Kalshi vs Novig: Fees, Markets, and Where Each One Works

Quick Answer

Kalshi is the bigger and broader platform. It has been federally licensed since November 2020, traded about $40 billion in August 2026, and covers politics, economics, weather and crypto alongside sports.

Novig does sports and nothing else. It was licensed on 16 June 2026 and opened on 4 August 2026.

Cost is the main difference. Kalshi charges a fee on every trade, up to $1.75 per 100 contracts. Novig charges nothing on anything placed before a game starts on a single outcome. It does charge on parlays and on bets placed while a game is running.

If you want to bet on anything other than sports, only Kalshi has it. If you want parlays, or the lowest cost on ordinary sports bets, that's Novig.

Kalshi vs Novig at a Glance

Which One Costs Less?

Both sell contracts that pay $1.00 if you are right and nothing if you are wrong. Buy 100 contracts at 50c and you have put in $50 to win $100.

Kalshi charges the most on a coin flip and much less on a heavy favorite:

On that $50 position, Kalshi takes $1.75, or 3.5% of your stake. Novig takes nothing. You pay Kalshi once if you hold to the end, since nothing is charged when the contract settles. Sell early and that is a second trade with its own fee, so buying at 50c and selling at 60c costs $3.43.

Novig's zero has limits. It charges on parlays and on anything placed while a game is running, which brought in $415,132 in its first two weeks. And when a market is quiet, Novig takes the other side itself, so you pay no fee but the price can be worse.

For scale, a sportsbook keeps about 4.55% on a standard -110 price. Both cost far less than that.

What Can You Bet On?

Kalshi covers far more than sports: politics and elections, economic data, stock indexes, weather, crypto prices and entertainment. It adds markets on breaking news within hours. If you care about a Fed decision or an election, Novig doesn't list them.

Novig covers NFL, MLB, NBA, NHL, college, soccer, tennis, golf and MMA, with moneylines, spreads, totals, player markets, season-long bets, live betting and parlays.

Parlays are the clearest thing Novig has that Kalshi doesn't. Kalshi offers none. On Novig they make up just over a third of all trading, above $7.5 million a day in mid-August 2026.

On both, other people set the prices, and you can sell before the game ends. Novig dropped American odds on 27 August 2026 on the regulator's instruction and now shows prices as percentages, which will catch anyone coming from a sportsbook.

Where Can You Legally Use Each One?

This is the least settled part of the comparison and the most likely to have changed since publication.

Two federal appeals courts disagree. In April 2026 the Third Circuit ruled that federal law overrides New Jersey's gambling rules for these contracts. In August 2026 the Ninth Circuit ruled the opposite way in a Nevada case. New Jersey asked the Supreme Court to settle it on 2 September 2026, and the court has not agreed to hear it.

Kalshi has been blocked from offering sports markets in Nevada, Massachusetts, Michigan and Washington by court order. Arizona brought criminal charges, and New York's attorney general sued in July 2026.

Novig opened in 47 states plus DC, leaving out Nevada, Arizona and Michigan. Its own pre-launch announcement said all 50, which the launch didn't match. It has sued regulators in five states and lost its first ruling in New York.

Treat any "available nationwide" claim from either as marketing, and check inside the app before putting money in.

How Old Do You Have to Be?

Kalshi's minimum is 18. Novig's is 21. There is no federal minimum age for these contracts, and state gambling-age laws do not apply, because they are regulated as financial products. Sportsbooks are generally 21, so an 18-year-old in most states can trade a Kalshi contract on a game they could not legally bet on.

Novig is the only major platform requiring 21 everywhere. The NBA, PGA Tour and NCAA asked regulators in April 2026 to make 21 the standard for everyone.

Which Should You Choose?

• Choose Novig if you bet on sports only, mostly before games start, want parlays, or want a platform that requires 21.

• Choose Kalshi if you want anything beyond sports, you bet on quiet markets where busier trading helps, or you would rather use a brokerage account you already have.

• Use both if you bet often. The same game is priced differently on each, and checking takes seconds.

Takeaways

• Cost: Novig, before games start. No commission there, against up to $1.75 per 100 contracts on Kalshi. Parlays and live bets do carry fees, which brought in $415,132 in two weeks.

• Range: Kalshi, by a distance. Politics, economics, weather and crypto; Novig is sports only.

• Parlays: Novig only. Just over a third of its trading. Kalshi offers none.

• Size: Kalshi. About $40 billion traded in August 2026 against Novig's $148 million in a week.

• Age: Novig is 21, Kalshi is 18.

• Legality: unsettled. Two appeals courts have split, New Jersey went to the Supreme Court on 2 September 2026, and both are blocked in some states.

Responsible Gameplay

These contracts carry financial risk, and a losing one expires worthless. Novig requires users to be 21; Kalshi requires 18. Bet within your means and stop when it stops being enjoyable. If gambling is a problem for you or someone you know, the National Problem Gambling Helpline is available 24/7 at 1-800-522-4700, and confidential help is at ncpgambling.org.

Kalshi vs Novig FAQ

Is Novig really free?
On bets placed before a game starts on a single outcome, yes. It charges on parlays and on anything placed while a game is running, and in quiet markets it takes the other side itself, so the price can be worse even with no fee.

Which is cheaper, Kalshi or Novig?
Novig, on ordinary sports bets placed before a game, because it charges nothing and Kalshi charges on every trade. At the 50c midpoint Kalshi takes $1.75 per 100 contracts, or 3.5% of what you put in.

Is Kalshi or Novig legal in my state?
It depends where you are and when you ask. Novig opened in 47 states plus DC, not Nevada, Arizona or Michigan. Kalshi is blocked from sports markets in Nevada, Massachusetts, Michigan and Washington. Federal courts disagree on whether states can restrict these contracts at all.

Can you place parlays on Kalshi?
No. Kalshi does not offer them. Novig does, and they make up just over a third of its trading.

Sources

1. Novig secures CFTC designation, PR Newswire, 16 June 2026 (link)

2. Novig prediction market volume since launch, InGame, 18 August 2026 (link)

3. Novig launches sports-focused prediction market nationwide, Covers, 4 August 2026 (link)

4. Novig eliminates American odds, Casino.org, 27 August 2026 (link)

5. CFTC Order of Designation, KalshiEX LLC, 4 November 2020 (link)

6. Kalshi fee schedule, effective February 2026 (kalshi.com/docs/kalshi-fee-schedule.pdf)

Related Reading

• Best Prediction Markets for Sports

• Florida Sports Betting Guide

• Minnesota Sports Betting Guide