinhood's January 2026 acquisition of MIAXdx (with Susquehanna International Group) is expanding its prediction market infrastructure for even more contract offerings ahead.
Key features:
Commission: $0.01 per contract, plus $0.01 per side to the exchange
Trade event contracts on sports, economics, politics and more without leaving the Robinhood app you already use. Pricing is simple at $0.01 per contract to Robinhood plus $0.01 per side to the Kalshi exchange. Robinhood's January 2026 acquisition of MIAXdx (with Susquehanna International Group) is expanding its prediction market infrastructure for even more contract offerings ahead.
Key features:
Commission: $0.01 per contract, plus $0.01 per side to the exchange
Deposit or transfer $100,000+ to earn a 4% Match Bonus, or $2,000+ to earn a 3% Match Bonus. Plus: Get a $100 transfer fee reimbursement on your first brokerage transfer of $2,000 or more. T&Cs apply.
Trade Kalshi event contracts directly inside the Webull app you already use for stocks and options. Webull's real-time order book and charting tools give active traders more analytical depth than most app-based prediction markets. A flat $0.02 per contract makes pricing simple to predict.
Trade Kalshi event contracts directly inside the Webull app you already use for stocks and options. Webull's real-time order book and charting tools give active traders more analytical depth than most app-based prediction markets. A flat $0.02 per contract makes pricing simple to predict.
Trade Forecast Contracts on elections, economic indicators, environmental events and government outcomes alongside the rest of your IBKR portfolio — stocks, options, futures, forex and more. Pricing starts at $0 commission on some contracts and tops out at $0.10 per CME contract. Available on desktop, mobile and web with IBKR's full analytical toolkit.
Key features:
Commission: $0–$0.10 per contract
Availability: Desktop, mobile, web
Markets: Elections, economic indicators, environmental, government
Annual fee
$0 per year
Minimum deposit
$0
Signup bonus
N/A
Trade Forecast Contracts on elections, economic indicators, environmental events and government outcomes alongside the rest of your IBKR portfolio — stocks, options, futures, forex and more. Pricing starts at $0 commission on some contracts and tops out at $0.10 per CME contract. Available on desktop, mobile and web with IBKR's full analytical toolkit.
Key features:
Commission: $0–$0.10 per contract
Availability: Desktop, mobile, web
Markets: Elections, economic indicators, environmental, government
Pros
Some contracts trade commission-free
Available on desktop, mobile and web
Advanced trading tools and analytics
Multi-asset platform — event contracts alongside stocks, options, futures and more
Cons
Narrower event market selection than dedicated exchanges
Get up to 3% transfer bonus when you bring your stocks over. Plus, an additional $100 reimbursement when you transfer at least $2,000 from other brokerages. T&Cs apply.
Trade event contracts on politics, sports, entertainment and global events in 49 US states (excluding New York) and Washington, D.C., with a $10 minimum trade. Trade with cash or crypto from your existing Crypto.com account, with transparent pricing and instant settlement after results are verified. Crypto.com's CDNA exchange is a CFTC-registered derivatives exchange and clearinghouse.
Key features:
Commission: Transparent, fees vary by market
Availability: Mobile app, 49 states (excluding NY) plus D.C.
Markets: Politics, sports, entertainment, global events
Annual fee
$0 per month
Minimum deposit
$0
Signup bonus
N/A
Trade event contracts on politics, sports, entertainment and global events in 49 US states (excluding New York) and Washington, D.C., with a $10 minimum trade. Trade with cash or crypto from your existing Crypto.com account, with transparent pricing and instant settlement after results are verified. Crypto.com's CDNA exchange is a CFTC-registered derivatives exchange and clearinghouse.
Key features:
Commission: Transparent, fees vary by market
Availability: Mobile app, 49 states (excluding NY) plus D.C.
Markets: Politics, sports, entertainment, global events
Trade yes-or-no event contracts on sports, crypto, economics and politics from inside your Gemini crypto exchange account on web, iOS or Android. Gemini Predictions runs through Gemini Titan, a CFTC-licensed Designated Contract Market, and integrates with Gemini's broader ecosystem including crypto trading, staking and rewards. Recently transitioned from a launch fee-free promotion to a standard maker/taker fee schedule.
Key features:
Commission: Maker/taker fee schedule
Availability: Web, mobile
Markets: Sports, crypto, economics, politics
Minimum deposit
$0
Signup bonus
Get a Finder exclusive offer, $25 in bitcoin
Trade yes-or-no event contracts on sports, crypto, economics and politics from inside your Gemini crypto exchange account on web, iOS or Android. Gemini Predictions runs through Gemini Titan, a CFTC-licensed Designated Contract Market, and integrates with Gemini's broader ecosystem including crypto trading, staking and rewards. Recently transitioned from a launch fee-free promotion to a standard maker/taker fee schedule.
Key features:
Commission: Maker/taker fee schedule
Availability: Web, mobile
Markets: Sports, crypto, economics, politics
Pros
Trade event contracts and crypto from one Gemini account
State-level access to prediction markets — and especially to sports event contracts — varies widely. The legal picture is changing as states, tribal regulators and the CFTC continue to dispute jurisdiction over sports event contracts, so confirm current eligibility on each platform before you sign up.
Below is a snapshot of state availability as of May 2026. Sports event contracts in particular are the subject of ongoing legal disputes between platforms, state gaming regulators and tribal authorities, and access can change with little notice. Always verify current eligibility on each platform’s own site before signing up.
Platform
Available in (states)
Sports contracts in (states)
Notes
Kalshi
All 50 states + DC
Most states
Sports contracts subject to active legal challenges in NV, NJ, MD, MT, AZ and others
Polymarket
US rollout in progress
Limited at launch
CFTC amended Order of Designation issued November 25, 2025; check waitlist status
Fanatics Markets
24 (at December 2025 launch)
24
Phased rollout continuing
Robinhood (via Kalshi)
Mirrors Kalshi availability
Mirrors Kalshi availability
Robinhood’s MIAXdx joint venture (closed January 2026) will eventually host its own contracts
Webull (via Kalshi)
Mirrors Kalshi availability
Mirrors Kalshi availability
Distributed through Kalshi exchange
Crypto.com
49 states + DC (excludes NY)
Varies by market
Powers CDNA exchange used by Fanatics and (previously) Underdog
Interactive Brokers
Most states
None
Forecast Contracts cover elections, economic indicators, environmental and government events
Gemini Predictions
US-only (state list TBC)
Limited
Recently launched; check Gemini for current state list
How prediction market fees compare
Fees can meaningfully eat into returns on event contracts, especially on lower-priced trades. The example below shows the approximate fee on a $100 trade buying contracts at $0.50 each (200 contracts). Note that Kalshi’s fees are formula-based and vary by market and contract size; the figure shown is an approximate midpoint.(3)
Platform
Fee structure
Approx. fee on a $100 trade @ $0.50
Kalshi
Variable formula based on price and contract size; no fee on maker orders
~$5
Fanatics Markets
Variable by market (via Crypto.com / CDNA exchange)
Varies
Robinhood (via Kalshi)
$0.01 to Robinhood + $0.01 to Kalshi per contract per side
~$4
Webull (via Kalshi)
$0.02 per contract
~$4
Polymarket
No trading fee; small spread built into the market
~$0–$2 (varies by liquidity)
Interactive Brokers
$0–$0.10 per contract
~$0–$20
Crypto.com
Variable by market (CDNA exchange)
Varies
Gemini Predictions
$0 (limited-time launch promotion)
$0
What are prediction markets?
Prediction markets are platforms where you trade event contracts — simple yes or no positions on the outcome of a future event.
Each contract has a price between $0.01 and $0.99. For example, a contract priced at $0.60 implies a 60% chance the event will occur. If the contract resolves in your favor, you earn $1 per contract; if not, it expires worthless.
This simple structure lets traders speculate on outcomes like elections, economic reports or sports results, while the market price reflects the collective probability of the event occurring.
How event contracts settle: a worked example
Suppose you think the Kansas City Chiefs will win the Super Bowl, and the “Yes” contract for “Chiefs to win Super Bowl LX” is trading at $0.42. The market is implying a 42% chance the Chiefs win.
You buy 100 contracts at $0.42 each, for a total cost of $42 (plus fees).
If the Chiefs win, each contract settles at $1. Your 100 contracts pay out $100. Your gross profit is $58 (minus fees) — a return of roughly 138%.
If the Chiefs lose, each contract settles at $0. You lose your $42 stake.
You don’t have to wait for settlement. If the Chiefs win their conference championship and the “Yes” contract jumps from $0.42 to $0.75, you can sell early and lock in roughly $33 of profit on your 100 contracts — assuming there’s enough liquidity to fill your sell order.
This continuous pricing is what makes prediction markets behave more like a stock exchange than a sportsbook.
Prediction markets vs. sportsbooks
Prediction markets and traditional sportsbooks both let you wager on outcomes, but they’re structured very differently — and that difference is why prediction markets can operate in states where sports betting is illegal.
Sportsbooks set the odds. A sportsbook is the counterparty to your bet. Their odds carry a built-in margin (the “vig”), and the house profits over time on the spread between true probability and the price they offer.
Prediction markets are peer-to-peer. Prices are set by supply and demand from other traders. The platform takes a fee but doesn’t take the other side of your trade.
Different regulator. Sportsbooks are licensed state-by-state by gaming commissions. Prediction markets are federally regulated by the CFTC, which is why a CFTC-approved platform can offer event contracts nationally — though the legal status of sports event contracts specifically is being challenged in court by states and tribal regulators.
Different product framing. Sportsbook bets are gambling. Event contracts are legally classified as derivatives, similar to futures or options. The economic effect can be similar, but the legal and tax treatment differs.
Which prediction market app is right for you?
No single platform is best for everyone — the right pick depends on what you want to trade, where you live, and how you prefer to trade. Here’s a quick guide to which platforms stand out for different use cases, based on our review of each platform’s publicly available information on fees, market selection, state availability and features.
If you want the broadest market selection, Kalshi covers the widest range of categories — politics, sports, economics, climate, culture and more — and is the largest US-regulated prediction market by trading volume.(2)
If you trade politics or global events, Polymarket has historically had the deepest liquidity in political and geopolitical markets, though US access is still rolling out.
If you already use Robinhood, prediction markets sit directly inside the app, with simple per-contract fees and no separate onboarding.
If you want a prediction market built into a crypto exchange, Gemini Predictions is integrated into Gemini’s existing exchange so you can trade event contracts and crypto from the same account. It launched fee-free in December 2025 but has since transitioned to a standard maker/taker fee schedule.(14)
If you’re a sports fan who wants a fan-first interface, Fanatics Markets is built primarily around sports, with a simpler interface than the larger exchanges.
Bottom line
The US prediction market category has expanded fast, with new entrants from Wall Street, Silicon Valley and the major sportsbooks all competing under CFTC oversight. Fees, state availability and market selection vary widely between platforms, and the legal picture for sports event contracts is still being settled in court. Confirm current details on each platform’s own site before opening an account.
Frequently asked questions
Yes. Platforms like Kalshi, Polymarket, Robinhood, DraftKings Predictions and FanDuel Predicts operate under CFTC-regulated frameworks. Sports event contracts specifically are being challenged in court by state and tribal regulators, but trading is currently permitted on regulated platforms.
No. Prediction market event contracts are legally classified as derivatives — financial instruments similar to futures or options — and are federally regulated by the CFTC. Sportsbook bets are classified as gambling and regulated state-by-state by gaming commissions. The economic effect can feel similar, but the legal and tax treatment is different.
Kalshi is a CFTC-regulated US exchange where trades use US dollars and the platform operates under a federally regulated framework. Polymarket is a peer-to-peer platform that uses USDC stablecoin for trading and is best known for deep global liquidity in politics and crypto markets. Polymarket is rolling back out in the US after receiving an amended Order of Designation from the CFTC.
In most cases, gains and losses on event contracts are reported as short-term capital gains on a 1099-B, similar to how futures or options trades are reported. This differs from gambling winnings, which are typically reported on a W-2G. Talk to a tax professional about your specific situation.
Contracts typically range from $0.01 to $0.99, with the price reflecting the market's implied probability of the event. If your contract resolves correctly, it pays out $1. Fees vary by platform — see the fee comparison table above.
Yes, but event contracts are speculative and outcomes are unpredictable. Start small, only trade what you can afford to lose, and stick to markets you understand. Beginners often find Robinhood easiest to learn on because of its simple flat-fee structures.
Matt Miczulski is an investments editor and market analyst at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions.
Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on Yahoo Finance, CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University.
See full bio
Matt's expertise
Matt
has written
232
Finder guides across topics including:
Copy trading allows investors to automatically replicate the trades of other traders. This guide explains how it works, key platforms, benefits, risks and whether it’s a suitable strategy for beginners.
Start investing with just $5 with Finhabits, a bilingual robo-advisor offering automated portfolios, IRAs and financial education. See if it’s right for you in our 2026 review.
Make the most of what you have with these unconventional tips.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
