The sports prediction market is booming. More and more tech startups are entering the space. Recently, the introduction of peer-to-peer sports betting has converged with sportsbook betting, allowing customers to take part in prediction markets in an entirely new and more engaging way.
The following report analyzes Betfair Exchange, Polymarket and Kalshi to evaluate benefits and drawbacks such as the presence of liquidity, commissions, and level of experience required.
What Are Sports Prediction Market Platforms?
A sports prediction market allows users to buy and sell predictions (in the form of contracts) based on the outcome of a sporting event. Customers set the odds based on their perception of the end result. Traditional sports betting does the opposite and sets the odds based on their perception of the end result.
Some markets include: football, basketball, cricket, baseball and tennis. Different kinds of contracts are available based on the end result (win/loss contracts) as well as contracts based on a team’s performance over the course of a sporting event (futures contracts). Like regular financial markets, orders are filled based on the first available buyer or seller (at the best price).
Transactions are charged a fee based on the market’s mechanics. Some markets provide a buyer protection mechanism (hedging). The market places accept a variety of payment methods including traditional and electronic money transfers as well as cryptocurrency.
Key Points
| Platform | Best For | Key Features | Regulation | Rating (2026) |
|---|---|---|---|---|
| Betfair Exchange | Football depth & liquidity | 200+ football markets per matchday, horse racing, tennis, cricket | UKGC-regulated | 4.8 |
| Polymarket | Global outrights | No stake limits, 0% margin, wide coverage (World Cup, Champions League) | CFTC-regulated (US) + offshore | 4.7 |
| Kalshi | US sports | NFL, NBA, MLB, strong liquidity, CFTC-regulated | CFTC-regulated | 4.7 |
| DraftKings Predictions | Props & futures | Deep sportsbook heritage, player props, futures | US-regulated | 4.0 |
| FanDuel Predicts | Widest availability | Live in 50 states, sportsbook-style UX | US-regulated | 4.2 |
| OG Sports | Sportsbook-style exchange | Parlays, outcome contracts, easy funding | CFTC-regulated | 3.9 |
| Novig Exchange | No-vig peer-to-peer | Zero commission, better pricing, instant payouts | CFTC-regulated | 3.8 |
| ProphetX | Serious sports traders | Back/lay exchange, fees only on winnings | CFTC-regulated | 3.7 |
| Underdog Predict | Fantasy crossover | Tailored for Underdog fantasy users | US-regulated | 3.6 |
| Fanatics Markets | Rewards integration | FanCash rewards, FIFA World Cup partnership | US-regulated | 3.6 |
1. Betfair Exchange
Betfair Exchange is the world’s largest sports prediction exchange and is particularly strong in football, racing, tennis and cricket. Events and races from around the world are covered, as are traditional football and cricket tournaments and races and their variations, as well as futures and outrights.
Traders can choose from back and lay bets. Traders are charged commission on their net winnings, which is typically between 2-5%.. Real-time trading is available, including in-running betting, and traditional trading. Orders can be canceled if the traders acts quickly enough.
Betfair supports a variety of payment methods and provides prompt withdrawals and deposits. Betfair caters to both recreational and professional traders. Unlike a traditional sports book, a sports exchange gives traders the opportunity to replace the market by acting as a maker and taker and giving them better prices.
Features
- Betfair Exchange is a peer-to-peer sports betting exchange.
- Users can either back or lay bets.
- Competitive markets for most sports.
- Markets are available before and during a sporting event.
- Customers set the prices and provide liquidity.
Pros
- Users can enjoy exchange style betting for sports.
- Users have the choice to either back or lay a bet.
- Favorable coverage for different sports.
- Markets are available for betting during a sporting event.
- Prices are based on market fair value.
Cons
- Mechanics of an exchange may require a learning curve.
- Not all markets will have sufficient liquidity.
- Commission may be charged.
- Thin market liquidity for less popular events.
- Availability may differ based on your location.
2. Polymarket
Polymarket is a sports, politics and world events prediction market. Currently, markets for the outcomes of events in football (e.g. FIFA world cup, tennis majors and the NFL and NBA) are available. Different types of markets available are binary, spread and futures markets.
Polymarket employs a blockchain based, decentralized structure. Therefore, settlement and transmission of trades is virtually instantaneous. Polymarket charges very low fees and trades are settled from liquidity pools, thus removing the need for traditional market making commissions.
Transparent order books allows users to see orders to be filled. Orders can be placed via crypto (stablecoins) and withdrawals are essentially instant. Polymarket does not restrict access to any markets, however, U.S. residents are restricted due to Polymarket’s registration with the CFTC.
Features
- Prediction market trading
- Event contracts
- Variant contract prices
- Pre-event and live event contracts
- Web based trading
Pros
- Ease of contract pricing
- Extensive market coverage
- Transparent prices
- Customized user experience
- Contracts represent very simple agreements
Cons
- Contract availability is limited
- Contracts can vary by location
- Contracts may not accurately reflect traditional sporting events
- Rules of contracts may not be straightforward
3. Kalshi
Located in the US, Kalshi is a licensed and regulated exchange where users can trade contracts in sporting, financial and pop culture events. Current sporting events include contracts for football (NFL, NCAA), basketball (NBA) and baseball (MLB). Contracts are available for events, and outcomes and milestones in sports.
The exchange charges a small fee per contract. The exchange promotes continuous trading by providing real time prices. In addition, traders can take the opposite side of a trade to avoid a losing position. Users can fund their accounts and make withdrawals by wire transfers and ACHs. The exchange is regulated by the CFTC.
Compared to other exchanges, Kalshi has a better offering of events with better liquidity. As a result, Kalshi is the preferred exchange for regulated sporting event prediction markets in the US.
Features
- Event-contract trading platform
- Sports-related prediction contracts
- Yes/No contract structure
- Market-based pricing
- Defined settlement conditions
Pros
- Straightforward contract format
- Clear outcome-based markets
- Trading rather than traditional sportsbook presentation
- Multiple event categories
- Useful for probability-focused users
Cons
- Sports market availability can change
- Geographic restrictions may apply
- Contract settlement rules need attention
- Liquidity differs by market
- New users may need time to understand contracts
4. DraftKings Predictions
DraftKings Predictions takes sports betting and prediction markets and combines the two. For now, they are focused on a handful of mainstream sports (NFL, NBA, MLB, NHL, and Golf) as well as esports.
Contracts include player props, futures, and traditional outcome bets. Similar to sports betting, expected profits are merely odds minus the house edge. However, compared to other traditional sports books, their edges are more competitive. Like a sportsbook, users can place bets up until the start of the event.
What makes them unique is users can adjust their bets, kind of like a lay or reverse lay, during a game or event. While many other prediction marketplaces are still waiting for users to deposit and place their first bet, DraftKings has been operating and offering traditional sports betting for a while.
Now, with their recent launch of Prediction markets, they are attempting to pull in customers that are less risk adverse.
Features
- Sports prediction contracts
- Sports-focused market experience
- Game and player-related markets
- Digital trading interface
- Integration with a broader sports ecosystem
Pros
- Familiar sports-oriented interface
- Strong focus on major sports
- Multiple prediction opportunities
- Convenient digital access
- Designed around sports fans and traders
Cons
- Availability may vary by jurisdiction
- Market selection can differ by event
- Users must understand contract mechanics
- Some markets may have different liquidity
- Product availability can change over time
5. FanDuel Predicts
FanDuel Predicts is available in most US states and offers many types of bets on many different sporting events. Bet types include the typical outcome bets as well as props and futures. Like other sports betting apps, FanDuel makes bets and odds accessible to the general public by embedding costs in chances offered.
FanDuel frequently offers promotions that enhance bets. Live bets can be managed via cash outs thanks to an active and ever-changing sports betting market. Because FanDuel is regulated, cash can be quickly transferred to and from the app via many methods.
FanDuel’s integration of the fantasy sports markets is attractive as it offers sports betting to the general public as well as fantasy sports betting. FanDuel’s offerings and markets cater to the novice as well as the seasoned sports bettor.
Features
- Sports prediction markets
- Game contracts
- Personnel predictions
- Interface
- Markets and prices
- Event markets and pricing
Pros
- Interface designed for sports
- Sports enthusiasts as clientele
- Numerous forecasts
- Simplified layout
- Forecasts and events at users’ disposal
Con/Cons
- Limits based on location
- Forecast markets
- Contracts
- Terms
- Liquidity
- Rules
- Regulations
6. OG Sports
OG Sports is different from other sports exchanges in its design and sportsbooks integration. Traditional sports betting is combined with prediction contracts for parcels. For now, the selection is limited to American sports and Soccer.
Traditional sportsbooks charge juice on bets, and while OG Sports charges commission, it’s generally less. Like other exchanges, odds are in real-time and trading can be done during an event. OG Sports is unique in that it’s regulated by the CFTC, allowing it to operate in the US.
Users can deposit and withdraw using a multitude of cryptocurrencies, as well as standard FIAT methods. While the interface is geared toward sports betting, the integration of prediction markets allows sportsbook users to gain a new form of electronic market speculation.
Features
- Predict and earn based on your knowledge of the sports world.
- Contracts are based on events.
- Trade contracts for a profit.
- Flexible interface for effortless use.
- See which outcomes are most and least likely to occur.
Pros
- User can specify sports contracts.
- User can specify events.
- Trading contracts for sports instead of traditional sports book.
- Tailored user experience.
Cons
- Fewer markets from which to make contracts.
- Can experience variation in Trade Contracts liquidity.
- Not available worldwide.
- Users must evaluate Contract rules.
- Functionality of the platform can vary based on location.
7. Novig Exchange
Novig Exchange is an exchange to make peer to peer sports predictions. For now, they offer markets for the NFL, NBA, MLB, and international soccer. Currently, the types of contracts available are binaries, spreads, and futures. Novig’s model is to charge zero commission.
Because of this, they call it the “no-vig” model. In this model, they remove their fees and commissions and show customers what bookmakers charge. Order books are available for all markets and are updated in real time.
Novig boasts instant execution for all trades. Currently, they support deposits and withdrawals via bank transfers, ACH transfers, credit cards and cryptocurrency.
The CFTC has jurisdiction over Novig, and their “no-vig” model makes Novig a good option for bookmakers. Overall, Novig is a good sports prediction exchange, and in 2026, it may be the best.
Features
- Sports betting exchange model
- User-to-user market structure
- Sports-focused markets
- Market-based pricing
- Trading-oriented experience
Pros
- Exchange-style approach
- Market-driven odds
- Sports-specific focus
- Potentially competitive pricing
- Alternative to traditional sportsbooks
Cons
- Liquidity varies between markets
- Exchange mechanics can require learning
- Market availability differs by location
- Not every sport may have equal coverage
- Users need to understand trading rules
8. ProphetX
ProphetX specializes in sports trading and takes Betfair’s lead in implementing back/lay trading. Offered sports are the major Betfair markets including NFL, NBA, MLB, and NHL, as well as soccer.
Contract types are also similar to Betfair including yes/no or binary, and futures, as well as trading contracts. It charges a commission only on net winning trades, making it attractive from a cost perspective.
Like Betfair, ProphetX provides a liquid market for trading, and provides tools for hedging. ProphetX employs a merchant services model for funding, providing various credit/debit cards, PayPal, and bank transfers, all of which are instantly cleared.
It is regulated by the CFTC, and thus strictly caters to the more sophisticated trader. From a strict sports trading perspective, ProphetX provides a strong sport’s trading alternative to Betfair for the U.S. market.
Features
- Sports trading exchange model
- Peer-to-peer sports markets
- Competitive market pricing
- Sports-focused contracts
- Digital trading experience
Pros
- Exchange-based sports model
- User-driven market pricing
- Sports-focused platform
- Alternative to traditional sportsbook betting
- Trading-oriented functionality
Cons
- Liquidity depends on market participation
- Availability varies by jurisdiction
- Exchange mechanics may challenge beginners
- Market coverage can differ
- Rules and fees should be checked carefully
9. Underdog Predict
Underdog Predict offers legal prediction markets integrated with fantasy sports. It operates in the same vein as DraftKings and FanDuel, but for prediction markets. Users can place bets in the same ways they can create fantasy sports lineups: based on player props, player outcomes, player performance futures, and other markets.
Like other sportsbooks, Underdog Predict charges a commission that is built into the odds. Although, users can adjust their bets in-person and cash out their bets, if they wish. Prediction market bets are settled in cash, via bank transfer, PayPal or cards. Unlike its competitors, the company can operate in the US and abide by state laws.
Similar to Underdog Fantasy, users of Underdog Predict can cross over from fantasy sports to sports prediction markets. The platform also attempts to pull in less hardcore fantasy sports players.
Features
- Sports prediction products
- Player-focused predictions
- Game-based markets
- Mobile-friendly sports experience
- Sports-centric interface
Pros
- Strong sports-focused design
- Player prediction opportunities
- Easy access through digital platforms
- Familiar format for sports fans
- Broad interest across major sports
Cons
- Product availability varies by location
- Market selection can change
- Some features may be event-specific
- Users should understand applicable rules
- Not every market is available everywhere
10. Fanatics Markets
Fanatics Markets is Fanatics’ Prediction Market tied to their Merchandise Rewards program. They offer betting markets on the NFL, NBA, MLB, and the FIFA World Cup, and a range of international soccer markets. Bet types offered include money line, point spreads, totals, futures, and player and game props.
The site takes a juice on each wager, but users get FanCash on losing bets, lessening the cost. They offer in-game betting with a cash out feature, and quick deposits and withdrawals. They operate in compliance with US laws, and gives users the opportunity to earn Fanatics merchandise credits by participating in sports prediction markets.
Features
- Sports prediction market products
- Game-related prediction opportunities
- Player and event-focused markets
- Sports-centric digital experience
- Integration with a wider sports ecosystem
Pros
- Strong sports brand recognition
- Sports-focused user experience
- Multiple prediction opportunities
- Convenient digital access
- Designed for sports-oriented users
Cons
- Availability varies by jurisdiction
- Market selection may change
- Contract rules require attention
- Liquidity can differ across markets
- Some users may need time to understand the format
Conclusion
As of 2026, customers around the world will be able to participate in sports prediction markets for football, basketball, baseball and cricket as well as prediction markets for other international tournaments.
The Betfair Exchange and Polymarket, internationally, and Kalshi, DraftKings Predictions and FanDuel Predicts, in the United States, are the major competitors operating in this market. Novig Exchange and ProphetX provide back/lay trading for the sports and events markets.
These exchanges also provide a better order book than the traditional sports and events exchanges. Fanatics Markets and Underdog Predict provide trading combined with rewards and/or games. Overall, these markets provide the trader with multiple options for engaging with the sports and events markets.
FAQ
What is a sports prediction market?
A sports prediction market is a trading platform where users buy and sell contracts based on the outcome of sporting events. Unlike traditional sportsbooks, these platforms allow peer‑to‑peer trading, meaning odds are set by market participants rather than bookmakers.
Which platform has the most liquidity?
Betfair Exchange offers the deepest liquidity globally, especially in football and horse racing. In the US, Kalshi and Polymarket provide strong liquidity under regulated frameworks.
Are these platforms regulated?
Yes. Kalshi, Novig Exchange, and ProphetX are CFTC‑regulated in the US. Betfair Exchange is licensed under the UKGC. Platforms like DraftKings Predictions and FanDuel Predicts operate under US state regulations, ensuring compliance.
What sports are available?
Coverage varies:
Betfair Exchange: Football, cricket, horse racing, tennis.
Polymarket: NFL, NBA, FIFA, tennis majors.
FanDuel Predicts & DraftKings Predictions: NFL, NBA, MLB, NHL, golf, esports.
Fanatics Markets: NFL, NBA, MLB, FIFA World Cup.