- Prediction market apps fall into two groups: dedicated exchanges, and brokerage or sportsbook apps that route you to a partner exchange.
- The app you pick changes the fee more than the contract does: as of 2026-10-26, Kalshi's schedule works out to $1.75 for a 100-contract taker order at 50 cents, while DraftKings adds a $0.01 per-contract fee on top of the exchange fee.
- Robinhood needs a separate derivatives account application, and event contracts there are not available in every state.
- Check three things before you fund any app: who runs the exchange behind it, which states it covers, and what a round trip costs at the price you plan to trade.
A prediction market app is a mobile or web app that lets you buy and sell event contracts, which pay $1 if an outcome happens and $0 if not. The apps look alike, but they are built differently. This guide compares them on three things you can check yourself: how you get access, what the fee schedule says, and which states the firm lists. It uses each firm's own pages. It is not advice, and it does not rank apps by which one will make you money. For the platforms side by side, see our platform comparison; for the basics, what prediction markets are.
Two kinds of prediction market apps
The first kind is an exchange's own product, such as Kalshi or Polymarket. The second kind is an app you may already have, where prediction markets are one more tab. Robinhood's help page says its event contracts are offered by Robinhood Derivatives, LLC through partnered exchanges, naming "KalshiEX LLC, ForecastEX, LLC" among them. The practical difference is that the second kind adds an account step, its own commission, and sometimes a narrower list of markets.
How you get access
Access is the first place the apps diverge. Robinhood's page says that once you have an open individual investing account, you apply in the app and "follow the onboarding flow to apply for a Robinhood Derivatives account". Its eligibility list includes being 18 or older, holding an individual brokerage account and being a US resident, and it warns that "Event contracts aren't available in all states." So a brokerage app can mean an extra approval before your first trade. Read the full detail in our Robinhood prediction markets review.
What each app says it charges
Fees are where a small difference compounds. The table below uses only what each firm publishes, as of 2026-10-26. Kalshi's figures come from the fee formula in its schedule (taker fee = round up of 0.07 × contracts × price × (1 − price)), worked through in our own arithmetic.
| App | What the firm publishes | Read more |
|---|---|---|
| Kalshi | Taker fee of 7% of price × (1 − price) per contract; the schedule's own examples work out to $1.75 for 100 contracts at 50 cents and less for a lopsided price | Kalshi review |
| DraftKings Predictions | A $0.01 transaction fee per contract bought or sold, in addition to the exchange fee | DraftKings Predictions review |
| FanDuel Predicts | A transaction fee of $0.02 per $1 of potential payout, including on early cash-out | FanDuel Predicts review |
| Webull | An exchange fee and a firm fee of $0.01 each per contract when opening or closing a position | Webull review |
| Robinhood | A commission that is price-based, highest near 50 cents and capped at $0.01 per contract | Robinhood review |
These are not like for like. Kalshi's fee depends on the price, so it is smallest near 0 and 100 cents. A flat per-contract fee does not shrink at the extremes, so it takes a larger share of a cheap contract. Run your own numbers in the fee calculator, and see our fee comparison for the arithmetic.
Which states and which markets
Availability is not the same across apps, and it changes. DraftKings said its Predictions product launched across 38 states, and FanDuel's support page says financial contracts are available in all 50 states and DC while sports contracts follow different rules. Robinhood says event contracts are not available in all states. Check the app's own state list on the day you sign up. For sports, see the sports markets page for what is trading now, and the PrizePicks Predict and Underdog Predict reviews for the fantasy-style apps. PredictIt is a separate case: it runs politics markets under a CFTC no-action letter rather than as a standard exchange.
A checklist for choosing
- Who runs the exchange? The brand on the app is often not the exchange. Find the named exchange in the help pages.
- What does a round trip cost? Add the fee for opening and for closing, at the price you expect to trade, not just the headline rate.
- Is your state covered, for the category you want? A state can be open for financial contracts and closed for sports.
- Is there an extra approval step? A brokerage app may ask for a derivatives account first.
- How do you exit? Check whether you can sell before the market closes, and whether that sale has its own fee.
Where this can go wrong
Fee schedules and state lists are revised, sometimes with little notice, so a table like this ages quickly. A flat fee that looks small can matter on a cheap contract, and a thin market can cost you more in spread than in fees. Promotions can change the first-trade cost but not the schedule underneath. Sites that rank apps are often paid when you sign up, and so are we on some links, so compare against the firm's own documents. Our methodology page explains how we handle sourcing.
Frequently asked questions
What is the best prediction market app?
It depends on what you need: a dedicated exchange for the widest list of markets, or a brokerage or sportsbook app if you want everything in one login. Compare the fee, your state's coverage and the account steps rather than relying on a single ranking.
Do prediction market apps charge fees?
Yes. The apps above each publish a fee or commission, and some stack an exchange fee and an app fee. The structure differs, so compare them at the price you expect to trade.
Are prediction market apps available in every state?
No. Robinhood's help page says event contracts are not available in all states, and the other apps list their own coverage. Check the app's state list before you deposit.
Do I need a separate account to trade on Robinhood?
Yes. Robinhood's page says you need an approved Robinhood Derivatives account, which you apply for in the app after opening an individual investing account.
The app is a way to reach a market, not the market itself. Pick the one whose rules, fees and state coverage you have read, and treat every contract as a position that can finish at zero. Nothing here is financial advice.