Novig vs Kalshi:
Sports Exchange vs Full Prediction Market
Novig is a commission-free peer-to-peer sports betting exchange: a Betfair-style model for the US. Kalshi is a CFTC-regulated event contract exchange covering sports alongside politics, economics, and more. Both use limit-order books. Here's when each is the right choice.
Who should use which?
You're a sharp sports bettor in a licensed state
- You're in one of 35+ US states with legal sports betting
- You primarily want sports: NFL, NBA, MLB, NHL, college
- You want peer-to-peer pricing without a vig
- You're an active sports bettor tired of bookmaker account restrictions
- You want to use your existing edge without being banned for winning
You want sports plus the full prediction market spectrum
- You want sports AND politics, economics, weather, crypto
- You're in a state where sports betting isn't yet legal
- You want the broadest CFTC-regulated federal coverage
- You want API access for programmatic trading
- You want prediction markets, not just sports
Full comparison table
| Feature | Novig | Kalshi |
|---|---|---|
| Founded | ~2022 | 2021 |
| Type | P2P sports betting exchange | CFTC-regulated event contract exchange |
| Regulation | State sports betting licences (35+ states); CFTC DCM application pending | CFTC DCM (nationwide, federal preemption) |
| Markets | Sports only: NFL, NBA, MLB, NHL, college | Sports, Politics, Economics, Weather, Crypto, Culture |
| Pricing model | Peer-to-peer limit-order book (no vig) | Centralised orderbook (0–7% profit fee) |
| Commission | Currently commission-free (growing phase) | 0–7% of net profit |
| Settlement | USD | USD |
| US availability | 35+ states with legal sports betting | All 50 states (federal preemption) |
| Non-sports markets | ❌ Sports only | ✅ Broadest US coverage |
| Funding raised | $75M Series B (Feb 2026) | Well-funded private company |
| CFTC licence | Application pending (targeting DCM) | ✅ Full DCM since 2023 |
| API | In development | ✅ REST + WebSocket |
| Best for | Sharp sports bettors seeking fair-price exchange | Full prediction market traders including non-sports |
Why a peer-to-peer exchange beats a sportsbook for sharp bettors
No vig, no account restrictions
Traditional sportsbooks set their own odds with a vig of 4–10% and ban or limit winning accounts. Novig is a neutral exchange: it earns from activity volume, not from bettors losing. Sharp bettors can post their own bids and offers, get matched against other users, and never face account restrictions for winning. This is the Betfair model applied to the US market. Novig raised $75M in a Series B (Feb 2026) and has applied for a federal CFTC DCM licence.
CFTC-regulated, 50-state coverage
Kalshi sports event contracts are available in all 50 states under federal CFTC preemption, while Novig is limited to the 35+ states that have legalized sports betting at the state level. Kalshi's orderbooks for major sports events (NFL playoffs, NBA championships) are deep enough for retail traders. The tradeoff: Kalshi charges 0–7% of net profit on winning trades, while Novig is currently commission-free as it builds liquidity.
Common questions
Is Novig or Kalshi better for sports markets? +
Novig's peer-to-peer model and commission-free structure can offer better pricing on popular games. Kalshi has federal 50-state coverage and the full prediction market suite beyond sports.
How is Novig different from a sportsbook? +
Novig is a P2P exchange: users set their own prices and match against each other. No house vig built into odds, no account restrictions for winning. Sportsbooks set their own odds with 4–10% vig built in.
What is Novig's CFTC application status? +
Novig has applied for a CFTC DCM licence (pending as of May 2026). If approved, it could operate in all 50 states under federal preemption: the same as Kalshi.