Underdog built its name on daily fantasy sports, and in 2026 it became one of the first sports companies to run its own federally regulated prediction market. Underdog Predict lets you trade yes/no contracts on games and player props inside the same app many bettors already use for pick’em. This review covers the platform as it exists today: how the exchange is set up, what it costs, what you can trade, and who it actually suits.
Regulatory Structure: Underdog’s Own CFTC Exchange
Underdog entered prediction markets in the fall of 2025 as an intermediary, offering contracts through partners including Crypto.com and Kalshi. In March 2026 it acquired Aristotle Exchange DCM and DCO, a CFTC-registered Designated Contract Market and Derivatives Clearing Organization. On July 18, 2026 it launched its own exchange, UDX, wholly owned and operated by Underdog. Underdog is also a registered Futures Commission Merchant through UDM, LLC, which makes it the first sports company to hold the full prediction market license stack.
In practice the structure has layers. The Underdog app is the interface, UDM, LLC is the broker, and UDX hosts and clears Underdog’s own sports contracts. Some contracts, including certain non-sports and political markets, still route to outside venues such as Kalshi and Crypto.com. That matters for fees, because the cost of a trade can differ depending on which venue fills it.
How Underdog Predict Works
Underdog Predict uses the standard yes/no contract format. Each contract trades between $0.01 and $0.99 and reflects the market’s implied probability, so a contract at $0.77 implies a 77% chance of the event. If your side is right, each contract pays $1.00. If it is wrong, it settles at $0, which caps your downside at what you paid. You can usually sell a position before the event resolves instead of waiting for settlement.
Getting started runs through the Underdog app. You sign up, confirm your age, complete identity verification, fund your account with a debit card, Trustly or Apple Pay, then open the Predict section and place a trade. Your fantasy and prediction market activity both live inside one Underdog account.
Markets and Trading Features
Sports are the core of the product. Underdog lists the NFL, NBA, NHL and MLB, along with college football, college basketball, soccer and tennis. Beyond game winners, spreads and totals, you can find player-prop style contracts on things like passing, rushing and receiving yards. Underdog has said it plans to expand coverage over time, and its launch announcement points to culture markets down the line, though the exchange’s listings so far have been overwhelmingly sports.
That sports-first catalog is the trade-off against broader platforms. If you want a deep menu of politics, economics and crypto contracts, Kalshi and Polymarket are wider. If your interest is NFL and college football props, Underdog’s familiar presentation is a real draw.
Fees: What a Trade Actually Costs
Underdog’s costs come from two places. On UDX, the fee schedule that took effect September 11 charges takers a formula-based fee that peaks at about $1.75 per 100 contracts at a 50-cent price, and charges makers roughly a quarter of that, about $0.44 per 100 contracts, with no fee to cancel a resting order. Separately, the broker lists a $0.01 per-contract commission, and trades routed to partner exchanges can carry pass-through fees.
Independent testers who placed real trades saw the fee shown as its own line on the order ticket before confirming, with figures that differed from the advertised per-contract rate. The practical advice is simple: check the fee on the ticket every time. Our prediction market fees guide lays out how this compares with other platforms.
Where Underdog Predict Is Available
Underdog Predict is live in roughly 35 states plus Washington, D.C. Underdog does not publish a fixed state list, and the footprint has moved as states weigh in on event contracts, so the in-app eligibility check is the reliable source. Minimum age is 18 in most states, with higher limits in a handful of them. Legal challenges to prediction markets are active in several states, so availability could change.
Underdog Rips: Digital Sports Card Packs
Alongside prediction markets, fantasy and pick’em, Underdog added a fourth product in late summer 2026: Rips. It is a digital card-pack experience inside the same app. You buy a pack, the app reveals one real sports trading card that is stored in a vault, and you decide whether to ship it, hold it, or sell it back. Rips is not part of Underdog Predict and is not a prediction market, but it sits in the same account and shares the same promotions menu, so it shows up when you sign up.
How Rips Works
Rips lives in the Games section of the Underdog app and is app-only. Packs start at $5 and run up into the thousands of dollars, with each pack showing its possible cards and odds before you buy. Every pack reveals a single NBA, NFL or MLB card, either authenticated or graded by PSA, BGS, CGC or SGC. Odds are listed by tier, not by individual card, and some lower-priced packs offer a 50/50 Toss Up mode that removes the middle outcomes and leaves only the lowest and highest values.
Once a card is revealed you have three choices. You can request the physical card and pay the shipping fee, hold it in your Card Stash, or sell it back at the fair market value the app displays. You have three days to decide, and a card you do nothing with is automatically sold back. Cards are stored in secure vaults until you claim them, and delivery times vary depending on which vault holds the card.
The Rips Welcome Offer
New users can currently pick from a short menu of welcome offers, and one of them is play $5 and get five free Rips packs, advertised at a combined value of up to $750. That number is the potential value of the packs, not cash and not a guaranteed return. Published coverage says the choice is final, so taking the Rips packs means passing on the deposit match that applies to Underdog Predict. Our Underdog promo code guide covers the offers side by side.
Availability
Underdog’s help center lists Rips as available across the US except Nevada, and it is not available in Canada. The minimum age is 18 in most states, with higher limits in a few. Availability can change, so use the in-app check.
What to Watch
Rips is new, and it carries real caveats. Underdog does not publish a buyback percentage, so you cannot tell in advance how much of a card’s value you recover by selling back. Reports differ on the exact auto-sell window, with the help center saying three days. Early user feedback specific to Rips is thin, and some early comments describe 50/50 packs as feeling unfair or a promised free pack not being credited. Those are anecdotes, but they are a reason to start small. A random pack is a gamble, so treat it as entertainment and spend only what you can afford to lose.
Who Rips Is For
Rips suits sports card collectors who already use Underdog and like the idea of chasing a single premium card without buying a whole box. It is not a substitute for prediction market trading, and it should not be judged by the same standards.
Pros and Cons
Here is where Underdog Predict stands out and where it falls short:
Pros:
- Runs on Underdog’s own CFTC-regulated exchange, with a registered broker
- Prediction markets and fantasy in one familiar app and one account
- Strong sports coverage, including player-prop style contracts
- Fees are disclosed on the order ticket before you confirm
- New-user match offer plus the free-to-play Keep Your Million game
Cons:
- Sports-heavy catalog with far less breadth than Kalshi or Polymarket
- Layered fee structure that can differ by venue, so costs are harder to predict
- No published state list, and availability varies
- Some welcome bonus value may be restricted to the fantasy side
- Newer exchange with less trading history than the established platforms
Who Should Use Underdog Predict
Underdog Predict is best for bettors who already play Underdog’s pick’em and want to try prediction markets without learning a new app. It also suits NFL and college football fans who like trading on player props. It is a weaker fit for anyone who wants the widest possible range of markets, the deepest liquidity, or the lowest and simplest fees, where the larger exchanges still have the edge.
The Bottom Line
Underdog’s move from a fantasy app to its own CFTC-regulated exchange is one of the more significant repositioning plays in sports prediction markets this year. It is a legitimate, federally regulated product with a friendly interface and a competitive sports catalog, and the welcome offer is attractive on paper. The caveats are a newer exchange, layered fees and state-by-state variation in the promo, so read the terms in the app and start small.
Explore More
Explore more resources to compare Underdog against other prediction market platforms and understand the current landscape.
- Underdog Promo Code and Welcome Offer — Claim the current Underdog new-user offer.
- Best Prediction Market Apps 2026 — See how Underdog compares to Kalshi, Polymarket and other exchanges.
- Novig Review — Another sports-only prediction market exchange.
- Prediction Market Fees Explained — Learn how Underdog’s fees compare across the industry.
- Are Prediction Markets Legal in the US? — Understand the federal framework behind Underdog’s exchange.
- Prediction Market Reviews — Read our full reviews of every major prediction market platform.
Trading involves risk, including total loss on positions. Must be 18+ (higher in some states) and located in an eligible state. Promotion issued by affiliate.
