California Prediction Markets: Alternative to Sports Betting in 2026

California residents now have access to more than a dozen federally-regulated prediction market sites, offering markets spanning sports, politics, economics, crypto, entertainment and more. The federal regulatory framework allows platforms like Kalshi, Crypto.com and DraftKings Predictions to offer prediction markets nationwide—including in California—without requiring state gambling licenses.

After testing every major prediction market platform and verifying with California users, we’ve put together a comprehensive guide to help you understand exactly what’s available, what’s legal, and how prediction markets work in CA. Read on for a detailed rundown of each platform’s availability, features, and fees for California traders looking to put real money on the Super Bowl and other timely events.

Prediction Market

Available in all 50 states

$10 bonus

Deposit $1+ and trade $100 in contracts

Trade Now

Super Bowl, props, mention markets, totals and spread

Prediction Market

Available in all 50 states

$10 bonus

Get $10 free with invite code TWITTER (Pending 200K+ waitlist)

Trade Now!

Trade on Super Bowl

Super Bowl markets available in California

If you’re looking for where to go for the Super Bowl, Kalshi is our first pick because it’s the quickest to get onboarded, followed by Polymarket (if you’re familiar with crypto). Below, we compare major prediction platforms available with Super Bowl markets and props, followed by detailed platform breakdowns below the table.

Kalshi app

California Availability: ✓ Confirmed

Kalshi operates in all 50 states under federal CFTC jurisdiction. A November 2025 federal court ruling (Blue Lake Rancheria v. Kalshi) denied tribal injunction attempts, affirming federal preemption over state gambling laws.

Market Overview:

Kalshi is the market leader and largest CFTC-regulated prediction market site in California. With over 3,500 markets, over $5B monthly notional trading volume, and partnerships with CNN, NHL, Robinhood, and Coinbase, it offers the deepest liquidity in the industry. The platform raised $1B in 2025 at an $11B valuation from Paradigm, Sequoia, and a16z.

What I Like:

• Deepest liquidity across all market categories
• 4% APY on uninvested cash balances
• Custom parlays via RFQ system
• Institutional-grade infrastructure with real-time data feeds (Pyth Network)
• Most comprehensive market selection: sports, politics, economics, crypto, entertainment

Points of Friction:

• Fee opacity on longshots: rounding can create 12.5%+ effective fees on $0.02 contracts
• 2% fee on debit card deposits
• Robinhood now routes 50%+ of volume—MIAXdx acquisition may create future competition

Robinhood app

California Availability: ✓ Confirmed

Available in all 50 states. Sports contracts unavailable only in MD, NJ, NV; economic/political contracts available everywhere.

Market Overview:

Robinhood routes prediction market orders through Kalshi, offering the same markets with familiar brokerage UX. The platform processed 2.5B contracts in October 2025 (3x sequential growth). In January 2026, Robinhood acquired MIAXdx with Susquehanna to build its own exchange, launching later in 2026.

What I Like:

• All-in-one platform: stocks, crypto, and predictions in one account
• 4% APY on uninvested cash (FDIC insured up to $2.5M)
• Zero FX fees for international transfers
• Familiar, intuitive interface for existing Robinhood users

Points of Friction:

• $0.02/contract adds up on high-volume trading
• Requires separate derivatives account setup
• MIAXdx transition may cause temporary disruption in 2026

Crypto.com/OG

California Availability: ✓ Confirmed

Available in 49 states (all except New York). Crypto.com operates the full CFTC stack: DCM + DCO + FCM licenses and launched a standalone prediction markets app called OG ahead of the Super Bowl in February, 2026.

Market Overview:

Crypto.com’s CDNA platform powers multiple white-label prediction markets including Fanatics Markets, Underdog, Trump Media’s Truth Predict, and Hollywood.com. The 150M-user crypto exchange offers sports-focused event contracts with Bitcoin, ETH, or fiat funding and was actually the first exchange to offer sports markets in early 2025. Now, it also offers the OG prediction markets app, also available in every state except for New York.

What I Like:

• Full CFTC regulatory stack (DCM + DCO + FCM)
• Crypto-native with fiat options
• CRO token rewards on trades
• B2B infrastructure reach (powers Fanatics, Underdog, Truth Predict)

Points of Friction:

• Higher fees: $0.02-$0.20/contract
• Nevada withdrawal (regulatory pressure)
• App can feel cluttered with crypto features for prediction-only users

Polymarket US App

California Availability: ✓ Now Live

Polymarket returned to the US market in December 2025 after a three-year ban. The platform launched via invite-only rollout to 200,000+ waitlisted users. CFTC approval came in November 2025 following the acquisition of QCEX (DCM) for $112M in July 2025.

Market Overview:

The world’s largest prediction market by global volume ($3.7B in Nov 2025), Polymarket’s US app currently offers sports markets only, with politics, crypto, and other categories ‘coming soon.’ The platform secured up to $2B investment from ICE/NYSE at an $8B valuation. Recent partnerships include DAZN (streaming integration), NHL, and UFC.

What I Like:

• Lowest fees in the industry: 0.10% taker fee
• Deepest political markets globally (when available in US)
• Clean, intuitive interface
• Liquidity rewards program for limit order placement
• $10 bonus cash for new users

Points of Friction:

• US launch limited to sports only initially—politics and other categories not yet available
• USDC-only funding (requires crypto knowledge)
• Wash trading concerns on global platform
• Missed entire 2025 NFL regular season despite August launch promises

FanDuel Predicts

California Availability: ✓ Live with Sports

FanDuel Predicts launched December 22, 2025, and expanded to California on January 14, 2026. Sports contracts are available in 18 states (including CA, TX, FL, GA). Finance/economics markets are available in all 50 states.

Market Overview:

FanDuel Predicts is a standalone app (separate from FanDuel Sportsbook) built in partnership with CME Group. It offers sports event contracts in states without legal sports betting. FanDuel has stated it will exit sports prediction markets in any state that legalizes sports betting. The platform shares CME’s order book with DraftKings Predictions.

What I Like:

• FanDuel brand trust and familiar UX
• CME Group partnership provides institutional credibility
• Low $0.01/contract fee
• Clear regulatory strategy: exit when states legalize betting
• Strong responsible gambling tools

Points of Friction:

• 50/50 fee split with CME increases cost structure
• Shared CME order book means identical liquidity to DraftKings
• No sports contracts in states where FanDuel has sportsbook license
• $350M projected losses through end of 2026

Gemini Predictions

California Availability: ✓ Live

Gemini Predictions launched December 15, 2025, in all 50 states after receiving DCM license on December 10, 2025 (five-year application process). Operated by affiliate Gemini Titan, LLC.

Market Overview:

The Winklevoss twins’ crypto exchange expanded into prediction markets as part of a ‘super app’ strategy combining crypto trading, staking, and event contracts. Gemini offers sports (NFL, CFB, NBA), politics (2026 midterms), and economics markets. Notably, Gemini uses official NFL and college football team logos—unique among CFTC-regulated platforms without formal league deals.

What I Like:

• Fee-free trading for limited time at launch
• Up to $250 sign-up bonus for hitting trading benchmarks
• Integrated super app: crypto, staking, predictions in one platform
• Own DCM license provides regulatory independence
• Established crypto exchange with institutional credibility

Points of Friction:

• New platform—liquidity still building
• Limited market depth compared to Kalshi/Polymarket
• Potential regulatory risk from using team logos without league partnerships
• Android support still pending

DraftKings Predictions

California Availability: ✓ Live with Sports

DraftKings Predictions launched December 19, 2025, in 38 states including California. Sports contracts available in states where DraftKings doesn’t operate its sportsbook, including California.

Market Overview:

DraftKings entered prediction markets via CFTC IB partnership with CME Group and Wedbush Securities (FCM). The company also acquired Railbird Exchange (DCM license) in October 2025 for future integration. Markets include NFL, NBA, NHL, CFB, CBB, and economics. ESPN and NBCUniversal partnerships provide media integration.

What I Like:

• ESPN and NBCUniversal media integration
• Familiar sportsbook-style UX
• Low $0.01/contract fee (lowest flat fee in industry)
• Industry-leading responsible gambling tools
• Railbird acquisition enables future exchange ownership

Points of Friction:

• Limited markets at launch (5 sports + economics)
• No parlays available
• Shared CME order book—identical liquidity to FanDuel
• $50M launch costs projected

Fanatics Markets

California Availability: ✓ Confirmed

Fanatics Markets launched December 3-6, 2025, in 24 states including California. Available in states where Fanatics doesn’t operate its sportsbook.

Market Overview:

First traditional sportsbook brand to launch CFTC-regulated prediction markets. Built on Crypto.com’s CDNA infrastructure with Paragon Global Markets (FCM, acquired July 2025). Phase 1 includes sports, finance, economics, politics. Phase 2 (early 2026) adds crypto, stocks/IPOs, climate, pop culture, tech/AI, movies, and music.

What I Like:

• Fanatics ecosystem integration (17M users, shared wallet)
• Strong brand trust from merchandise/collectibles business
• Ambitious Phase 2 roadmap with diverse market categories
• Hybrid fiat/crypto funding options

Points of Friction:

• CDNA infrastructure means same fees as Crypto.com ($0.02-$0.20)
• Limited Phase 1 categories
• No welcome promotions at launch

Coinbase Predictions

California Availability: ✓ Live

Coinbase rolled out prediction markets to US users on January 28, 2026 (yesterday), available in all 50 states. Announced at the “System Upgrade” event on December 17, 2025, alongside stock trading and perpetual futures.

Platform Overview:

Coinbase partnered with Kalshi to offer prediction markets as part of its “everything exchange” strategy. All Kalshi markets are accessible through the Coinbase app, covering sports, politics, economics, crypto, and culture. Users can fund predictions with USD or USDC from their existing Coinbase accounts. In December 2025, Coinbase also acquired The Clearing Company, a prediction markets company focused on regulated onchain markets, to help scale the offering.

What I Like:

• ✓ Access to full Kalshi market library (3,500+ contracts)
• ✓ Fund with USD or USDC—no separate account needed
• ✓ Established, publicly-traded exchange (NASDAQ: COIN)
• ✓ Part of integrated platform: crypto, stocks, and predictions in one app
• ✓ 24/7 trading (except 2-hour Thursday morning maintenance)

Points of Friction:

• Kalshi fees apply (same ~$0.02/contract as direct)
• Brand new launch—still building out features
• Brian Armstrong’s October 2025 earnings call “word bet” stunt drew manipulation criticism
• Coinbase stock down ~60% from 2025 highs amid crypto winter concerns

ForecastEx (Interactive Brokers)

California Availability: ✓ Live

ForecastEx is available to eligible Interactive Brokers clients in the US, Canada, Hong Kong, Singapore, and Ireland. Launched August 2024 as a CFTC-registered DCM and DCO.

Platform Overview:

Interactive Brokers’ prediction market subsidiary focuses on institutional-grade event contracts for economics, politics, and climate—no sports markets. Q4 2025/Q1 2026 volume reached 286M pairs. ForecastEx is positioned as a legitimate hedging tool for macro risks rather than a retail betting platform.

What I Like:

• Institutional-grade infrastructure from Interactive Brokers
• Low $0.01/contract fee
• Earn interest on collateral (0.5% under Fed Funds rate)
• All-in-one brokerage: stocks, options, futures, and predictions
• Macro hedging focus: CPI, Fed funds, climate outcomes

Points of Friction:

• No sports markets
• Requires Interactive Brokers account (complex setup)
• Interface criticized as overly complex for beginners
• Limited retail-focused features

PredictIt

California Availability: ✓ Live

PredictIt is now a fully regulated DCM after winning its 2025 lawsuit against the CFTC and receiving DCO approval in September 2025. Operated by Aristotle International, Inc. under the Prediction Market Research Consortium (PMRC).

Platform Overview:

The ‘grandfather’ of US prediction markets (operating since 2014), PredictIt focuses exclusively on political markets and is traditionally an academic-focused exchange. After regulatory victory, position limits increased from $850 to $3,500 per contract, and the 5,000-trader cap was removed. A 2025 Vanderbilt study found PredictIt achieved 93% accuracy on down-ballot races vs. 67% for Polymarket and 78% for Kalshi.

What I Like:

• Unmatched depth in political markets (down-ballot races, policy outcomes)
• 93% accuracy rate on 2024 down-ballot predictions
• Position limits raised to $3,500 (from $850)
• No trader caps—markets can’t ‘sell out’ anymore
• Academic research focus filters out speculative noise

Points of Friction:

• Highest fees in industry: 10% on profits + 5% on withdrawals
• Politics only—no sports, economics, or entertainment
• Lower liquidity than Kalshi or Polymarket
• Limited banking options

PrizePicks Predict

California Availability: ✓ Live

PrizePicks Predict launched November 14, 2025. Team Picks (sports) are now available in 30 states including California. Culture Picks are available in 48 states including California (only Nevada and Arizona excluded).

Platform Overview:

PrizePicks, America’s #1 DFS app with 20M+ users, expanded into prediction markets via a multi-year partnership with Kalshi. All event contracts are Kalshi-listed markets accessed through the existing PrizePicks app. Performance Predictions II, LLC (registered FCM) handles regulatory compliance. Team Picks cover game winners, spreads, totals, and futures. Culture Picks cover politics, entertainment, awards shows, and pop culture.

What I Like:

• Familiar PrizePicks interface—no new app needed
• Access to Kalshi’s full event contract library
• First DFS operator with iCAP accreditation from NCPG
• Existing DFS account provides instant access
• Strong responsible gaming tools (Kindbridge mental health partnership)

Points of Friction:

• Kalshi fees apply (same as trading direct)
• Sports availability varies by state—check current map
• California DFS regulatory uncertainty (AG opinion pending)
• No dedicated prediction markets promo code yet

Underdog Predictions

California Availability: ✓ Live

Underdog Prediction Picks launched September 2, 2025, as the first sports gaming operator to offer sports prediction trades. Available in 23+ states including California, Texas, Florida, and Georgia.

Platform Overview

Underdog partnered with Crypto.com’s CDNA exchange to offer federally-regulated sports event contracts within its existing app. UDM Services, LLC (d/b/a Underdog Predict) provides technology services to CDNA. Markets include NFL, NBA, MLB, college football, and more with real-time price updates. The integration looks like a traditional sportsbook with live trading capability.

What I Like

• First sports gaming operator to launch prediction markets
• Sportsbook-style interface familiar to bettors
• Team picks, spreads, totals, and combos available
• CFTC-regulated through Crypto.com CDNA
• Same responsible gaming principles as DFS/sportsbook products

Points of Friction

• CDNA fees ($0.02-$0.20/contract)
• California DFS legal battle ongoing (AG Bonta opinion pending)
• Requires Crypto.com account consent for prediction trading
• Smaller state footprint than Kalshi/Polymarket

Are prediction markets legal in California? 

Yes. Because prediction markets operate as CFTC-regulated financial exchanges, they are fully legal to California residents age 18 and up. 

California presents one of the most fascinating regulatory contradictions in American gambling law. Traditional online sports betting in California remains illegal. The state has no licensed sportsbooks, and online sports wagering through platforms like DraftKings Sportsbook, FanDuel Sportsbook, or BetMGM is prohibited. In 2022, voters overwhelmingly rejected two ballot measures that would have legalized sports betting. Any future sports betting legalization would almost certainly require coordinated tribal support. But the rise of prediction markets offer Californians a legitimate, legal alternative for betting on sports and other event outcomes.

Even though sports event contracts resemble markets you will find at regulated sportsbooks, there are some key differences. More on that below.

How to set up an account in California

Here’s what to expect when you sign up for an account at Kalshi or Polymarket:

Step 1: Choose Your Platform

For most California users, I’d recommend starting with Kalshi. It has the deepest liquidity, the most market variety, and the most intuitive interface. If you’re already a Crypto.com user, their prediction platform is worth exploring. Polymarket currently has a waitlist. If that ever clears and you’re comfortable with crypto, the zero-fee structure makes it compelling for active traders.

Step 2: Complete Verification (KYC)

All CFTC-regulated platforms require identity verification. You’ll need:

• Government-issued ID (California driver’s license or passport)
• Social Security Number
• Current address
• Phone number and email

Verification can take up to 1-2 business days. Some users report instant approval, while others with common names or recent address changes may face additional review.

Step 3: Fund Your Account

For Kalshi, Crypto.com and Polymarket US: ACH bank transfer is the most cost-effective option (free). It can take 1-3 business days to clear, but often funds become available for trading immediately via instant deposit. Debit cards offer instant funding but come with fees (2% on Kalshi).

For Polymarket Global: You’ll need USDC. The easiest path is to purchase USDC on Coinbase and transfer it to your Polymarket wallet. Alternatively, the platform offers card purchases through MoonPay (which charges its own fees).

Step 4: Start Small

If you are new to event trading, it’s a good idea to start with small positions to learn how the platforms work. Contracts on Kalshi and Crypto.com can be purchased for as little as $0.01 per contract (though practical minimum trades are a bit higher once you factor in fees and position sizing).

Find a market you understand well—maybe a local sports team or an economic indicator you follow—and make a few small trades to get comfortable with the mechanics. Most traders find that there is a bit of a learning curve, but overall, the Yes/No binary options actually simplify the process, making it beginner-friendly.

California sports betting vs. prediction market trading

Prediction market platforms are registered with the Commodity Futures Trading Commission (CFTC) as Designated Contract Markets (DCMs) — the same federal oversight that governs the regulation of other futures and swaps trading. When you trade on Kalshi, Polymarket US or other regulated prediction platforms, you’re technically trading event contracts, which are classified as derivatives rather than wagers.

There are some notable differences that set sports event contracts apart from sports bets. For starters, on a prediction market exchange like Kalshi, you’re trading against other market participants rather than “against the house.” That means rather than the sportsbook setting lines or odds, prices are established by fair market value, based on bids and asks — similar to the way stock prices move. For that reason, prices reflect real-time market probability rather than bookmaker-set odds, which have a 10% or higher vigorish or house take baked in. 

Sports prediction markets are listed as Yes/No binary contracts, each priced between $0.01 and $0.99, with the price correlating with implied odds. A price of $0.65 on the Seahawks to win against the 49ers implies a roughly 65% chance Seattle will emerge victorious. Each 65-cent contract would yield $1 if the prediction is correct, and $0 if it’s incorrect and the 49ers win (or if the game ends in a tie). While the pricing is a bit different from sports betting, most apps now allow you to change the view to traditional American betting odds, so you have that option if you prefer.

Sports event contracts also operate more like stocks in the way that you can easily exit positions before events conclude rather than holding until the end, when the outcome is determined. And importantly, your gains and losses receive different tax treatment than gambling winnings. Prediction market earnings are treated more like investments, like profits from stocks, so they are taxed as capital gains. 

What can you trade? Market types available in California

Major prediction exchanges available to California users offer markets spanning sports, politics, economics and other financials, crypto, and entertainment. Let’s take a look at the main categories available for trading. 

Sports event contracts

This is the category that’s generated the most controversy and the most user interest. Sports event contracts let you trade on future outcomes like Will the Seahawks win the Super Bowl? Or Will the Lakers win the NBA Championship? 

You can also trade on the winner of specific games, point spreads and over/under point totals. Some platforms like Kalshi and Robinhood also let you trade on “player performance” markets (player props) and “combos” (same-game parlays). These traditional sportsbook offerings are becoming more readily available on prediction platforms. 

That means you could now combine outcomes like spread, anytime touchdown, passing yards and so forth on a single game, similar to the way you can combine picks on a sports betting app. The pricing varies but is usually comparable to the odds you would get at a sportsbook, or better. 

Available sports on major platforms:

• NFL (including Super Bowl, conference championships, regular season games)
• NBA (championship, conference, regular season)
• College football and basketball (including March Madness)
• NHL
• MLB
• MLS and International soccer (Premier League, World Cup)
• Tennis
• Golf
• Nascar
• More

How sports contracts differ from traditional sportsbooks: Sports event markets are expanding but they are still a bit more limited compared to the menu you’ll find at traditional sportsbooks. Compared to sports betting apps, prediction markets are generally more simple as you simply choose yes or no on straight-forward questions like Will the Rams win the Super Bowl? For some California users, this is actually a plus: the simpler markets are easier to understand and analyze.

A major strength of sports prediction markets is on the in-game or live markets. On prediction markets, you can watch the live game odds shift in real time, and easily move in and out of positions based on the fair market price. Just note that you will be charged small fees on your trades, which depend on the platform you are using.

Political & election markets

Political prediction markets gained mainstream attention during the 2024 presidential election, when Kalshi processed over $1 billion in election trades. Markets include presidential races, congressional elections, primary outcomes, and specific policy questions. California-specific markets currently available include the 2026 gubernatorial race and odds on the California wealth tax passing.

Economic indicators

Some of the most actively traded markets involve economic data: Federal Reserve interest rate decisions, inflation readings, unemployment figures, GDP growth. These markets tend to attract more sophisticated traders and can offer interesting hedging opportunities if you have economic exposure you want to offset.

Cryptocurrency price predictions

Will Bitcoin hit $150,000 by year-end? Will Ethereum reach a new all-time high? Crypto price prediction markets are popular on all major platforms, offering an alternative to actually holding the underlying assets.

Entertainment & culture

Award show outcomes (Oscars, Grammys, Emmys), reality TV results, movie box office performance—these markets tend to have lower liquidity but can be fun for entertainment fans.

California-specific rules

Age Requirements

CFTC-regulated platforms require users to be the age of majority in their state of residence. For California, that’s 18. This is notably younger than California’s drinking age (21) and the age requirements proposed in the failed 2022 sports betting measures (which specified 21+).

This age difference has been a point of contention in the legal challenges. The tribal lawsuits specifically raised concerns about 18-year-old high school students on reservations being able to place sports trades. As stated in the Ho-Chunk Nation complaint (court filing):

“Currently, 18-year-old high school students across the United States—including some that are located on Indian reservations—are on their phones placing bets on the outcome of virtually every sporting event occurring across the globe.”

However, Judge Corley rejected this argument in her November 2025 ruling, noting that “neither the tribes nor Kalshi allow people under the age of 18 to gamble” and that the tribes “failed to offer evidence that Kalshi is targeting ‘young, soon-to-be gamblers.'”

Tax treatment of event contract winnings

This is where CFTC regulation provides a meaningful advantage over traditional gambling. Prediction market contracts are treated as commodity derivatives for federal tax purposes, which means:

• Losses can be deducted against ordinary income (up to $3,000 per year for losses exceeding gains)
• You don’t need to itemize deductions to claim losses
• Gains receive capital gains treatment rather than being taxed as gambling winnings

Compare this to traditional gambling, where losses can only be deducted against gambling winnings and only if you itemize deductions. A new provision in the One Big Beautiful Bill also places a cap on gambling loss deductions of up to 90% of reported winnings, making the tax penalty on high volume gamblers even more costly. 

How California rules compare to neighboring states

If you’re a California resident who travels to Nevada or Arizona, you’ll notice those states have legal sports betting. What you get with prediction markets in California is different but overlapping: you can trade on the same sports outcomes, but with more limited bet types and a different user experience. The tradeoff is that prediction markets are available from your couch in Los Angeles or San Francisco, while traditional sports betting at state-approved sportsbooks requires crossing state lines.

Know before you trade

This guide is for informational purposes only. It is not legal, financial or tax advice. The legal landscape for prediction markets is evolving rapidly, and regulations may change. Before trading, you should:

• Read each platform’s terms of service carefully
• Understand that you can lose your entire investment
• Consult a tax professional about your specific situation
• Consider consulting an attorney if you have questions about legality
• Only trade with money you can afford to lose
• All trading, like gambling, involves speculation and risk

If you or someone you know has a gambling problem, resources are available at the California Problem Gambling Helpline: 1-800-GAMBLER.

The ongoing legal battle over sports prediction markets

This regulatory framework for prediction markets hasn’t gone unchallenged, and California represents a key battleground. As prediction markets expanded into sports event contracts in early 2025, state regulators and tribal gaming interests pushed back hard. Kalshi, Robinhood, and Crypto.com are currently facing more than 20 lawsuits and cease-and-desist orders from around a dozen states.

California-specific developments: In July 2025, three California tribes—the Blue Lake Rancheria, Picayune Rancheria of the Chukchansi Indians, and Chicken Ranch Rancheria of Me-Wuk Indians—sued Kalshi and Robinhood in the Northern District of California. The tribes argued that sports event contracts violate the Indian Gaming Regulatory Act (IGRA) and their tribal-state compacts that grant the tribes exclusive jurisdiction over online gambling in the state.

In November 2025, federal Judge Jacqueline Scott Corley denied the tribes’ request for a preliminary injunction. The ruling was significant: the court found that the Unlawful Internet Gambling Enforcement Act (UIGEA) governs internet-based prediction markets, and UIGEA specifically excludes contracts regulated under the Commodity Exchange Act from its definition of illegal gambling.

However, Judge Corley’s ruling included a notable observation: By self-certifying the legality of its event contracts in a way that insulates its activities from judicial review, Kalshi may have found a way around prohibitions on interstate gambling that were created with the Tribes’ best interest in mind. The case remains active, and the broader legal questions are far from settled.

Are prediction markets worth trying in California?

California’s prediction market landscape is fascinating and fully legal, but that future legal footing remains uncertain. On one hand, platforms like Kalshi and Crypto.com offer California residents a legal alternative to betting on the Super Bowl, political markets, and economic prediction contracts, something that would have seemed impossible just a few years ago. On the other hand, the legal challenges are ongoing, tribal interests remain opposed, and the regulatory framework could shift in the coming months, specifically for sports offerings.

For now, prediction markets in California represent a legitimate way to trade on real-world events. The platforms are federally regulated, the user experience has matured significantly, and the market variety continues to expand. Whether this legal sports trading option persists, or whether California eventually brings prediction markets under state oversight, remains to be seen. 

While future court rulings or new federal regulations could eventually determine sports contracts are not fair game in the states, for now they are a viable option for those looking to speculate on sports outcomes legally from within the state of California.