Kalshi is an exchange; DraftKings Predictions, for now, is a broker. Kalshi lists every category on its own CFTC-registered market with a published fee curve and five years of history. DraftKings Predictions launched in December 2025 as a standalone app, lists CME Group's contracts, covers sports and finance in 38 states (sports in California, Florida, Georgia and Texas among others), and doesn't publish a fee schedule. DraftKings' purchase of the Railbird exchange means it intends to become an exchange too, but it isn't one yet.
Side by side
| Kalshi | DraftKings Predictions | |
|---|---|---|
| Structure | CFTC Designated Contract Market since 2020 | CFTC-registered FCM, NFA member; contracts on CME; Railbird exchange to follow |
| Live since | July 2021 | December 2025 |
| Markets | Sports, politics, economics, culture, crypto, weather | Sports and finance; entertainment and culture planned |
| Fee | 7% × P × (1−P), max ~1.75¢; makers free | Not published; shown in ticket |
| States | Nationwide; sports geofenced in NV, MI, WA | 38; sports in a subset incl. CA, FL, GA, TX |
| Age | 18 | 18 |
| Combos | 30+ legs via RFQ | Limited |
| Funding | Card, ACH, PayPal, Venmo, Cash App, crypto, wire | DraftKings wallet methods |
| Welcome offer | Trade-based credits | Up to $200 over 21 days for $5+ trade |
| Legal exposure | Lead defendant in state cases | Different: CME-listed contracts, broker structure |
Where DraftKings Predictions makes sense
- You're in a non-sportsbook state and want the DraftKings interface and wallet.
- You trade mainlines, not props or combos.
- You'd rather be on a product whose contracts sit on CME than on the exchange states are suing.
Where Kalshi makes sense
- You want to know the fee before you trade.
- You want props, futures, combos, or anything outside sports and finance.
- You use limit orders.
- You're in a state DraftKings Predictions doesn't serve.
The Railbird question
Once DraftKings connects its own exchange, it controls liquidity, rules and pricing, and can publish a fee schedule of its own. That's when it could compete with Kalshi on depth in sports markets, given DraftKings' customer base. Until it does, the honest comparison is "deep exchange with transparent fees" versus "sportsbook brand on borrowed rails".
DraftKings structure per Gaming Intelligence (Dec 19, 2025) and Legal Sports Report (Oct 14, 2026); Kalshi fee schedule July 7, 2026.