Kalshi vs FanDuel
FanDuel grew out of daily fantasy sports and is now the second-largest US sportsbook by revenue. Known for parlay-heavy product, slight favorites bias on primetime games.
Platform profiles at a glance
Founding, scale, regulation, fees, payments — both venues side-by-side. Updated 2025-Q4 from public filings, official sites, and third-party trackers.
Feature-by-feature comparison
| Dimension | Kalshi | FanDuel |
|---|---|---|
| Category | prediction market | sportsbook |
| Founded | 2018 | 2009 |
| Headquarters | New York, NY | New York, NY (US HQ); London (parent Flutter HQ) |
| Regulator | Commodity Futures Trading Commission (CFTC) | State gaming commissions (varies by state) |
| States available | All 50 US states | 20+ US states for online sports betting |
| Monthly volume | ~$200M+ (sports + politics combined, peaks during major events) | Handle of ~$3–4B/month (US); Flutter Group ~$30B+ globally |
| Annual volume | $1B+ (2024 — driven by ~$430M on the US presidential market alone) | FanDuel ~$45B+ annual handle (2024) |
| Total raised | $50M+ across Series A–C | N/A — parent Flutter is publicly traded since 2002 (FanDuel itself wholly owned) |
| Reported valuation | ~$2B (reported, 2025) | Flutter market cap ~$30–40B; FanDuel US arm valued internally at $20B+ |
| Parent company | Independent | Flutter Entertainment plc (LSE: FLTR; NYSE: FLUT) |
| Public ticker | Private | Parent: NYSE: FLUT / LSE: FLTR |
| Fee structure | 0.07% per side, capped at 7¢/contract; 2¢ near 50% probability | Vig ~4–5% on moneylines; higher on parlays |
| Min position | $0.01 (1 contract × $0.01–$0.99 YES/NO) | $0.10 minimum bet |
| Max position | Limited only by orderbook depth — no per-user account caps | Variable per market; sharps may face per-bet limits |
| Settlement | USD | USD |
| Withdrawal | 1–3 business days via ACH; same-day for wire | 1–5 business days for ACH; same-day for PayPal/Play+ |
| Payments | ACH (Plaid), Debit card, Wire transfer (high-volume) | ACH, Debit card, PayPal (+2 more) |
| Mobile apps | iOS (App Store), Android (Google Play) | iOS, Android (in licensed states) |
| Product categories | Sports, Politics, Climate, Economics (+2 more) | Sports betting, DFS contests, iGaming/casino, Horse racing (TVG) |
Use Kalshi when…
- US users in states where sportsbooks aren't licensed (CA, TX, HI)
- Sharp users who get limited at FanDuel/DraftKings
- Anyone who wants no-vig pricing on championship/MVP/season-long markets
- Traders who want to short an outcome (sell YES) without needing to find the opposite-side book
Use FanDuel when…
- Recreational bettors looking for the most US user-friendly app
- Same-game parlay players
- Users who want a single ecosystem for fantasy + sports + casino
FAQ: Kalshi vs FanDuel
Why is FanDuel often more expensive than Kalshi?
FanDuel typically prices 5–6% vig into moneyline markets. Kalshi has no vig (peer-to-peer). On a 50/50 game, FanDuel charges ~-110 each side; Kalshi might trade 49¢/51¢. Over hundreds of bets, that vig adds up.
What about FanDuel Same Game Parlays?
SGPs are a sportsbook-specific product — Kalshi doesn't offer them. If you want SGP exposure, FanDuel is the place. But the typical price for an SGP is well above fair value, making them poor +EV plays. Single-leg moneylines and totals are where Kalshi vs FanDuel comparison matters.
Sources and further reading
All figures best-effort as of 2025-Q4. Funding, valuations, and volume are sourced from public filings, official communications, and third-party trackers (Crunchbase, Wikipedia). Re-verify against primary sources before quoting in compliance-sensitive contexts.
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