Tutorial · 1:06
What an exchange is
A 1 minute 6 seconds walkthrough in Ross's voice, with captions on screen. Three names in our tools aren't sportsbooks. They're exchanges.
Transcript
Three names in our tools aren't sportsbooks. They're exchanges.
On Novig and ProphetX, every price is an open offer from another bettor. Kalshi is a prediction market: you buy an event contract that pays $1 if it happens.
Exchanges charge fees, and every price in our tools is shown after the fee. ProphetX takes 2% of net winnings. Novig charges no fee on pregame straight bets. Kalshi's fee depends on the contract price, and it's counted in too.
An exchange sets its own parlay price, and our feed doesn't include it. So the Parlay Builder labels it an estimate: check the exchange's price before you bet.
Exchanges post a limit: the most they'll take right now. Stakes are cut to fit it. No limit shown is not proof there's money waiting. And an exchange price at +400 or longer is never marked best. Prediction markets aren't open in every state, so check yours.
Next: bankroll and units.