Kalshi vs Novig — Side-by-Side for US Traders (2026)
Both platforms cut out the traditional sportsbook house. Kalshi runs a CFTC-regulated event-contract exchange. Novig runs a state-licensed peer-to-peer sports betting exchange. They overlap on sports, diverge on everything else.
Kalshi
Pros
- CFTC regulation — federal oversight in all 50 states
- Politics, economics, weather, and sports under one account
- Deeper non-sports liquidity than any peer-to-peer book
- Combo functionality for multi-leg event contracts
- Standard bank deposits and withdrawals
Cons
- 7% settlement fee is higher than Novig commission
- Sports liquidity is thinner than dedicated sports exchanges
Novig
Pros
- Peer-to-peer model — no traditional sportsbook vig
- Effective costs typically 1–2% vs Kalshi 7% on settlement
- Built around sports — natural UX for sports traders
- No winner limits or restrictions on profitable accounts
Cons
- Limited state availability vs Kalshi nationwide
- Sports only — no politics, economics, or weather contracts
- Order matching can be slow outside marquee games
- No CFTC-style federal regulatory framework
The Verdict
If you trade sports exclusively and live in a Novig-supported state, Novig is the cheaper venue per trade. The peer-to-peer model genuinely cuts the vig, and that compounds across a season. If you trade anything else — politics, Fed decisions, weather, CPI, elections — Kalshi is the only real answer.Most active traders use both: Novig for sports where matching liquidity exists, Kalshi for everything else and for sports markets where Novig is thin. The decision is less “which one” and more “which markets on which platform.”
Frequently Asked Questions
What is Novig?
Novig is a peer-to-peer sports betting exchange. Traders match positions directly against other users instead of trading against a sportsbook, eliminating most of the traditional vig. It is licensed at the state level and currently available in a limited set of US states.
Is Novig the same as Kalshi?
No. Kalshi is a CFTC-regulated Designated Contract Market trading event contracts across politics, economics, weather, and sports under federal commodity law. Novig is a state-licensed sports-only betting exchange operating under state gaming regulation. Different regulators, different product structures.
Which has lower fees, Kalshi or Novig?
Novig advertises a no-vig peer-to-peer model and typically charges a small commission on winnings (around 1–2%). Kalshi charges roughly 7% on winnings for standard users. For pure sports trades where Novig has matching liquidity, Novig is cheaper per trade. For non-sports markets, Kalshi has no competition.
Is Novig legal in the US?
Novig operates under state-level licensing in the states where it is live. It is legal for users physically located in those states. Kalshi, by contrast, operates under federal CFTC oversight and is available to traders in nearly all 50 states.
Can I trade politics or economics on Novig?
No. Novig is sports-only by design. For political, economic, weather, and entertainment event contracts you need Kalshi or another event-contract exchange.
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