New York Prediction Markets: Are They Legal & How to Trade

With nine licensed online sportsbooks already operating in the Empire State, New York prediction markets like Kalshi and Polymarket entered a very competitive state. This competition for these platforms did not end at acquiring users, but also expanded to include fierce battles with the state legislature that sees these prediction markets as gambling sites operating without a license to do so.

Top Prediction Market Apps Available in New York

Where other states have allowed these federally regulated companies to operate without much resistance, New York has been very active in their fight against prediction markets operating in the state, sending cease and desist letters and suing Kalshi for operating as an illegal gambling site.

New York prediction markets, like Kalshi and Polymarket, received certification as a Designated Contract Market (DCM) by the Commodity Futures Trading Commission (CFTC). This designation allows them to operate throughout the country thanks to federal commodity trading laws, rather than being restricted from numerous states due to sports betting and gambling restrictions if they were seen as a traditional sportsbook.

These prediction market platforms also differ significantly from sports betting in that they offer markets far outside the realm of a sportsbook, with event contracts on topics like politics, economy, commodities, culture, climate, and technology. As this industry continues to grow, more and more trading platforms enter the market and try to differentiate themselves from the others, with some being solely sports-focused and others appealing to the crypto crowd. Read on to learn which prediction market platform best fits your style.

With a new prediction market platform seeming to enter the field every other week, below is a list of the best prediction markets in New York.

Kalshi New York

KALSHI TRADING

Offer

T&Cs

Trade $25 at Kalshi & Get a $25 Bonus!

Must be 18+ years or older & residing in the United States. Other Terms & Conditions may apply.

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CODE: DIME

CODE: DIME

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TRADE $25
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Anyone who has been to Madison Square Garden (MSG) lately is certainly aware of Kalshi by now, as the prediction market platform has a multi-year deal with the iconic venue in New York. Kalshi was the first prediction market to become a certified DCM by the CFTC in 2020 and launched its markets nationwide in July 2021. As a legal New York prediction market, users can trade on a wide range of topics on Kalshi, such as who will win the 2028 presidential election, what team will win the 2027 NBA Finals, what the price of gold will be at 3:00 PM today, and many more topics.

One of the biggest draws to Kalshi is just how user-friendly it is. For New Yorkers looking for a sportsbook alternative, prediction markets at first can be a bit intimidating, as the language and mechanics can be confusing. However, Kalshi makes the transition very easy with its frictionless deposit and withdrawal methods, predictive search bars, and well-designed menus to make finding a specific market and event contract as simple as possible. Along with its partnership with MSG, Kalshi is the official prediction market partner of the NHL and has deals with CNN and CNBC to display the implied win probability of various markets on their broadcasts and websites.

Read our detailed review of the Kalshi promo code to learn more about one of the top trading apps available to New York residents. New users on Kalshi prediction markets in New York can sign up using the promo code DIME to unlock a $25 bonus after completing $25 in trades.

Polymarket New York

POLYMARKET

Offer

T&Cs

Trade $10 & Get a $20 Bonus at Polymarket!

18+ Only. Restrictions and eligibility requirements apply. Not available in all jurisdictions. Trading involves high risk and may result in loss of your entire investment. See polymarket.us/tos for more information. The Polymarket US App serves as an independent software provider and affiliate of Polymarket US and Polymarket Clearing, the CFTC-regulated derivatives exchange and clearing organization.

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Polymarket is one of the best New York prediction market platforms. From its global presence to its massive media presence through partnerships with the MLB, the Yankees, LALIGA, and Serie A, Polymarket has made itself familiar with many sports fans around the world. As the global and national liquidity king, users will find that there is always money in Polymarket’s prediction markets, no matter how niche a topic. While the international version of Polymarket operates independently of the US Polymarket app, both still feature impressively large market volumes to cover big moves and early exits from a position.

Polymarket has among the deepest offerings of prediction markets. Along with covering all of the major sports, such as NFL, MLB, WNBA, tennis, soccer, and even chess, New Yorkers can trade on politics, climate, financials, crypto, and technology. These markets go much deeper than many other platforms, with users being able to buy event contracts on what various countries’ interest rates will be at a set time, the hottest temperature in specific cities on that day, and even whether various high-profile people will be arrested this year.

Read our comprehensive review of the Polymarket invite code to become an expert on one of New York’s biggest prediction market exchanges. New customers who sign up using the promo code DIME will unlock a $20 bonus after completing $10 in trades.

Novig New York

NOVIG PREDICTION
MARKET

Offer

T&Cs

Deposit $10 & Get $25 in Trade Credits!

Restrictions & requirements apply. Not available in all states. 21+. Event contract trading involves risk & is not appropriate for all. Consider if it's appropriate for you in light of financial circumstances. See novig.com/terms for information.

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DEPOSIT $10
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IN TRADE CREDITS

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Novig recently switched from a sweepstakes platform to a DCM after receiving its certification from the CFTC on August 4th, 2026. This switch allows users to buy and sell event contracts on the platform with money they have directly deposited into their account. Previously, users could purchase Novig Coins, which had no real-world value, to enter sweepstakes to win Novig Cash, which could then be used to make trades, and with winning moves being able to be withdrawn for actual cash. Continuing with the major announcements from Novig, they recently became the official prediction market partner of the New York Mets and LIV Golf. Shortly after launching its prediction market platform, Novig filed a lawsuit in an attempt to prohibit New York from deeming it a gambling site and restricting some or all of its markets.

Novig stands out from other prediction market sites because it zeroes in on the sports-centric markets. Unlike other platforms that offer markets on politics, weather, science, and crypto, Novig only offers sports markets. While it may only offer event contracts on sporting events, that does not mean there are not plenty of markets for customers to trade on. Along with main markets like the moneyline, total, and spread, they also offer a range of player, team, and game props. Novig also offers pre-built Same Game Parlays (SGP) that update as the day’s slate of games progresses and even allows traders to build their own parlays.

Learn more about one of the newest CFTC-approved prediction markets by reading our detailed review of the Novig promo code. New users can claim the promo code DIME and get a$25 bonus in trade credits after making a $10 trade.

OG

OG TRADING
MARKET

Offer

T&Cs

Trade $10 & Get a $10 Welcome Offer at OG Trading Market!

Must be 18+ years or older & residing in the United States. Other Terms & Conditions may apply.

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SIGNUP TODAY

TRADE $10
GET $10

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OG entered New York as a CFTC-regulated prediction market on February 3, 2026, with the backing of Crypto.com. When using OG, it is clear that user experience was a top priority for the team behind the website and app. It features a sleek UI that makes going from looking for a specific market to buying event contracts a streamlined experience. OG is one of the first platforms to integrate an AI assistant to help traders learn more about prediction markets, how to use the app, and even pull data on line movement for a specific market.

With markets covering sports, crypto, economics, politics, culture, tech, and climate, New Yorkers will have no trouble finding a market that appeals to their interests. These markets let users trade on live events and futures markets, with the timelines on futures markets ranging from ending in the next 10 minutes to the outcome not settling for months. Whether you are looking for a quick turnaround or are willing to play the long game, traders will find a market to match their play style. OG also features an active chat for most of its markets where traders can talk with other users who also have a stake in the market and check out the OG leaderboards.

Read our detailed OG promo code review to learn the ins and outs of one of the most popular trading apps available in New York. New users can activate the sign-up bonus here to trade $10 and unlock a $10 bonus on OG.

FanDuel Predicts

FanDuel Predicts is a prediction market coming from a brand that New York is very familiar with. Prior to the launch of its prediction market platform, FanDuel Group already operated its sportsbook and daily fantasy sports app in the state. While users of FanDuel Predicts cannot trade on sports markets in New York, they do still have access to the other markets on the app, including crypto, commodities, and politics. Those looking for sports markets will have to switch over to traditional sports betting on the FanDuel Sportsbook app if they want to stay in the FanDuel ecosystem. Users outside of New York who live in states without legal sports betting will have access to FanDuel Predicts sports prediction markets.

Many in New York will recognize the user interface of the FanDuel Predicts app as it follows the same layout, color scheme, and clean UX as FanDuel Sportsbook. To help new users with the adjustment from using a sportsbook to a prediction market, the app allows users to select how they would like the odds displayed, with the choices including traditional odds, dollar pricing, potential return ratio, and market probability. The app also features resources for those new to prediction markets to help them understand the inner workings of buying and selling contracts in their Prediction Markets 101 section.

New users who sign up using the FanDuel Predicts promo code when they register for an account will unlock their offer here.

Current Legality: Are Prediction Markets Legal in New York?

Yes, prediction markets are currently legal in New York. However, New York is active in its efforts to block prediction markets from operating without a state gaming license. In October 2025, the New York Gaming Commission sent a cease and desist to Kalshi. Kalshi responded to that with a lawsuit of its own just days later with support from the CFTC. In April 2026, the CFTC filed a lawsuit against New York in the U.S. District Court to counter the state’s continued issuance of cease and desist notices to various prediction market platforms. During April, Attorney General Letitia James also filed lawsuits against both Coinbase Financial Markets and Gemini, Titan LLC, seeking $2.2B and $1.2B, respectively, in damages for operating unlicensed gambling sites.

On July 31, 2026, Governor Kathy Hochul and James sued Kalshi for operating as an unlicensed gambling network. Along with the charge of operating illegally, they are also arguing that the platform breaks state gaming laws requiring users to be at least 21 years old in order to bet on sports. The lawsuit seeks at least $36B from Kalshi, requesting the company pay a $100,000 fine for every offer and attempted offer to wager on sports in the state, along with paying back all of its gains to the state and users.

When Novig gained certification as a DCM from the CFTC, its first action was to file a lawsuit against New York to stop the state from prohibiting its prediction market in the state. This lawsuit will, at the very least, grant Novig 90 days of operation before New York can attempt to force them to halt operations.

Currently, prediction market platforms argue that event contracts can only be regulated by the CFTC and the federal government and therefore are not bound to state gambling laws. As these cases continue to develop, we will update this section with the latest news on the legal status of New York prediction markets.

Popular New York Markets to Trade

Boasting over a dozen professional sports teams and over 20 D1 colleges, New York sports prediction markets are flooded with countless options for traders to buy event contracts on. With options ranging from futures markets on the NBA Champion New York Knicks repeating to how many losses the New York Jets have this season, New Yorkers can trade on all of the highs and lows that come with being a sports fan.

New York Baseball Prediction Markets

New York baseball prediction markets offer traders an impressive range of options to trade on, with some users chasing the high of the Yankees being crowned the AL Champions, or even World Series Champions, to others trading on whether or not the Mets can win the race to the bottom and secure the worst record in the MLB. Right now, the Yankees are the slight favorite to win the AL at 25%, trending just above the Tampa Bay Rays at 20%. The Yankees’ World Series prospects are not as strong, at just an 11% implied win probability, compared to the Los Angeles Dodgers commanding 38%.

At the other end of the spectrum, the Mets have some work to do if they want to finish with the worst record in the MLB, with the public giving them just a 1% chance, far behind the Los Angeles Angels at 35% and the Colorado Rockies at 33%. Traders can also get in on the action of individual games, buying contracts on game lines, game props, and player props, such as whether the game goes to extra innings, who Aaron Judge hits a home run for, or how many strikeouts will Nolan McLean record.

New York Basketball Prediction Markets

The New York basketball prediction markets are among the most popular in the state right now as New Yorkers are still reveling in the Knicks’ dominant performance during the NBA Finals. Until LeBron James announced that he was joining the 76ers, the Knicks were the clear favorite to win the NBA Eastern Conference on Polymarket. However, James’ signing with the 76ers bolstered the public’s belief in the team enough to give them a slight lead over the Knicks with a 25% implied win probability to the Knicks’ 20%. The season has not even started, and the 76ers do not have the best record of keeping their stars on the court, so there is plenty of time for the Knicks to cover this ground.

While neither the NBA nor the college basketball season has kicked off, prediction markets also offer event contracts on the WNBA. Users can trade on the New York Liberty’s moneyline, spread, and total for every game on their schedule. Users can also buy and sell contracts on game props, player props, and WNBA futures, including who will be the WNBA MVP and who will be the WNBA Champion.

New York Football Prediction Markets

The NFL has returned, and the New York football prediction markets are heating up after a few quiet months. With traders being able to get in on all of the action from the draft to the pre-season all the way to the playoffs, New Yorkers will be hunting on their favorite prediction market platforms for the best value on the Giants moneyline, the Jets win totals, or if the Buffalo Bills can win it all. Right now on Novig, the Bills have the second-best implied win probability to win the Super Bowl at 14%, trailing the Los Angeles Rams’ 21%. With four straight years of making a strong run into the playoffs, Bills fans still believe that this could be their year, and their market price reflects it.

The overwhelming popularity of the NFL is evident by the sheer number of markets available for it. Users can trade on everything related to the sport, from award winners, fantasy season leaders, which coaches will be fired first, and even if Jake Paul will play in an NFL game this season. Traders can be confident in being able to sell their stake early on most football markets, as even pre-season games carry enough liquidity to cover most moves.

Other New York Prediction Markets

• New York Governor Winner: The New York Governor’s election between Kathy Hochul and Bruce Blakeman currently sits heavily in favor of Hochul, but fans of prediction markets may want to pay attention to how this one plays out. While Hochul is clearly against prediction markets operating without a gaming license, Blakeman views prediction markets as financial exchanges and does not want to restrict their access in New York. This is sure to be a hot topic as the race develops and one that could have a big impact on New York prediction markets.
• Highest temperature in NYC today: While it may seem like a very niche prediction market, climate markets are among the most popular daily options on these platforms. This market, which resets daily, had over $37k in market volume in less than 18 hours. With 2026 expected to be one of the hottest years on record and 2027 predicted to be the hottest year ever recorded, expect more traders to start following these highest temperature in NYC and other major cities markets.
• Top 10 Restaurants in New York City – 2027: This market really showcases the depth of the markets available on prediction markets by even including options for foodies. This market allows users to trade on specific restaurants making it into the New York Times Top 10 Restaurants in NYC, with over 30 of the city’s best restaurants listed.

Prediction Markets vs. New York Sports Betting

While online sports betting has been legal in New York since 2022, prediction market platforms have only hit their mainstream popularity in recent months and have been the center of many legal battles for operating under a grey area of many states’ gambling laws. New York is one of 30 states that have legalized online sports betting, and the state allows operators to apply for a gaming license and requires them to pay a 51% tax on their revenue. Meanwhile, prediction markets operate under the Commodity Exchange Act (CEA), a federal law that gives the CFTC the power to regulate trades on derivatives, futures, and event contracts. Working under the oversight of the CFTC, certified prediction market platforms are able to operate in all 50 states, regardless of the state’s laws on gambling platforms.

Unlike sports betting, where a user is playing against the house, and the lines are set by an oddsmaker, prediction markets are a peer-to-peer exchange where customers are trading against each other, and the cost of contracts is dictated by the public’s belief in a specific outcome. This provides more transparency to the users of these prediction market platforms. They can see how the implied win probability has fluctuated over time and even how many contracts were bought at specific prices to see how the market is developing.

While sportsbooks are limited to offering wagers on sports, and even then the scope of what can be offered is restricted, that is just one of many markets offered on New York prediction markets. These prediction market apps allow users to trade on an array of topics outside of sports, including politics, economics, technology, science, climate, and culture, with some markets digging into very niche topics.

Sports betting is here to stay in New York, while the future of prediction markets in the state remains in limbo as both sides continue to sue each other until a court ruling solidifies the legality of prediction markets for New Yorkers. In the meantime

New York Prediction Markets FAQs

What are the best New York prediction markets?

The best New York prediction markets in 2026 include Polymarket, Kalshi, Novig, OG, and FanDuel Predicts.

Can I legally use Kalshi in New York?

Yes, you can legally use Kalshi, and other prediction markets, in New York as they operate as Designated Contract Markets (DCMs) regulated by the Commodity Futures Trading Commission (CFTC). As a financial exchange platform, they do not fall under the state’s gambling laws and are able to operate in New York, as well as most states across the country.

Do I have to pay New York state tax on prediction market winnings?

Yes, you must pay New York state income tax on prediction market winnings. Profits from prediction markets are seen as taxable income and need to be reported on state and federal tax forms. The IRS has yet to set a precedent on how prediction market gains and losses will be taxed. Some prediction market platforms, like Kalshi and Polymarket, offer their users a 1099 to help when it comes time to file their taxes. However, how you choose to report your prediction market winnings can range from filing them as gambling income, capital gains, or treatment under a Section 1256 contract. These each carry different tax rates, with gambling income being the most taxed. The CFTC has stated that event contracts are structured as swaps, which would mean any gains should be treated as ordinary income, unless the contract is terminated early, in which case it should be treated as a capital gain or loss.

How old do I have to be to use a prediction market?

Unlike traditional sportsbooks that require users to be 21+ to place bets, traders on most prediction markets are required to be at least 18 years old to register an account.

Can I trade on sports prediction markets in New York?

Yes, you can trade on sports prediction markets in New York. While some states with legal sports betting have restricted access to sports-based event contracts, New York is still in the midst of legal battles against prediction market platforms to determine their legality in the state. Some platforms like FanDuel Predicts do not offer sports markets in states where they also operate FanDuel Sportsbook.

What prediction markets are offered in New York?

Along with offering sports prediction markets in New York, traders can also buy event contracts for categories like politics, economics, financials, climate, culture, science, and technology.