Trading in prediction markets offers a different user experience based on the selected operator. In this review, I’ll compare two of the nation’s top prediction market platforms, Underdog Predict vs PrizePicks Predict, and assess their key features, regulatory status, accessibility, market liquidity and catalog, payment methods, and more.
Underdog Predict wins this prediction market comparison based on its flat $0.02 contract fees, in-house event contracts that lead to quicker market resolution and settlement, and a better user interface. It’s best suited for traders who want to buy and sell high-volume event contracts, particularly in its sports markets.
PrizePicks Predict is best for: Traders seeking market diversity and liquidity, with notably more non-sports markets on its platform. This liquidity is obtained through DCM partnerships with Kalshi and Polymarket, which keeps bid-ask spreads fairly tight, resulting in cheaper contract trades and lower slippage.
The biggest differentiator between Underdog Predict and PrizePicks Predict: The way they handle their exchange. PrizePicks routes its exchange through Kalshi and Polymarket, while Underdog bought Aristotle Exchange earlier this year, resulting in event contracts created and cleared within the native platform. However, Underdog continues to route trades through a secondary exchange via a DCM with Kalshi.
Regulatory Status | CFTC-regulated via UDM, LLC | CFTC-regulated via DCMs with Kalshi and Polymarket |
US Availability | All states excluding Arizona, Colorado, Illinois, Kentucky, Maryland, Massachusetts, Michigan, Mississippi, Nevada, New Jersey, New York, Ohio, Pennsylvania, and Tennessee | All 50 states (markets vary by state) |
Market Categories | Sports, Culture, Government and Politics, Entertainment, Business and Economy, Weather, Crypto | Sports, Mentions, Climate, Crypto, TV, Entertainment, Politics, Music, Elections, Movies, Companies, Financials, Economics, AI, Grammys, NFL Champ, Oscars, EMMYS, ESPY Awards |
Trading Fee | Flat $0.02 fee per contract | $0.005 to $0.02 per contract |
Minimum Trade | $0.01 | $5 |
Crypto Required | No | No |
Payment Methods | Visa and Mastercard (debit and credit card), Apple Pay, Trustly (Online banking), PayPal, Google Pay, Venmo, | Visa and Mastercard (debit), Instant bank transfer, Apple Pay, Venmo, PayPal, American Express and Discover (deposit only) |
Withdrawal Speed | 24-72 hours | Instant |
Mobile App | iOS + Android | iOS + Android |
Tax Reporting (1099) | 1099-B | 1099-B |
Current Promotion | Play $5, Get $50 in Bonus Entries | Play $5, Get $50 in Bonus Lineups |
Best For | High-volume traders, sports bettors | Traders seeking market depth and high market liquidity |
Table last updated: July 2026
For a full review of each platform, see our Underdog Predict review and PrizePicks Predict review.
Underdog Predict and PrizePicks Predict hold plenty of key differences across their respective platforms. Let’s focus on how they acquired their federal regulatory status, then dive into market coverage, before pivoting to fees, onboarding and accessibility, and exclusive features.
Underdog Predict and its legal entity, UDM LLC, is a registered futures commission merchant (FCM) with the Commodity Futures Trading Commission (CFTC). It’s also a member of the National Futures Association (NFA).
UDM is a clearing FCM and clears all of its customers’ transactions through a registered derivatives clearing organization via Kalshi Klear, LLC. Although UDM purchased the Aristotle Exchange from Crypto.com (Nadex) in March 2026, it also routes trades through its Designated Contract Market (DCM) with Kalshi.
Therefore, Underdog Predict has two exchanges. Depending on when you register an Underdog account, you’ll be subject to either the Kalshi exchange or Aristotle Exchange, acquired in-house from Nadex (Crypto.com) earlier this year. The acquisition was made to gain more independence as an operator.
PrizePicks Predict, offered by Performance Predictions II, LLC, is a CFTC-registered FCM and NFA member as well. All event contracts are subject to the rules of KalshiEx and Kalshi Klear. Performance Predictions II, LLC is a clearing member of Kalshi Klear and KalshiEx LLC, which are registered with the CFTC as a derivatives clearing organization (DCO) and a DCM, respectively.
Market coverage often dictates where traders decide to set up shop. Underdog Predict does not have as many non-sports prediction markets compared to PrizePicks Predict, although it does offer extensive coverage within major sports markets.
PrizePicks Predict has Team Picks (sports) and Culture Picks (non-sports), which allows them to grant accessibility to its Culture Picks markets in 48 of 50 U.S. states, excluding Minnesota and Nevada. There is noticeably more non-sports prediction markets available to trade on PrizePicks Predict. Diverse options like Financials, Economics, Politics, and Climate exist, in addition to a heavy focus on Entertainment, Movies, TV, and awards shows.
Exchange fees, sales fees, and other hidden rates can quickly inflate the price of a buy or sell order on any prediction market operator. Understanding how each of these platforms utilizes their fees and pricing can help traders make the best decision for where they want to submit their orders.
On Underdog Predict, a flat $0.02 exchange fee is tacked onto every contract purchased. On PrizePicks Predict, it’s called a service fee, which moves between $0.005 to $0.02 per contract bought or sold, depending on your preferred position in a transaction. Total fees are only added to your entry fee when purchasing an order, then subtracted from your payout when selling an order. Service fees only apply when submitting an order to buy or sell an event contract, not when you hold until its predetermined closing date.
Both of these operators have their Predict feature built into the main DFS mobile app. However, Underdog Predict is less accessible due to stringent legislation across at least 15 states that have banned prediction markets. PrizePicks Predict’s ability to separate Team Picks (sports) and Culture Picks (non-sports) results in much more accessibility, available to trade in 48 of 50 states.
Onboarding on Underdog Predict requires registering through the Know Your Customer verification process. This includes providing personal identifying information, like your mailing address, email address, DOB, and the last four digits of your SSN. Complete a 2-factor authentication (2FA), along with questions about your employment, annual income, and experience as a prediction market trader.
PrizePicks Predict enforces a similar onboarding experience to strengthen account security and verify your location. A government-issued ID is required, just like on Underdog Predict, along with a photo or video selfie to further confirm your identity with its KYC process. 2FA is used to verify your email and phone number.
Underdog Predict’s standout feature is its Combo Entry function. Verified traders can integrate a prediction pick with other DFS picks as a single entry. This combines both DFS and prediction market rules when it comes to payout settlement.
PrizePicks Predict offers two different prediction markets, Team Picks and Culture Picks, as its exclusive feature. Team Picks are sports-oriented and face more state restrictions, while Culture Picks are largely available nationwide. Markets range from Music, TV, Climate, Movies, and Entertainment to Politics, Elections, Companies, Financials, Economics, and AI.
Underdog Predict lets you choose between sports team markets, which include player-specific markets (props), as well as its culture markets. Culture markets are any prediction market outside of sports, which are categorized as Economy & Business, Entertainment & Awards, and Government & Politics.
Sports markets contain a lot more depth and market liquidity compared to a lot of the Culture markets on Underdog Predict. Flagpole events garner a lot of liquidity, which helps drive down trading costs with smaller bid-ask spreads and slippage, avoiding illiquid trade position stalling.
However, there are notably fewer culture prediction markets and event contracts to trade on Underdog Predict in comparison to PrizePicks Predict’s Culture Picks catalog. Underdog holds the upper hand when it comes to trading in sports markets.
Let’s not fully slander PrizePicks Predict and its selection of sports prediction markets. It has its own catalog under Team Picks.
I’m spotlighting the Culture Picks because there is way more depth and liquidity on PrizePicks Predict. It has a ton of emphasis on entertainment in general, and traders who don’t have access to Team Picks can still trade on ESPY Awards, Super Bowl advertisements, and mentions from broadcasters in major sporting events like the World Cup.
The Entertainment market includes Video Games, Podcasts, Performances, and even the Swift-Kelce Wedding. Music has its own market, focusing on Spotify streaming numbers, Coachella, Releases and Charts. The Movies market includes Netflix, Rotten Tomatoes, and Movie Length.
Outside of entertainment and pop culture, traders also have ubiquitous markets for Climate, Crypto, Politics, Elections, Companies, Financials, Economics, and AI. Toggle between government shutdowns and Tariffs under the same Politics market. Or, target interest rates, inflation, energy prices, or even New York City rent increases in 2026 under the Economics umbrella.
Fundamentally, Underdog Predict offers a lot of the same cultural and non-sports prediction markets as PrizePicks Predict. The biggest difference is the volume of markets and their associated event contracts that are available to trade under these primary prediction market umbrellas on PrizePicks.
Since PrizePicks Predict also fully routes the creation and clearance of its event contracts through Kalshi, they bring in more liquidity due to the third-party operator’s enormous exchange. Yes, Underdog Predict also routes select contracts through Kalshi, but at a much smaller scale, ultimately offering less market diversity in its non-sports culture catalog.
There is a flat $0.02 exchange fee on every event contract purchase made at Underdog Predict. Here’s the trading cost formula that Underdog Predict enforces.
(Contract Price x Number of Contracts) + (Exchange Fee x Number of Contracts) = Total Trading Cost.
Therefore, if I buy 50 contracts at $0.70 each, plus the $0.02 exchange fee, my order total is $36.00, with $1.00 of exchange fees added.
A prediction outcome that settles correctly at $1.00 per contract means I’m getting a $50.00 payout, with a net profit of $14.00 ($50.00 payout – $36.00 total cost). An incorrect contract settles as $0.00. No taker or maker fees are enforced on Underdog Predict.
Fees and event contract pricing work a bit differently when trading on PrizePicks Predict. Every contract has a service fee, which varies between $0.005 and $0.02 when you either purchase or early exit out of a specific event contract.
max($0.005, min($0.02, Contract Price)) x Number of Contracts = Total Fee.
Buying 50 contracts at $0.70 each adds $1.00 in service fees at $0.02 per event contract. This means it’ll be the same price as Underdog Predict at $36.00, returning $50.00 for a $14.00 profit.
The primary structural difference is when an early exit occurs. Selling an order before an event settles or reaches its predetermined close date, typically once the contract gains in value, incurs another $1.00 in service fees. No settlement fees are incurred when holding until expiration on PrizePicks Predict.
There are also maker and taker fees on PrizePicks Predict. Taker fees can be calculated at 0.07 x P X (1-P), with P representing the price of an event contract up to 50¢, while moving down toward 1¢ when a contract moves up to a maximum value of 99¢.
Maker fees allow traders to set a custom price on an order until another registered trader matches the other outcome on PrizePicks Predict. Maker fees are cheaper than taker fees, calculated at 0.0175 x P x (1-P). Filled orders carry a maker fee, which does not apply when canceling an order.
Both Underdog Predict and PrizePicks Predict offer similar new-user promotions, with each platform currently rewarding users who make a qualifying first play. Availability and eligibility may vary by state and account status. The table below compares the current offers:
| Platform | Offer | How to Claim | Eligibility | Conditions |
|---|---|---|---|---|
| Underdog Predict | Play $5, Get $50 in Bonus Entries | Sign up, make a qualifying deposit, and submit a $5+ entry | New customers in eligible states: AL, AK, AR, CA, FL, GA, IL, IN, KS, KY, ME, MN, MS, NE, NM, NC, ND, OK, OR, RI, SC, SD, TX, UT, VT, VA, WI, WY, plus certain other eligible jurisdictions depending on product availability | $50 awarded in Bonus Entries after the qualifying play settles. Bonus entries typically require playthrough and expire after 14 days if unused. |
| PrizePicks Predict | Play $5, Get $50 in Bonus Lineups | Sign up, make a first deposit, and submit a $5+ lineup | New customers in eligible states: AL, AK, CA, DE, FL, GA, HI, ID, IN, IA, KS, LA, MN, MO, MT, NE, NH, NJ, NC, ND, OK, OR, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY | Five $10 Bonus Lineups ($50 total) are awarded after a first qualifying lineup. First deposit required. No promo code is generally needed through the standard signup offer. |
For most users, the welcome offers are nearly identical, as both platforms currently provide $50 in bonus funds after a qualifying $5 play. As a result, ongoing features, payout structures, and available promotions may be more important factors when deciding between Underdog Predict and PrizePicks Predict. PrizePicks tends to run more recurring promotions, such as Taco Tuesday discounts and Flex Friday specials, while Underdog regularly offers bonus entries, boosts, and No Sweat Tokens.
Underdog Predict features its signature black and gold color theme that makes it stand out from other operators. Traders can opt to log in to Underdog on desktop or on the Underdog Fantasy mobile app, which is available to download onto both iOS and Android devices. Both desktop and mobile have a Predictions tab that contains all of the prediction markets and event contracts available to trade in Underdog Predict.
I personally enjoyed scrolling through various event contracts on the mobile version of Underdog Predict. Once you’re into a specific Predict market, you get to view the percentage of trades for each outcome, plus a high-resolution chart graphic that can be filtered by 1H, 1D, 1W, 1M, or All.
The trade slip itself is packed with helpful information and resources. It includes your Estimated cost, Contract count, Exchange fee, and Payout before submitting an order. However, Underdog Predict does not include an order book, which I found a bit disappointing since I was unable to view ask-bid spreads, market liquidity, and slippage that often help dictate which side to trade on an event contract.
PrizePicks Predict is exclusively available to trade on the PrizePicks mobile app. Since Team Picks and Culture Picks are stored in the primary PrizePicks DFS mobile app, you have to navigate the dropdown selection atop the screen, then pick either “Team Picks” or “Culture Picks” to launch your preferred prediction market catalog.
The black and purple background provides a nice aesthetic when exploring Culture Picks and Team Picks, with a trim of lime green for important information like event contract prices, account balance, and payment methods.
Like Underdog Predict, there is no order book available to view on PrizePicks Predict. Markets are shown on a horizontal scroller along the top of the app, with a search bar and a filter to sort by “Popularity”, “Starting Soon”, and “Ending Soon.”
Each primary market also has its own markets tucked beneath, like when you tap on Climate and see “Highest Temperature”, “Rain”, “Natural Disaster”, and several other markets. Within those umbrella markets are an array of event contracts, such as “Rain in Houston in Jul 2026”, extending to several other major metropolis cities.
The bottom toolbar only has two options for “Board” and “Entries”, with the latter showing active or settled orders as either “Entries Open” or “Past.” I do like the Event Details information on each event contract listed on PrizePicks Predict, with criteria specified like “Opened”, “Pays out”, “Rules”, and a “View full rules” that open up a more in-depth rules document.
Here is an overview of the payment methods available for deposits and withdrawals when trading on Underdog Predict and PrizePicks Predict.
| Feature | Underdog Predict | PrizePicks Predict |
|---|---|---|
| Accepted Payment Methods | Visa and Mastercard (debit and credit card), Apple Pay, Trustly (Online banking), PayPal, Google Pay, Venmo | Visa and Mastercard (debit), Instant bank transfer, Apple Pay, Venmo, PayPal, American Express and Discover (deposit only) |
| Minimum Deposit | $10 | $10 |
| Maximum Daily Deposit | $2,500 per transaction | Not publicly listed |
| Withdrawal Methods | Visa and Mastercard (debit and credit card), Apple Pay, Trustly (Online banking), PayPal, Google Pay, Venmo, | Visa and Mastercard (debit), Instant bank transfer, Apple Pay, Venmo, PayPal, |
| Typical Withdrawal Speed | 24-72 hours | Instant |
| Withdrawal Fee | None | None |
| Hold Period After First Deposit | 48-72 hours | Up to 72 hours |
Withdrawal via Trustly on Underdog Predict may take up to five business days to clear after processing. All other withdrawal methods range from 24-72 hours. PrizePicks Predict does not support American Express or Discover for withdrawal requests.
Underdog Predict and PrizePicks Predict have both obtained CFTC-regulatory status, making them bonafide prediction market operators.
In March 2026, Underdog Predict acquired Aristotle Exchange from Crypto.com, which allows them to create and clear event contracts in-house on this particular exchange. However, Underdog Predict also has a DCM (Designated Contract Market) with Kalshi, meaning there are two different exchanges for traders, depending on when they registered an Underdog Predict account.
PrizePicks Predict fully operates under CFTC regulatory approval via DCMs with Kalshi and Polymarket. Therefore, traders are dealing with third–party exchanges.
Both operators are members of the National Futures Association (NFA) and registered futures commission merchants (FCM). This allows Underdog Predict and PrizePicks Predict to each offer federally regulated derivatives and event contracts.
Know Your Customer (KYC) verification is enforced on both prediction market operators. These additional security steps include validation of a government-issued ID, like a driver’s license or passport, a facial scan, and 2FA via email and phone.
Funds are held via segregated accounts on Underdog Predict and PrizePicks Predict. This prevents an operator from using customer funds on operational capital, while also safely storing your funds in a protected account that undergoes routine review from federal regulatory agencies.
It’s also important to call out that DFS account balances are separate from your Underdog and PrizePicks DFS account balances. Neither wallet transfers over, despite both Predict features hosted in their respective mobile app.
| State/Region | Underdog Predict | PrizePicks Predict |
|---|---|---|
| Any Restricted States | Arizona, Colorado, Illinois, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nevada, New Jersey, New York, Ohio, Pennsylvania, and Tennessee | Arizona, Colorado, Connecticut, Delaware, Illinois, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota (Team Picks + Culture Picks), New Mexico, Nevada (Team Picks + Culture Picks), Ohio, Pennsylvania, New York, and Washington, D.C. |
| Available nationwide | Yes | Yes |
Table last updated: July 2026
Kalshi is the most popular prediction market operator that undergoes regulation as a DCM by the CFTC. Its exchange is used through DCM partnerships with both of the operators we’ve reviewed in this comparison page, with a ton of market liquidity, an expansive prediction market catalog, and a user-friendly interface.
Crypto.com Predict caters to traders who want to be able to leverage digital cryptocurrency assets. It also offers full visibility via order books, event contract timeline and resolution details, with plenty of clean graphics and charts that show real-time data to leverage as an active trader in prediction markets.
This was pretty tight race between Underdog Predict and PrizePicks Predict. Each operator has its share of pros and cons that I’ve spent highlighting throughout this review. Ultimately, I give the edge to Underdog Predict based on its simple contract exchange fees, in-house exchange, sports prediction market integration, and user interface.
PrizePicks Predict is no slouch. It’s got an enormous number of prediction markets for traders to comb for days, especially in its Culture Picks section. If you’re dialed into entertainment, politics, government policy, election races, finance, the economy, AI, or even the weather, there’s hundreds of unique event contracts to trade. Market liquidity is also higher on PrizePicks Predict tends to be smaller spreads and slippage, due to bigger trade volume in smaller markets.
PrizePicks Predict has its Team Picks (sports) and Culture Picks (non-sports) separated within the PrizePicks app, giving it an edge in accessibility. Therefore, its Culture Picks catalog is much more accessible to traders in states with restrictions on sports prediction markets, compared to Underdog Predict, which is completely blocked in states with any type of legislation restricting prediction markets.
The contract fees on PrizePicks Predict are a bit more difficult to calculate and they also include additional taker and maker fees. Underdog Predict does not enforce the latter, while its flat $0.02 exchange fee per event contract purchase is ideal for beginners or high-volume traders.
If you’re still undecided on which prediction market operator fits your style or preferences, check out our prediction markets hub to explore our other top-rated platforms with more in-depth analysis.
Yes, Underdog Predict is better than PrizePicks Predict. While both operators have their own pros and cons, traders have more advantages on Underdog Predict due to flat $0.02 contract fees, a more robust user interface, and faster market resolution and settlement due to in-house clearing from owning the Aristotle Exchange.
The main difference between Underdog Predict and PrizePicks Predict is the way their exchanges function. Both operators have at least one exchange granted CFTC-regulatory approval status.
PrizePicks Predict does this through its DCM partnerships with Kalshi and Polymarket. This injects liquidity into prediction markets, while all event contracts are created and cleared on third-party exchanges through other Designated Contract Markets (DCM) operators.
Underdog Predict opted to acquire Aristotle Exchange as its own DCM with CFTC registration. However, it also holds a DCM with Kalshi to route additional contracts. Therefore, it natively lists and clears its own event contracts, unlike PrizePicks Predict, while simultaneously routing other contracts through Kalshi.
Underdog Predict maintains a $0.02 fee per contract on every transaction. It’s a flat rate, while PrizePicks Predict’s fees vary, ranging from $0.005 to $0.02 per contract, which means PrizePicks Predict has lower service fees, albeit with additional taker and maker fees. This makes Underdog Predict have lower total fees when trading event contracts.
On PrizePicks Predict, total fees are rounded up to the nearest cent and added to your entry fee when purchasing an order, or subtracted from your payout when selling an order. Fees only apply when you submit an order to buy or sell a contract and won’t be applied to a payout if you hold until it resolves at its predetermined closing date.
PrizePicks Predict offers way more prediction markets than Underdog Predict. Team Picks (sports) and Culture Picks (non-sports) form two seperate prediction market hubs on PrizePicks Predict, expanding into double-digit events under Politics, Economics, Financials, and a vast array of Entertainment markets.
Yes, since both Underdog Predict and PrizePicks Predict are separate, CFTC-regulated prediction market operators, you can trade on both platforms at the same time.
If you’re new to trading event contracts or exploring prediction markets, it’s usually best to start on an operator with a strong user interface. Underdog Predict provides a better user experience due to its navigational layout, along with a flat $0.02 event contract fee that makes it easier to calculate trades.
No, PrizePicks Predict does not require cryptocurrency to trade event contracts. In fact, due to CFTC regulation, deposit methods include Visa and Mastercard (debit) and online banking transfers (ACH, wire) to fund your PrizePicks Predict account.
Underdog Predict is currently illegal and unavailable to trade on in New York. You can play Underdog DFS, however, its prediction markets, powered by the Aristotle Exchange, prevent access in New York due to its previous partnership with Crypto.com (CDNA) before fully acquiring this exchange in 2026.
PrizePicks Predict Culture Picks is available in New York. This is due to its DCM partnership with Kalshi, which creates and clears event contracts under CFTC regulation. However, Team Picks is currently restricted.
Yes, both Underdog Predict and PrizePicks Predict will issue a 1099-B tax form to help you report your winnings for tax purposes. Total annual winnings must exceed $600 on PrizePicks Predict and $2,000 on Underdog Predict.
