Novig is the specialist: sports only, 21+, no fee on pre-game trades, live since August 2026. Kalshi is the generalist: every category, 18+, a flat 7% fee rate, five years of history and far deeper markets. For straight pre-game sports singles, Novig is cheaper and good enough. For combos, in-play depth, and anything that isn't sport, Kalshi. For a serious sports trader, probably both.
Side by side
| Novig | Kalshi | |
|---|---|---|
| Regulation | CFTC DCM since June 2026 (Ludlow Exchange LLC) | CFTC DCM since Nov 2020 |
| Live as an exchange | Aug 4, 2026 | July 2021 |
| Markets | Sports only | Sports, politics, economics, culture, crypto, weather |
| Minimum age | 21 | 18 |
| Pre-game taker fee | None | 7% × P × (1−P), max ~2¢ |
| Live taker fee | 3% × P × (1−P), max 0.75¢ | 7% × P × (1−P), max ~2¢ |
| Maker fee | None, plus 50% credit of taker fee in live markets | None on most markets |
| Parlays | Yes, fee built into price | Combos, 30+ legs, ~30% of volume |
| Deposit | Cards/Apple Pay (3%), Aeropay bank (free), USDC/USDT (free) | Card (≤2%), ACH (free), PayPal, Venmo, Cash App, crypto, wire |
| Withdrawal | Bank or debit, min $10, minutes to 48h | Back to source; card often instant |
| Availability | 47 states (not AZ, MI, NV) | Nationwide; sports pulled in NV, MI, WA |
| Welcome offer | $25–$50 credits for $10 | Varies; "up to" credits |
| Funding / valuation | $75m Series B, ~$500m | $22bn (March 2026) |
Fees on a real trade
100 contracts at 50¢, market order:
- Pre-game: Novig $0 · Kalshi $1.75
- Live: Novig $0.75 · Kalshi $1.75
- Resting limit order on either: $0
Over a season of pre-game singles that's a real difference. Over a season of combos, Kalshi's RFQ pricing with 30-leg flexibility probably matters more than the fee.
Liquidity and markets
Kalshi moves billions a week in sports and combos; Novig is building. On NFL and NBA main lines Novig is competitive; on props, niche leagues and big combos, Kalshi's book is deeper and its prices tighter. If you trade size, that gap costs more than any fee saves.
Age and states
Novig's 21+ rule is voluntary and matches state sports betting law; Kalshi's 18+ is one of the states' complaints against it. On availability, Novig simply doesn't operate in Arizona, Michigan or Nevada, while Kalshi operates everywhere and has had sports pulled by court order in Nevada, Michigan and Washington. Net effect for a user: similar maps today, different risk profiles tomorrow. See legality by state.
Verdict
- Pre-game singles, main lines: Novig. Free is free.
- Combos and in-play: Kalshi. Depth and legs.
- Anything non-sport: Kalshi (or Polymarket).
- Aged 18–20: Kalshi, by default.
- Nervous about court orders: Novig has chosen to avoid the hardest states; Kalshi is in every fight. Neither is going away.