Kalshi vs PrizePicks

Kalshi is a CFTC-regulated exchange where you trade Yes/No contracts on sports, economics, weather and culture. PrizePicks is mainly a pick'em fantasy app, but it also sells Team Picks and Culture Picks event contracts through its own broker, PrizePicks Predict. The split is how you win: on Kalshi you trade a price you can sell before the game ends, while PrizePicks Player Picks pays preset amounts based on how your lineup does against other players.

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

Which one fits you

Kalshi

Pick Kalshi if you want to set your own price, or sell a position before the event ends.
Pick Kalshi if you want markets beyond sports and pop culture, such as Fed rates, inflation and GDP.

PrizePicks

Pick PrizePicks if you want fantasy-style lineups of 2 to 6 player picks, with the payout shown before you pay and a $1 minimum entry.
Pick PrizePicks if you want fantasy player picks and team event contracts in one lineup of up to six picks.

What you're buying

A Kalshi contract costs 1 to 99 cents and is worth $1 if you're right. You can sell it any time before the market closes, and you always trade against another member, not Kalshi. PrizePicks Player Picks is a fantasy contest: you build a lineup of 2 to 6 players and win or lose based on how your picks do against other users' picks. PrizePicks sets those payouts in advance and shows them before you enter.

PrizePicks' event contracts

PrizePicks' Team Picks and Culture Picks are event contracts sold by Performance Predictions II, LLC (PrizePicks Predict), a CFTC-registered futures commission merchant. Team Picks cover game winners, spreads and totals.

Fees

Kalshi's fee schedule (effective July 7, 2026) charges takers 0.07 × price × (1 − price) per contract, rounded up: its table lists 2 cents on one 50-cent contract and $1.75 on 100. There is no settlement fee. PrizePicks charges a service fee of $0.005 to $0.02 per contract. Kalshi's schedule notes that brokers selling its contracts may charge their own fees.

Who can play and where

Kalshi requires you to be 18. PrizePicks is 18+ in most states, 19 in Alabama and Colorado, and 21 in Arizona, Illinois, Massachusetts and Virginia. Player Picks runs in 36 states plus D.C., Nevada gets free-to-play only, and Michigan, Pennsylvania, Connecticut, Ohio and Maryland get Culture Picks only. As of November 2, 2026, Kalshi's sports contracts are not available in Michigan, Nevada and Washington, and PrizePicks' October 28 state list leaves Team Picks out of Missouri.

Deposits and withdrawals

Both have a $10 minimum deposit. On PrizePicks, money added by PayPal, Venmo or credit card can't be used for Team or Culture Picks, and you can make one withdrawal every 24 hours. Kalshi charges no fee for bank or debit card withdrawals, but debit card deposits may carry a 2% fee.

Side by side

Kalshi and PrizePicks compared
	Kalshi	PrizePicks
Contest types	Prediction market	Peer-to-peer pick'em, Prediction market
States	48	37
Sports	NFL, CFB, NBA, CBB, MLB, NHL, Golf, MMA, Soccer, Tennis	NFL, CFB, NBA, CBB, WNBA, MLB, NHL, Tennis, MMA
Minimum age	18+	18+
Min deposit	$10	$10
Payouts	Debit card, ACH / bank transfer, PayPal, Venmo, Crypto	ACH / bank transfer, PayPal, Venmo, Apple Pay, Debit card
New-user offer	—	New users who play a first $5 lineup get $150 in bonus lineups if it wins, plus $25 in bonus packs after buying a first $5 pack
Canada	No	No
Founded	2018	2017
Owner	Kalshi Inc. (private; KalshiEX LLC is the CFTC-designated exchange, Kalshi Klear LLC the clearinghouse)	Allwyn International AG (62.3% majority stake, closed Jan 16, 2026)
	Visit Kalshi(opens in a new tab)	Visit PrizePicks(opens in a new tab)

The table is built from each listing's published details. See the Kalshi and PrizePicks 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 PrizePicks has changed, let us know.