PrizePicks has officially launched its new prediction markets product through a partnership with Kalshi, despite announcing a separate multi-year deal with Polymarket only days earlier. The rapid shift has raised questions about how the two arrangements were negotiated and whether both partners were aware of the dual agreements.
Earlier in the week, PrizePicks revealed what it described as a multi-year partnership with Polymarket, calling it “the world’s largest prediction market.” But in a fresh statement issued on 14 November (Friday), the firm confirmed it had instead gone live with Kalshi, stating: “PrizePicks is announcing a multi-year partnership with Kalshi, the largest prediction market in the world.”
PrizePicks CEO Mike Ybarra offered similarly mirrored commentary in both announcements, as reported by CasinoBeats. Speaking about Polymarket, he said,“By entering the US predictions market, PrizePicks will create greater competition, drive innovation, and deliver even more value directly to members. Together with Polymarket, we’ll continue to focus on product, innovation, and exceeding our customers’ expectations.”
In the new statement announcing the Kalshi launch, Ybarra said, “Expanding into prediction markets delivers on what our customers want, innovative products with more ways to play. Together with Kalshi, we will welcome new customers across many states to the PrizePicks experience, and we couldn’t be more excited about the opportunity ahead in this fast-growing space.”
The timing has prompted speculation that PrizePicks may have sought an immediate pathway into live markets while Polymarket continues its preparations for a US relaunch. Polymarket’s platform is not yet live domestically, although it is expected to resume operations in the coming weeks.
Kalshi integration gives PrizePicks instant access in 38 states
The Kalshi partnership allows PrizePicks to begin offering prediction markets straight away. Through its federally regulated subsidiary, Performance Predictions II, the company can operate across 38 states and Washington, DC, with sports-related markets active in 15 states where online sports betting remains unavailable.
TEAM AND CULTURE PICKS ARE ROLLING OUT 💪
— PrizePicks (@PrizePicks) November 14, 2025
Pick who will win tonight’s game, the league championship, or even the MVP and earn money if you’re right
Tap Team or Culture Picks in the Pick Types menu and start calling your shots 🔥 pic.twitter.com/8KzkkWlXzz
Team Picks and Culture Picks now sit alongside PrizePicks’ existing Player Picks product, broadening the company’s range into politics, entertainment, and season-long sports outcomes. Markets are available in major states such as Texas, Georgia, and New York, but not in California or Florida.
PrizePicks secured its FCM licence from the Commodity Futures Trading Commission (CFTC) in September, giving it the same regulatory status that enables Robinhood to offer Kalshi’s products.
Prediction market rivalry: Kalshi and Polymarket continue to clash
As noted by CasinoBeats, the PrizePicks developments arrive amid ongoing tensions between Kalshi and Polymarket, which have publicly accused each other of misinformation and aggressive marketing tactics.
In a previous podcast interview, Kalshi CEO Tarek Mansour said his employees encouraged influencers to circulate memes about the FBI raid on the home of Polymarket CEO Shayne Coplan. Mansour added:
“Both companies have been doing this,” claiming his team believed Polymarket was behind posts implying that “we also got raided by the FBI. That did not happen,” he said. “We did not get raided by the FBI.”
Coplan later labelled Kalshi a “copycat” platform. The rivalry largely centres on liquidity, with both firms competing for high volumes of traders. A split user base could mean lower commissions and less competitive pricing for customers.
Despite the friction, both executives publicly supported their respective PrizePicks deals. Coplan said, “As we prepare to return to the US, this partnership shows how prediction markets can enhance fandom while setting a new standard for interactive, regulated sports engagement.”
Mansour commented, “This is a game-changing moment, and we’re excited to be the first to fuel and supercharge the PrizePicks fan experience.”
Regulatory sensitivities shape PrizePicks’ state-by-state strategy
PrizePicks is now active in all 50 US states plus DC through a combination of its prediction markets and peer-to-peer fantasy sports products. However, the operator continues to navigate a patchwork of regulatory stances.
Because it is registered as an FCM, PrizePicks is taking a targeted approach, launching different verticals depending on local rules. Its VP of Communications, Elisa Richardson, told SBC Americas that this rollout reflects “a mindful approach” intended to maintain strong relationships with state regulators and legislators.
Some states, including Arizona and New York, have recently warned operators that offering prediction markets could breach gambling regulations. PrizePicks holds fantasy sports licences in both jurisdictions. With FanDuel, DraftKings, Underdog, and other platforms also moving into the sector, competition is accelerating rapidly.
Stay ahead of iGaming’s biggest stories with SiGMA’s Top 10 News countdown. The world’s biggest iGaming community brings you weekly insights and subscriber-only offers. Join HERE today.
