Compare · Records checked Nov. 7, 2026
Kalshi vs DraftKings Predictions
How the two compare on the legal questions: regulation, where each is blocked, age and identity rules, tax forms, and the lawsuits that name each. We don't compare odds, prices or payouts.
The main differences
- Kalshi runs its own CFTC-regulated exchange; DraftKings Predictions is an app.
- DraftKings Predictions is blocked or not offered in Arizona, Arkansas, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Mississippi, Missouri, Montana, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Vermont, Virginia, West Virginia, Wisconsin, Wyoming, Maine and New Hampshire, where Kalshi is not.
- Kalshi is named in 74 cases we track (65 active); DraftKings Predictions in 2 (2 active).
| Topic | Kalshi | DraftKings Predictions |
|---|---|---|
| What it is | Kalshi's own website (kalshi.com) and mobile app. Its contracts are also offered inside partner apps, including Coinbase (live in all 50 states through Kalshi, per The Block, January 2026) and Webull (partnership reported February 2025). | Offered by DraftKings' subsidiary GUS III LLC (d/b/a DraftKings Predictions), first as a standalone app and, since June 2026, inside the unified DraftKings: Sports & Casino app. Since June 2026 it runs on DKeX, DraftKings' own exchange built on its acquisition of Railbird Exchange, LLC; at launch it used CME Group, and later also Crypto.com. |
| Operator | KalshiEX LLC | GUS III LLC d/b/a DraftKings Predictions (wholly owned DraftKings subsidiary) |
| CFTC registration | DCM, DCODCM designated 2020-11-03, with the CFTC granting a petition to modify the designation order on 2025-01-17; affiliate Kalshi Klear LLC registered as a DCO 2024-08-28 (CFTC industry filings) | IBGUS III LLC is DraftKings' registered introducing broker (date not verified); DraftKings filed for FCM status in 2026-02 (DeFi Rate) |
| Contracts trade on | Its own exchange | Its own exchange |
| Launched | Kalshi launched its trading platform in July 2021, after the CFTC designated KalshiEX LLC as a contract market in November 2020. Source | DraftKings' 10-K says DraftKings Predictions launched on December 19, 2025. Its launch release said event contracts would be available across 38 states, starting with CME Group as the exchange. Source |
| Where it's offered (51 jurisdictions) | No restriction found: 48 · Sports blocked: 3Blocked or not offered: Michigan, Nevada and Washington Checked Oct. 22, 2026 | Offered: 19 · Sports blocked: 30 · Not offered: 2 Checked Oct. 22, 2026 |
| Minimum age | 18 Source | 18 Source |
| Identity checks | Kalshi requires legal name, date of birth and a residential address (no commercial addresses or PO boxes) that match a government ID. It asks for a live in-app photo of a driver's license or passport. It may also ask for proof of address, employment information or source of funds. It may request a Social Security number at any point after signup, which it uses for identity verification and tax reporting; an SSN is not required to deposit. (Help articles updated June 30 and August 25, 2026.) Source | DeFi Rate says every new customer must complete identity verification and an eligibility process before trading. Users confirm identity and location and may answer questions about financial background and trading experience. Source |
| Tax forms | Kalshi says users who meet IRS reporting thresholds get Form 1099-INT (interest), 1099-MISC (credits and rewards), 1099-B (proceeds from crypto transfers) and 1099-DA (digital asset reporting from ZeroHash). The forms appear under Tax Info in the Account tab, and some are emailed through Zenwork. Kalshi gives no dollar thresholds or issue dates. Trading profit-and-loss statements are in the documents tab (help article updated June 22, 2026). Source | Not confirmed |
| Contract types | sports, politics, elections, culture, entertainment, crypto, economics, finance, commodities, climate, weather, tech and science, mentions, world news | sports, finance, crypto, commodities, culture |
| Lawsuits naming it | 74 (65 active) | 2 (2 active) |
| Latest development | Nov. 5, 2026: Arkansas v. Kalshi (Independence County) | Oct. 8, 2026: Florida |
Each row comes from the platform's own materials or the sources linked, and updates when our records do. Not legal, financial or tax advice.
Questions
- What is the difference between Kalshi and DraftKings Predictions?
- Kalshi runs its own CFTC-regulated exchange; DraftKings Predictions is an app. DraftKings Predictions is blocked or not offered in Arizona, Arkansas, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Mississippi, Missouri, Montana, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Vermont, Virginia, West Virginia, Wisconsin, Wyoming, Maine and New Hampshire, where Kalshi is not. Kalshi is named in 74 cases we track (65 active); DraftKings Predictions in 2 (2 active).
- Is Kalshi or DraftKings Predictions legal in more states?
- By the records we track, Kalshi is blocked or not offered in 3 states and DraftKings Predictions in 32 states. Both face state challenges to their sports contracts. Check your state on each platform's page.