Kalshi powers PrizePicks across 38 states
Kalshi
This partnership shows Kalshi is becoming infrastructure, not just an app. PrizePicks already had a large audience trained to make quick picks on sports, and Kalshi supplied the regulated event contracts underneath, letting that audience start trading sports and culture outcomes across 38 states without Kalshi having to acquire each user one by one. That is the same playbook exchanges use when they win by sitting behind consumer brands and collecting order flow.
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PrizePicks launched the offering on November 14, 2025 through its subsidiary Performance Predictions II, LLC, alongside a multi year partnership with Kalshi. The product added Team Picks and Culture Picks inside the existing PrizePicks app, so users did not need to download a separate prediction market product to start using Kalshi powered contracts.
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The strategic value is distribution plus legality. Kalshi’s CFTC regulated structure lets partners reach far more of the country than state licensed sportsbooks can, while PrizePicks brings a fantasy style user base already accustomed to picking outcomes. That makes PrizePicks look less like a direct rival and more like a downstream channel for Kalshi liquidity.
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This also fits a broader market shift where apps with consumer traffic, like Robinhood, Coinbase, and PrizePicks, plug into prediction market venues rather than building the full regulated stack themselves. In prediction markets, the exchange that captures the most partner order flow gets the deepest liquidity, which then attracts even more partners.
The next step is a land grab for embedded distribution. If Kalshi keeps signing large front end partners, it can become the default backend for sports and culture event contracts in the U.S., much like a clearing and liquidity layer under many branded apps. That would push competition away from app design alone and toward who controls regulatory access and the deepest pool of orders.