Novig vs Underdog: Prediction Markets, Fees, and Payouts Compared (2026)

Last reviewed: November 3, 2026

On Novig, a 70¢ pregame straight contract costs 70¢, with no trading fee added. On Underdog Prediction Picks, exchange fees can increase the cost of the same position. Novig is a dedicated sports prediction market where users can post their own prices, while Underdog combines prediction contracts and fantasy contests in one app.

Novig vs Underdog at a glance

How Novig and Underdog compare

Setting your own price on Novig

Novig lets users trade individual sports outcomes against other participants, accepting an existing price or posting their own limit order. If a contract is offered at 55¢, you can take that price immediately or try posting an order at 53¢ and wait for another trader to accept it.

Underdog's Prediction Picks also use tradable event contracts, although the app handles which exchange provides each market. Underdog works with its own regulated exchange, UDX, as well as Kalshi and Nadex, with the applicable trading and settlement rules depending on the market. Underdog also routes certain selections between prediction markets and fantasy contests. In eligible states, a single player pick can become a Prediction entry, while selections meeting fantasy lineup requirements may automatically become Fantasy entries. Mixed selections can create Combos, which follow separate payout rules.

Novig charges no fees on pregame straight trades

Novig's current fee schedule makes pregame straight trades free for makers and takers. Resting maker orders are also fee-free across all trade types, including live markets and futures. Taker fees apply to Novig's live straight trades and most futures, using a formula based on contract price and order size. Parlays have their fees included in the displayed quote.

Underdog Prediction Picks can carry additional exchange fees on top of the contract price. The amount depends on the underlying exchange and applicable market. Underdog's Help Center gives an example of five contracts purchased at 70¢ each, with an additional 2¢ exchange fee per contract. That fee adds 10¢ to the position's total cost.

What does a $3.50 position pay on Novig vs Underdog?

Suppose you purchase five contracts on the same pregame game winner at 70¢ each. If the selection wins, all five contracts settle for $1 each.

On Novig, the five contracts cost $3.50, with no pregame trading fee. A winning position returns $5, leaving $1.50 in profit.

Using the example 2¢ fee per contract from Underdog's Help Center, the same purchase would cost $3.60. If the selection wins, the $5 payout leaves $1.40 in profit.

Novig's fee-free pregame structure makes the cost straightforward, while Underdog's final purchase cost depends on the exchange providing the contract. Of course, actual prices can still outweigh trading fees. A lower contract price on Underdog could offer better value than a more expensive Novig quote, even after fees, so always compare the complete order cost to calculate potential return.

Underdog Pick'em vs Novig parlays

Underdog's fantasy Pick'em contests use predefined payout multipliers. Standard entries require every selection to win, while Flex entries can return a smaller payout after one or more incorrect picks. For example, a standard two-pick fantasy entry currently pays 3.5x when both selections win. A three-pick Flex entry pays 3.25x with all three correct or 1.09x with one incorrect selection. Special projections and promotional multipliers can change those returns.

Novig parlays use market-based pricing instead. Users combine selections, and the platform returns a quoted price based on available liquidity, with applicable fees already included. All legs must win for the parlay to pay out.

Underdog also offers Prediction Parlays, which combine event contracts rather than fantasy projections. Their payouts depend on the contract prices and settlement outcomes. Underdog's Combo entries mix prediction and fantasy selections, with separate rules governing each part.

The most useful comparison for a multi-leg entry is the final quoted cost and potential payout on the same selections.

Cash Out, early payouts, and injury rules

Novig lets users sell eligible straight positions before settlement, provided there's sufficient market activity to fill the order. A position can close for more or less than its original cost as prices change. Underdog offers Cash Out on eligible Prediction Picks at the current market price. Prediction Parlays can also qualify for early Cash Out. Cash Out can become unavailable when markets are suspended or there's insufficient liquidity.

Novig also provides automatic early payouts when offsetting positions establish a guaranteed minimum return. The guaranteed amount is credited immediately, with any remaining payout settled after the event. Novig parlays currently can't be sold early.

Underdog's Rescue policy offers additional protection for certain injured player selections. Eligible Higher picks involving players who leave early and don't return can qualify for refunds and a promotional Gimme Pick, depending on the sport and entry type. Novig handles disrupted outcomes under its settlement rules, including Fair Value Settlement when applicable. FVS uses the contract's market value before the disruption rather than automatically returning the original purchase price.

Availability, regulation, and promotions

Novig is available in 46 states plus D.C., excluding Arizona, Nevada, Michigan, and Ohio, for eligible users aged 21 or older. It operates through Ludlow Exchange, a designated contract market overseen by the Commodity Futures Trading Commission (CFTC).

Underdog Prediction Picks are available in 46 states plus Washington, D.C., excluding Arizona, Michigan, Nevada, and New York. Eligible users must be at least 18 years old and physically located in a supported jurisdiction. Underdog's fantasy products have separate eligibility rules. Some states allow Prediction Picks without permitting Pick'em or Drafts, so availability is set product by product.

Novig's current new-user offer provides $50 in Trade Credits after a qualifying $10 deposit, with no trade required to receive the credits. They are distributed in five $10 increments, each expiring after 30 days.

Underdog offers fantasy welcome bonuses and other promotions, although the amounts and qualifying conditions vary by campaign. Fantasy bonus entries don't work on Prediction Picks unless the offer's terms allow it.

Which is better: Novig or Underdog?

Novig is a strong choice for users who want direct control over sports trades, fee-free pregame straight positions, and the flexibility to post their own prices. Its dedicated prediction market structure also makes it easier to evaluate the cost of individual predictions without switching between fantasy and prediction entry types.

Underdog offers more variety for users who enjoy traditional fantasy contests alongside prediction markets. Its Flex entries, Prediction Parlays, and Cash Out features provide additional options for different playing styles.

For sports traders focused on entry prices and trading costs, Novig's pregame fee structure and straightforward order controls offer a compelling advantage. Check current sports markets on Novig to compare available prices and place your own orders.

Novig vs Underdog FAQ

Is Novig cheaper than Underdog?

Novig charges no fees on pregame straight trades or maker orders. Underdog Prediction Picks can include exchange fees, with the amount depending on the underlying market. Novig charges fees on certain live trades, futures, and parlays, so the cheaper option depends on contract prices and applicable charges.

Can you make single-player picks on Novig and Underdog?

Yes, where the relevant markets are available. Novig supports standalone player-prop contracts. Underdog also offers individual Prediction Player Picks in eligible jurisdictions, while its fantasy lineup formats have separate minimum selection requirements.

Can you cash out early on Novig and Underdog?

Novig lets users sell eligible straight positions at market prices and automatically credits guaranteed proceeds from certain hedged trades. Underdog offers Cash Out on eligible Prediction Picks and Prediction Parlays. Both platforms depend on market liquidity for early exits.

Where are Novig and Underdog available?

Both are available in 46 states plus Washington, D.C. Novig isn't available in Arizona, Nevada, Michigan, or Ohio, and Underdog Prediction Picks aren't available in Arizona, Michigan, Nevada, or New York. Both verify users' physical locations, and availability can change with regulatory developments.

Sources

1. Novig: Fees on Novig
2. Novig: Make Orders vs. Take Orders
3. Novig: Straight Trades vs. Parlays
4. Novig: How Selling a Position Works
5. Novig: Early Payouts
6. Novig: Fair Value Settlement
7. Novig: Eligibility & Legality
8. Novig: New Member Deposit Program Terms
9. Underdog: What Are Prediction Picks?
10. Underdog: Your Exchange & Why Experiences May Differ
11. Underdog: Prediction Picks Overview
12. Underdog Exchange: Official Fee Schedules
13. Underdog: Fantasy or Prediction?
14. Underdog: Standard and Flex Payouts
15. Underdog: Prediction Parlays
16. Underdog: Prediction Cash Out
17. Underdog: Rescues
18. Underdog: Eligible States for Prediction Picks