Novig vs Kalshi: Is Novig Better Than Kalshi?

September 17, 2026

by Emma Harrison

In our latest prediction market comparison, we’re going to look at Kalshi vs Novig. Kalshi was the first US prediction market and remains one of the biggest, while Novig is something of an up-and-comer.

To start with the similarities, both are peer-to-peer prediction market exchanges that are federally regulated by the CFTC. The key difference is that Kalshi offers a broad range of prediction markets, including sports, politics, crypto, culture, and others. Novig, meanwhile, is a sports-only prediction market. We’ll discuss all of this and more in this head-to-head comparison guide.

Comparing Kalshi and Novig Prediction Markets Apps

A brief overview of Kalshi and Novig

As we did in our Kalshi vs DraftKings Predictions comparison, we’ll start with a general overview of prediction markets. Kalshi and Novig are both federally regulated prediction market exchanges that are overseen by the Commodity Futures Trading Commission (CFTC).

On both platforms, verified US citizens and permanent residents above the age limit can trade event contracts on the potential outcomes of future events. You can make a profit if your forecasts are correct, and a loss if you are incorrect.

Kalshi vs Novig – A side-by-side comparison

Here is a table comparing the key facts about Kalshi and Novig:

*The landscape surrounding prediction markets in the US is moving quickly, particularly relating to Kalshi. Therefore, you may think that there are partial or outright restrictions in your state. Always double-check the rules and terms before you create an account.

Novig vs Kalshi – The pros and cons

To highlight the key points that we’ll be discussing in detail, here is a summary of the pros and cons of both of these prediction markets:

Kalshi pros and cons

Novig pros and cons

How Kalshi and Novig work: Event contract trading

As was the case in our Kalshi vs FanDuel Predicts comparison, the basic premise of how prediction market trading works is the same on both of these platforms.

On Kalshi and Novig, you can buy and sell event contracts that are tied to the outcomes of future sports events, including game results, over/under, and long-term outcomes like Championship winners. On Kalshi, you can also trade on non-sporting future outcomes, but Novig only offers sports prediction markets.

Event contract pricing and probabilities

The prices of these event contracts and how they are determined are the same on both platforms. Each event contract always costs between $0.01 and $0.99 in the lead-up to the sports event.

This price is determined by the real-time probability that the market gives the outcome of happening. As Novig and Kalshi are peer-to-peer exchanges, the prices and probabilities are a true and transparent reflection of market opinion.

In other words, no commission or house edge is added to manipulate the odds. This is where the name “no-vig” comes from.

Example of a Novig prediction market

For a sports game, Novig always displays the three main prediction markets: spread, total, and moneyline. As you can see in the 49ers vs Raiders example we’ve used below, no prices are displayed, only the percentage.

That’s because at Novig the probability-to-price ratio is always exactly 1% = $0.01. As we will see, this can drift slightly at Kalshi.

Example of a Kalshi prediction market

Most of Kalshi’s prediction markets have Yes/No contracts, though some are multiple choice rather than binary. To give you a straightforward, non-sports example, here are the binary event contracts for the politics prediction market “Which party will win the 2032 Presidential Election?”:

As you can see, the Yes and No contract prices are slightly higher than the percentages in the “Chance” column. This isn’t because Kalshi adds a commission; it’s simply because it’s a high-liquidity seller’s market.

How payouts work at Kalshi and Novig

The basic premise of how you can make a profit or a loss is the same on both sites. Once the event has concluded, the prediction market is resolved, and there are two possible outcomes:

1. ✅ Your prediction was correct – You receive $1.00 per event contract, giving you a profit.
2. ❌ Your prediction was incorrect – Your contracts are now worth $0.00, giving you a loss.

As you can see, there is a real risk of losing all of your money with prediction market trading, which you should consider before you start. As well as the money spent on the contracts themselves, you also have the trading fees to take into account.

Novig vs Kalshi: Trading fees

Both of these prediction market exchanges don’t take a commission on the event contracts. You might be wondering how they make money. In both cases, they charge trading fees when you place your event contract orders.

However, the fee structure is slightly different on each platform, so let’s compare:

Kalshi trading fees

Kalshi has a fairly complicated fee structure that’s divided into “Standard” and “non-Standard” fees. We won’t focus on the latter, as it is essentially an extensive list of niche crypto markets with exceptional fees.

For most markets, you pay taker fees between $0.07 and $1.75 per 100 contracts. Maker fees may also apply, but are 50% of taker fees for combo markets.

Moving trading fees

On the whole, the fee structure at Novig is a lot more favorable, though as it’s a smaller platform, market liquidity is lower. You don’t have any maker fees at all, and taker fees are waived on pre-game straight trades.

For live trades, the taker fee formula is 0.03 × Contract Price × (1−Contract Price). To give you an idea, this means that you’d pay a $0.075 fee for a $0.50 event contract.

How to sign up for these prediction markets – Step-by-step

We’ll finish by showing you how you can sign up and get verified on these prediction markets. Always double-check the availability and eligibility requirements before you get started. Moreover, you can consult our in-page banners to see if a Kalshi invite code is available where you are.

How to register at Kalshi

1. Click one of the banners on this page to load the website

2. Download the official iOS or Android app

3. Open the signup form

4. Enter your email address or register using your Google or Apple account

5. Create a secure password

6. Verify your email address using the Kalshi verification code that should be sent to your inbox

7. Provide your full name, date of birth (must be over 18), and residential address (must be in an available state)

8. Enter your SSN

9. Upload a photo ID alongside a selfie

10. Wait to be approved, then deposit and trade

How to sign up to Novig

1. Follow our on-page banners to the Novig site

2. Download and install the app

3. Open the registration form

4. Enter your email address

5. Create a secure password

6. Provide your full name, date of birth (must be over 21), and residential address (must be one of the 36 available states)

7. Enter the last four digits of your SSN

8. Upload your photo ID

9. Wait to get verified

10. Deposit and trade

Kalshi vs Novig Comparisons – Conclusion

To summarize, Kalshi is the bigger prediction market with higher liquidity and wider availability. It also offers culture, politics, and other prediction markets as well as sports. However, it has higher trading fees, and the available states tend to change quite frequently.

Novig is sports-only and is available in states with a higher age limit of 21+, rather than 18+. Its biggest advantage is the fee structure, which waives maker fees entirely, alongside pre-game standard taker trading fees.

The final decision is down to personal preference; if you want a larger prediction market that covers non-sporting events, Klashi is best. On the other hand, if you only want sports prediction markets, Novig is likely the better option. On both platforms, there is a substantial risk of losing money, so keep that in mind.

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Kalshi vs Novig FAQ

1. 🤔 Is Novig better than Kalshi?

   Novig has some advantages over Kalshi, including lower trading fees for sports prediction markets. However, Kalshi has better liquidity and offers non-sports prediction markets like culture, crypto, and economy.

2. 🔍 Is there anything better than Kalshi?

   That depends on what you’re looking for. Polymarket now has a bigger user base, so it has slightly better liquidity. If your sole focus is sports event contracts, Novig is a lower-fee alternative to Kalshi.

3. 📉 Do most people lose on Kalshi?

   Yes, as prediction market trading is risky, most people lose on Kalshi. Currently, there are more accounts in net loss than in net profit.

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