United States
United Kingdom
Brazil
Australia
Sports
Event contracts on the outcomes of games, matches, tournaments and player or team milestones — traders buy yes/no shares on outcomes against other traders rather than against a house or book.
Sports event contracts are a distinct legal product from traditional sportsbook betting. For fixed-odds sportsbooks, see Sports betting.
About Sports Markets
Sports is the single largest category by volume on the broad platforms. Kalshi added sports contracts in January 2025 and Polymarket carries extensive sports markets, while newer operator products (DraftKings, FanDuel, Fanatics) lead with sports.
Sports event contracts are a distinct legal product from traditional sportsbook betting — see the Sports betting section for fixed-odds sportsbooks.
How Sports Markets Are Regulated
Most contested category. Since Kalshi launched sports contracts in January 2025, multiple state gaming regulators issued cease-and-desist letters arguing the product is an unlicensed sportsbook; Kalshi sued, asserting the federal Commodity Exchange Act preempts state gaming law. Federal courts have split (courts in New Jersey and Nevada addressed preemption differently, and a Maryland court denied an injunction), the Third Circuit affirmed a preliminary injunction for Kalshi in April 2026 on preemption grounds over a dissent, and a CFTC rulemaking on event contracts that "involve" gaming is ongoing. The status is genuinely unsettled in 2026.
