Prediction Markets
Prediction markets and sports exchanges let you trade on the outcome of events rather than betting against a traditional sportsbook. They are a distinct product category and are listed here on their own, separate from licensed sportsbooks.
Prediction markets may be worth a look. Because federally regulated event-contract exchanges like Kalshi operate under different rules than state-licensed sportsbooks, some are available in states where traditional online betting isn't, including many "not available" states on our map. Availability still varies by product, so always confirm a platform is offered where you are before signing up.
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What is a prediction market?
A prediction market lets participants trade contracts tied to the outcome of a future event. Prices move with supply and demand, so they reflect the crowd’s estimate of how likely an outcome is. Sports exchanges work similarly: instead of taking a price set by a sportsbook, you trade directly with other users. Because the model differs from traditional bookmaking, availability and regulation also differ, always confirm a product is offered in your state and that you meet the minimum age.
Why prediction markets reach more states
Traditional sportsbooks are licensed state by state, so they only operate where lawmakers have authorized online betting. Federally regulated event-contract markets answer to a different regulator (the CFTC), which is why platforms like Kalshi can be available in many states that have no legal sportsbook. If our legal status map shows betting isn't available where you live, a prediction market may still be an option worth checking.
How they differ from sportsbooks
A licensed sportsbook sets the odds and takes the other side of your bet. A prediction market or exchange matches you with other participants and typically charges a smaller fee (or none). This is why we keep them in their own section rather than listing them next to sportsbook apps.