Prediction markets · Comparison

FanDuel Predicts vs Kalshi: which is better for sports contracts?

FanDuel Predicts vs Kalshi compared — 2% of payout vs formula fees at five prices, sports state coverage, markets, offers and regulation.

By Fact-checked by Standards Editor (position open) Published Facts verified October 4, 2026

Key takeaways

  • Verdict: On published fees Kalshi is cheaper at every price, and it offers sports in far more states. FanDuel Predicts suits existing FanDuel customers in its 18 sports states who value a simple fee and a dated sign-up offer.
  • FanDuel charges 2% of potential payout — $2.00 on 100 contracts at any price. Kalshi's widely reported formula costs $0.63 to $1.75 on the same order.
  • FanDuel Predicts offers sports in 18 states only. Kalshi's sports contracts are blocked or limited by court order in MA, MI, NV, UT and WA.

The verdict

Choose Kalshi for sports if it is live in your state: its published fee is lower at every price, it offers sports in far more states, and it lists politics, economics, weather and culture as well. Choose FanDuel Predicts if you are in one of its 18 sports states, already use FanDuel, and prefer one flat fee rule and a sign-up offer with a stated end date.

Side by side

  1. FanDuel Predicts
    Offer
    Up to $100 in Predicts Bonus: trade $1 a day for 5 daysConfirmed on operator site
    Fees
    2% of potential payout
    Regulation
    CFTC broker (FCM), CME contracts
    Markets
    Sports (18 states), Financial, Economics
    Availability
    Sports in 18 states
    Visit (opens the operator's site in a new tab)
  2. Kalshi
    Offer
    Referral credits for new users (amount shown in your account)Confirmed on operator site
    Fees
    ≈ 0.07 × P(1−P) per contract (taker)
    Regulation
    CFTC exchange (DCM)
    Markets
    Sports, Politics, Economics, Weather
    Availability
    Limited in MA, MI, NV, UT, WA
    Visit (opens the operator's site in a new tab)

Data from each operator's official terms and regulatory filings. Oldest check here: October 4, 2026. Offers and availability change often, so confirm on the operator's site before you sign up.

FanDuel Predicts Kalshi
Structure Broker (FanDuel Prediction Markets LLC) routing to CME Group Exchange (KalshiEX LLC)
Launched December 22, 2025 Public launch 2021
Sports availability 18 states Nationwide except where blocked: MA, MI, NV, UT, WA
Fee 2% of potential payout, also on cash-out ~0.07 × contracts × P × (1 − P) for takers
Other categories Financial and economic contracts Politics, economics, weather, culture, crypto
Minimum age 18 18
Offer Up to $100 bonus, until Oct 20, 2026 Referral credit, amount varies

Regulation: tie

Both sit inside the CFTC system. FanDuel Prediction Markets LLC is a registered futures commission merchant, and its contracts are listed on CME Group, a major US derivatives exchange. Kalshi is a CFTC-designated contract market in its own right, operating since 2021. Different structures, equivalent federal footing.

Fees: Kalshi

The two charge in different ways, and the gap depends on price.

  • FanDuel Predicts: “two cents per dollar of your potential payout,” according to its payouts page. A contract pays $1 if it wins, so the fee is $0.02 per contract whatever you pay for it. The same fee applies if you cash out early.
  • Kalshi: a taker fee of 0.07 × contracts × P × (1 − P), rounded up to the cent. Kalshi’s help center confirms the fee is based on expected earnings; the 0.07 coefficient is widely reported because the official PDF schedule could not be retrieved.

Cost of buying 100 contracts ($100 potential payout) as a taker:

Price Cost of contracts FanDuel Predicts fee As % of cost Kalshi fee As % of cost
10¢ $10 $2.00 20.0% $0.63 6.3%
25¢ $25 $2.00 8.0% $1.32 5.3%
50¢ $50 $2.00 4.0% $1.75 3.5%
75¢ $75 $2.00 2.7% $1.32 1.8%
90¢ $90 $2.00 2.2% $0.63 0.7%

Kalshi’s formula is cheapest at the extremes; FanDuel’s flat fee hurts most on long shots. At 10¢, FanDuel’s fee is a fifth of what you paid for the contracts. Close to 50¢ the gap narrows to about 25¢ per 100 contracts. We have not confirmed whether CME charges a separate exchange fee inside FanDuel’s price. Kalshi wins this factor. For the full fee mechanics, see how prediction-market fees work.

Sports state coverage: Kalshi

FanDuel Predicts offers sports contracts only in the 18 states listed in its official offer terms: AK, AL, CA, DE, FL, GA, HI, ID, MN, NE, NM, ND, OK, RI, SC, SD, TX and UT. Its financial contracts are reported to be available nationwide.

Kalshi offers sports across most of the country, but court orders block or limit them in Massachusetts, Michigan, Nevada, Utah and Washington, and its status in Ohio and Tennessee is uncertain after the 6th Circuit’s September 25, 2026 ruling. Utah is the one state in FanDuel’s sports list where Kalshi’s sports contracts are reported as not live. Elsewhere, Kalshi reaches far more sports traders. Check the state legal tracker for the dated position.

Markets: Kalshi

FanDuel Predicts is built around sports, with financial and economic contracts alongside. Kalshi lists sports plus politics, economics, weather, culture and crypto. If you want anything beyond sports and finance, Kalshi is the only choice of the two.

Offers: FanDuel Predicts

FanDuel’s official offer gives $20 in Predicts Bonus after your first deposit and trade, then $20 on each of four more days you trade at least $1, up to $100. It runs from August 24, 2026 at 1 p.m. ET to October 20, 2026 at 11:59 a.m. ET, for users 18+ in the 18 sports states, and only winnings from bonus trades can be withdrawn. Kalshi’s referral program is official, but the amount varies by account and credits must be used within 7 days. FanDuel wins on clarity. Full terms are on our verified promos page.

Choose FanDuel Predicts if…

  • You are in one of its 18 sports states and already have a FanDuel account.
  • You mostly trade contracts priced near 50¢, where the flat 2% fee is closest to Kalshi’s ($2.00 against $1.75 per 100 contracts).
  • You want a dated sign-up offer with simple steps.

Choose Kalshi if…

  • You trade long shots or heavy favorites (below about 25¢ or above about 75¢), where Kalshi’s fee is well below FanDuel’s.
  • You are outside FanDuel’s 18 sports states and outside Kalshi’s restricted states.
  • You want politics, economics or weather markets as well as sports.

Comparing other sports-focused platforms?

Compare all ten platforms Read the FanDuel Predicts review

Frequently asked questions

Is FanDuel Predicts cheaper than Kalshi?
No, on published fees. FanDuel charges 2¢ per dollar of potential payout — $2.00 on 100 contracts at any price. Kalshi's taker fee peaks at about $1.75 for 100 contracts at 50¢ and drops to about $0.63 at 10¢ or 90¢.
Which states have sports on FanDuel Predicts?
According to FanDuel's official offer terms: Alaska, Alabama, California, Delaware, Florida, Georgia, Hawaii, Idaho, Minnesota, Nebraska, New Mexico, North Dakota, Oklahoma, Rhode Island, South Carolina, South Dakota, Texas and Utah.
Is FanDuel Predicts the same as the FanDuel Sportsbook?
No. FanDuel Predicts is run by FanDuel Prediction Markets LLC, a CFTC-registered broker, and its contracts are listed on CME Group. A sportsbook takes bets against the house under a state license; a prediction market matches traders on a federally regulated exchange. See prediction markets vs sports betting.
Does FanDuel Predicts charge a fee to cash out early?
Yes. FanDuel's payouts page says the same 2%-of-potential-payout fee applies when you cash out before settlement.
Guide

Prediction market fees explained

How prediction market fees are calculated, why they peak at 50¢, and what Kalshi, Polymarket US, Robinhood, FanDuel Predicts and IBKR charge at 10¢ to 90¢.

Guide

Prediction markets vs sports betting

Exchange vs house, fees vs vig, 18 vs 21, federal vs state regulation: how sports prediction markets differ from sportsbooks, with a worked cost example.