Every platform analysed on what matters: cost structure, winner policy, regulation, and who it's actually built for. No affiliate rankings. No sponsored placements. Just the structural facts.
You trade against the house. The bookmaker sets the odds and builds a margin (overround) into every market. They profit when you lose — and they limit or ban you when you win consistently.
You trade against other users. The exchange is a matchmaker and takes a commission on net winnings only. No built-in margin on odds. Better structure — but still sports-only and sometimes limits winners.
CFTC-regulated or crypto-based event contract exchanges. You buy and sell contracts, not bets. No winner discrimination. Multi-category (sport, politics, macro, culture). The most professional structure available.
Germany's dominant leisure sportsbook. Heavy marketing, retail betting shops, mainstream brand. Built for casual bettors, not for anyone looking to win long-term. High margins across all markets.
World's largest online sportsbook by volume. Enormous market coverage, live streaming, early cashout. Good product — but still a bookmaker. The house always wins, and accounts get limited when you don't lose enough.
The bookmaker for professionals. Lowest overrounds in the industry (often 101–102% on major markets). Famously never limits or bans winning accounts — their business model is volume at thin margins, not profiting from losers. The reference point for true odds.
The original and by far the largest betting exchange. Peer-to-peer matching means no bookmaker margin — you trade against other users. Commission on net winnings only (base 5%, loyalty discounts to 2%). Deepest liquidity of any exchange, especially on UK/European football and horse racing.
Leaner exchange with lower base commission (2%). Clean, modern interface. Growing liquidity on football and politics. No premium charge for heavy winners. Good alternative if Betfair's commission structure becomes punitive at scale.
The only CFTC-regulated prediction market in the United States. Event contracts on politics, economics, sports, weather, culture. Backed by Sequoia Capital and Charles Schwab. CNN uses Kalshi data on-air. Binary contracts ($0–$1), proper order books, transparent pricing. The gold standard for regulated event trading.
The largest prediction market by trading volume. Crypto-based (USDC on Polygon), global access, no KYC for most users. Highest liquidity of any prediction platform — the 2024 US election alone saw billions in volume. Fast-moving markets on everything from geopolitics to sports to meme events.
Not a market — a calibrated forecasting platform. No real money. Reputation-based scoring rewards accuracy over time. Used by researchers, think tanks, and institutions to generate probability estimates on everything from AI timelines to geopolitical events. Excellent calibration data for building your own models.
| Platform | Type | Cost | Winners OK? | Multi-Cat? |
|---|---|---|---|---|
| Tipico | Bookmaker | 108–115%+ | No — aggressive limits | Sports only |
| bet365 | Bookmaker | 105–110% | No — limits & restricts | Sports only |
| Pinnacle | Sharp Book | 101–103% | Yes — never limits | Sports + Esports |
| Betfair | Exchange | 2–5% commission | Mostly — premium charge | Sports only |
| Smarkets | Exchange | 2% flat | Yes — no premium | Sports + Politics |
| Kalshi | Pred. Market | ~1% | Yes — no discrimination | Full multi-cat |
| Polymarket | Pred. Market | ~1% or less | Yes — no discrimination | Full multi-cat |
This directory is not a recommendation to use any specific platform. Legal availability varies by jurisdiction. Prediction markets and betting exchanges involve financial risk. We document structural facts — overrounds, fees, winner policies — to help you make informed decisions. We receive no payment from any platform listed here.