Comparison note

Underdog logo

Underdog

In-app — own exchange as of July 2026

Sports app that launched its own CFTC-designated prediction exchange.

Underdog is a U.S. sports and fantasy company that now operates prediction markets on an exchange it says it owns. As of its July 18, 2026 announcement, that exchange is CFTC-designated. Dated reading guide. Not an account path.

  • Regulated
  • Cents / $0–$1
  • In-app; operator-defined. Own exchange as of July 2026.
  • As of Oct 2026

Illustrative cents / $0–$1 shares — not a live book. Comparison listing only · how cents work

Status as of October 9, 2026. Eligibility is operator-defined and can differ from Underdog fantasy products. Sports event contracts remain contested in some states. Confirm the listing venue and your state’s access in the Underdog app. Comparison listing only — no partner or affiliate claim.

What is Underdog?

Underdog first offered sports prediction markets in its app in fall 2025 as an intermediary to other exchanges, including Crypto.com and Kalshi. In March 2026 it announced the purchase of Aristotle Exchange DCM, Inc. and Aristotle Exchange DCO, Inc.

On July 18, 2026, a Business Wire release said a wholly owned, CFTC-designated exchange was live inside the existing Underdog app for sports, culture, and beyond, and that Underdog is a registered futures commission merchant.

We repeat the company’s dated claim and the public acquisition story. We don’t independently certify CFTC registrations — the Commission’s industry filings are the primary register. A contract you see in the app may still be a third-party listing during a transition. Read the ticket.

Who is Underdog for?

Sports-first readers who already know Underdog fantasy products and want the prediction-market vertical, including the owned-exchange chapter that began in July 2026. Fantasy eligibility is not prediction-market eligibility. If you want a long-running political research market, read PredictIt. If you want another sports-native federal exchange, read Novig or ProphetX.

How do prices work on Underdog?

Illustrative Yes · 41¢ ($0.41)

  • A 41¢ Yes is a $0.41 share. Mid-July 2026 filing coverage described $1 notional sports templates trading between $0.001 and $0.999. That is filing language, not a live quote from this site.
  • If the in-app ticket still names Kalshi or CDNA as the listing venue, you are not on Underdog’s own exchange for that contract. Confirm the venue on the ticket.
  • This site will not convert Underdog prediction prices into prize-entry fantasy scores or sportsbook juice.

Learn how cents / $0–$1 shares work

What can you trade on Underdog?

  • Sports event contracts inside the Underdog app
  • Culture and other events Underdog says the exchange can list
  • Contracts that may still route to third-party exchanges — confirm in-app

How is Underdog different from other prediction markets?

  • Unlike Fanatics Markets, Underdog now says it owns the DCM and DCO rather than offering contracts through CDNA.
  • Unlike OG.com, this is not NADEX’s consumer brand. Underdog previously used Crypto.com / Kalshi as an intermediary.

What are the fees?

From the Underdog Exchange fee schedule, effective October 9, 2026, checked October 20, 2026. Underdog’s broker also lists a $0.01 per contract, per side commission; confirm in-app which applies to your trade.
Exchange fee (Underdog Exchange)
Taker 0.07 × contracts × price × (1 − price); maker 0.0175 × the same
Listing venue
Own exchange and/or third-party — read the ticket
Fantasy products
Separate from this comparison listing

Getting started and getting paid

Minimum age

At least 18

ID check

A valid U.S. or Canadian government-issued ID, scanned

Minimum deposit

—

Deposit methods

Debit and credit cards (including Apple Pay) and Trustly (bank account). PayPal, Cash App, and Venmo are not accepted for Prediction Picks.

Withdrawal methods

Prepaid and credit cards can't be used. Debit card, PayPal, Venmo, or Apple Pay need a prior deposit by that method; Trustly does not (from Underdog's account-wide withdrawals page).

Payout timeHow long a withdrawal takes once you request it, as Underdog states it.

Prediction payouts can take up to 24 hours after a market settles. Withdrawals are typically processed within 48–72 hours; debit card typically settles within 24 hours and Trustly may take 1–3 business days (from Underdog's account-wide withdrawals page).

From Underdog’s own pages, with the date we checked each one. — means we did not find it there, so check with Underdog.

Compare every platform →Fees, side by side →

Are there bonuses or promotions?

Other product onlyFantasy match — not Predict
Underdog’s Fantasy Deposit Match terms say bonus funds may be used only on fantasy entries and cannot be used for prediction picks — event contracts offered through Underdog Predict. Affiliate pages that paste a Predict “deposit match” are not a source we will repeat. We found no verified public Predict-only welcome bonus on Underdog’s own pages.

Terms highlights

  • Fantasy eligibility is not prediction-market eligibility.
  • If the app later shows a Predict-specific offer, that in-app card wins. This page will not invent one.
  • Confirm the listing venue on each ticket. Some contracts may still name another exchange.

Eligibility / geo. Sports event contracts remain contested. A state that can play Underdog fantasy can still be dark for Predict — or the reverse.

Full bonuses comparisonOfficial source ↗nofollow · not a referral

Event-contract trading risks money you can lose. Responsible trading.

Where is Underdog available?

Eligibility is operator-defined. Sports event contracts are litigated. A state that can play Underdog fantasy can still be dark for prediction markets — or the reverse. Confirm the listing venue and the geofence in-app. This site does not publish an Underdog state map.
  • Fantasy access ≠ prediction-market access.
  • Confirm which exchange lists a given contract.
  • State challenges can change sports-contract availability.

Underdog by state

Available means Underdog’s own state list names that market type in the state; Not offered means its list leaves the state out; Check status means it publishes no list for that market type, or a court or regulator action that names Underdog makes the listing uncertain.

  • Alabama

    Sports contracts: Available

    Other markets: Check status

  • Alaska

    Sports contracts: Available

    Other markets: Check status

  • Arizona

    Sports contracts: Not offered

    Other markets: Not offered

  • Arkansas

    Sports contracts: Available

    Other markets: Check status

  • California

    Sports contracts: Available

    Other markets: Check status

  • Colorado

    Sports contracts: Available

    Other markets: Check status

  • Connecticut

    Sports contracts: Available

    Other markets: Check status

  • Delaware

    Sports contracts: Available

    Other markets: Check status

  • District of Columbia

    Sports contracts: Available

    Other markets: Check status

  • Florida

    Sports contracts: Available

    Other markets: Check status

  • Georgia

    Sports contracts: Available

    Other markets: Check status

  • Hawaii

    Sports contracts: Available

    Other markets: Check status

  • Idaho

    Sports contracts: Available

    Other markets: Check status

  • Illinois

    Sports contracts: Available

    Other markets: Check status

  • Indiana

    Sports contracts: Available

    Other markets: Check status

  • Iowa

    Sports contracts: Available

    Other markets: Check status

  • Kansas

    Sports contracts: Available

    Other markets: Check status

  • Kentucky

    Sports contracts: Available

    Other markets: Check status

  • Louisiana

    Sports contracts: Available

    Other markets: Check status

  • Maine

    Sports contracts: Available

    Other markets: Check status

  • Maryland

    Sports contracts: Available

    Other markets: Check status

  • Massachusetts

    Sports contracts: Available

    Other markets: Check status

  • Michigan

    Sports contracts: Not offered

    Other markets: Not offered

  • Minnesota

    Sports contracts: Available

    Other markets: Check status

  • Mississippi

    Sports contracts: Available

    Other markets: Check status

  • Missouri

    Sports contracts: Check status

    Other markets: Check status

    State action ↗

  • Montana

    Sports contracts: Available

    Other markets: Check status

  • Nebraska

    Sports contracts: Available

    Other markets: Check status

  • Nevada

    Sports contracts: Not offered

    Other markets: Not offered

  • New Hampshire

    Sports contracts: Available

    Other markets: Check status

  • New Jersey

    Sports contracts: Available

    Other markets: Check status

  • New Mexico

    Sports contracts: Available

    Other markets: Check status

  • New York

    Sports contracts: Not offered

    Other markets: Not offered

  • North Carolina

    Sports contracts: Available

    Other markets: Check status

  • North Dakota

    Sports contracts: Available

    Other markets: Check status

  • Ohio

    Sports contracts: Available

    Other markets: Check status

  • Oklahoma

    Sports contracts: Available

    Other markets: Check status

  • Oregon

    Sports contracts: Available

    Other markets: Check status

  • Pennsylvania

    Sports contracts: Available

    Other markets: Check status

  • Rhode Island

    Sports contracts: Available

    Other markets: Check status

  • South Carolina

    Sports contracts: Available

    Other markets: Check status

  • South Dakota

    Sports contracts: Available

    Other markets: Check status

  • Tennessee

    Sports contracts: Check status

    Other markets: Check status

    State action ↗

  • Texas

    Sports contracts: Available

    Other markets: Check status

  • Utah

    Sports contracts: Check status

    Other markets: Check status

  • Vermont

    Sports contracts: Available

    Other markets: Check status

  • Virginia

    Sports contracts: Available

    Other markets: Check status

  • Washington

    Sports contracts: Check status

    Other markets: Check status

  • West Virginia

    Sports contracts: Available

    Other markets: Check status

  • Wisconsin

    Sports contracts: Available

    Other markets: Check status

  • Wyoming

    Sports contracts: Available

    Other markets: Check status

State action: a court or regulator action in that state names Underdog. Read it before you trade.

Your state’s label counts every app we track. Open your state page →

CaliforniaTexasIllinoisFloridaNew YorkAll state guides

Visit operator site ↗ · nofollow · not a referral

Pros and cons

Pros

  • Public July 2026 launch of an owned CFTC-designated exchange
  • Sports-native product inside an app readers already recognize
  • License-stack claim (DCM, DCO, FCM) is dated and checkable against CFTC filings
  • Listed so intermediary-era headlines are not treated as the current structure

Cons

  • Transition risk: some tickets may still name another exchange
  • Sports-contract litigation can hit availability
  • Easy to confuse with fantasy products
  • Comparison only — no referral

Common questions

Does Underdog run its own prediction exchange now?
As of its July 18, 2026 announcement, yes — a wholly owned, CFTC-designated exchange inside the existing app, after a March 2026 DCM/DCO acquisition. Confirm the venue on each ticket.
Is this the same as Underdog fantasy?
No. Fantasy products are not event contracts. This listing is the prediction-market vertical.
How are prices quoted?
Read them as cents or $0–$1 shares. A 41¢ Yes is $0.41.
Do you partner with Underdog?
No. Comparison listing only.

Prices discussed here are cents or $0–$1 shares only. Informational — not legal advice, and not a solicitation.

Also on the board

Other prediction market platforms

No side. We date the snapshot.

Sourced from public filings, operator terms, and official materials — not from a partner desk.

As of Oct 2026. View methodology