Legality in California
Both are CFTC-regulated and legal in all 50 US states including California. Novig operates as a peer-to-peer exchange; Kalshi operates as a Designated Contract Market with order-book-style trading.
Markets and coverage
Kalshi covers sports, politics, economics, culture, weather, and crypto. Novig is sports-focused — NFL, NBA, MLB, NHL, college, soccer (including World Cup), and tennis and golf majors. Novig has no politics, macro, or cultural coverage. For anything outside sports, Kalshi is required.
Pricing & fees
Novig's pricing is often tighter on liquid sports markets because of the peer-to-peer structure — no house margin, just the spread between bids and asks. Kalshi's pricing is competitive but can have slightly wider spreads on thinner markets. Both charge small per-contract fees disclosed at order entry.
User experience
Kalshi's interface is approachable for new users — clean, category-organized, designed for breadth. Novig's interface is closer to a financial exchange — visible order books, limit orders, bid-ask spreads. Novig requires a small learning curve; Kalshi doesn't.
Who should use which
Use Kalshi if: you want broad market coverage, you're a casual or intermediate trader, you value simplicity and regulatory track record. Use Novig if: you're an experienced sports trader, you've been limited or banned by sportsbooks, you want the tightest pricing on high-liquidity sports markets. Use both if: you want breadth AND sharp sports pricing — which describes most serious California traders.
For a deeper look at the broader platform, see our full Kalshi review.