Kalshi vs Novig

Kalshi and Novig are both CFTC-designated exchanges where you trade against other users rather than a house. Kalshi lists sports plus economics, weather and culture and opens accounts at 18. Novig, designated in June 2026, is a sports-only exchange for users 21 and older that charges no fee on pre-game straight trades.

By the DFS Directory team. Checked Nov 2, 2026.

Which one fits you

Kalshi

Pick Kalshi if you live in Arizona, where Novig isn't available.
Pick Kalshi if you want markets beyond sports, such as Fed rates, inflation and GDP.

Novig

Pick Novig if you mostly trade before games start: pre-game straight trades carry no fee, while Kalshi's taker fee applies to every order that matches immediately.
Pick Novig if you trade live: its live straight-trade fee uses 0.06 × price × (1 − price), just under Kalshi's general 0.07 taker rate.

Regulation

Kalshi has been a CFTC designated contract market since November 2020. Novig's exchange, Ludlow Exchange, LLC, was designated on June 16, 2026, and clears through Bitnomial Clearinghouse. Novig's old sweepstakes currencies, Novig Cash and Coins, are retired, and accounts now hold real money only.

Fees

Kalshi's fee schedule (effective July 7, 2026) charges takers 0.07 × price × (1 − price) per contract, rounded up: $1.75 on 100 contracts at 50 cents. Novig uses the same shape of formula but charges only takers, and only on some trades. Pre-game straight trades are free. Live trades cost 0.06 × price × (1 − price), or $1.50 on 100 contracts at 50 cents. Futures also use 0.06 (golf and tennis futures are free), and parlays include a 0.10 fee in the quoted price.

Markets

Novig is sports-only. It lists winners, spreads, totals, player props and futures in pro and college football and basketball, pro baseball, hockey, golf, tennis, soccer and MMA, and you can take a posted price or set your own. Its parlays can't be sold before they settle. Kalshi covers sports, economic, weather and culture markets, and its combos bundle several events into one position.

Age and states

Kalshi requires you to be 18 and Novig 21. Novig is available everywhere except Arizona, Nevada and Michigan. As of November 2, 2026, Kalshi's sports contracts are not available in Michigan, Nevada and Washington. Missouri sent both companies cease-and-desist letters in September 2026, and both have sued to block enforcement (Novig on October 16, Kalshi on October 27). Ohio gave Novig until October 16 to stop offering sports contracts, and on September 25 the Sixth Circuit ruled against Kalshi in its Ohio case; Kalshi has asked for a rehearing.

Funding

Kalshi debit card deposits may carry a 2% fee, and Kalshi charges no fee for bank or debit card withdrawals. Novig charges 3% on card and Apple Pay deposits, while bank transfers and crypto deposits are free. Novig withdrawals go to bank, debit card or Venmo, with a $10 minimum.

Side by side

Kalshi and Novig compared
	Kalshi	Novig
Contest types	Prediction market	Prediction market
States	48	—
Sports	NFL, CFB, NBA, CBB, MLB, NHL, Golf, MMA, Soccer, Tennis	NFL, CFB, NBA, CBB, WNBA, MLB, NHL, Golf, Tennis, Soccer, MMA, Other
Minimum age	18+	21+
Min deposit	$10	—
Payouts	Debit card, ACH / bank transfer, PayPal, Venmo, Crypto	ACH / bank transfer, Debit card, Venmo
New-user offer	—	Deposit $10 or more and receive $50 in trade credits (five $10 credits)
Canada	No	—
Founded	2018	2021
Owner	Kalshi Inc. (private; KalshiEX LLC is the CFTC-designated exchange, Kalshi Klear LLC the clearinghouse)	Novig, Inc. (private; exchange documents issued by Ludlow Exchange LLC)
	Visit Kalshi(opens in a new tab)	Visit Novig(opens in a new tab)

The table is built from each listing's published details. See the Kalshi and Novig profiles for their sources and check dates.

Sources and corrections

Last checked Nov 2, 2026. We wrote this page from the sources below, and each listing links its own. If something about Kalshi or Novig has changed, let us know.