- Kalshi
- Kalshi is a CFTC-regulated exchange. Every contract settles at $1 or $0, so a 42¢ quote is a 42% implied probability with no sportsbook margin layered on top.
- Kalshi charges a per-contract trading fee instead of building a margin into the line. The fee is a curve, not a flat rake: it peaks at roughly 1.75¢ on a contract priced near 50¢ and shrinks toward zero at both extremes, and maker fees are a quarter of taker fees.
- Kalshi lists player markets as "X or more" yes/no contracts rather than as an over/under line, so BeatVig converts each contract to the equivalent over price before comparing it to a sportsbook number.
- Polymarket
- Polymarket is an order-book market: the price is whatever two traders agree on, and a share that settles at $1 quotes as a probability directly.
- Polymarket's taker fee is a fraction of a percent, which makes its headline quote very close to the all-in cost and often the cheapest of the exchanges in the middle of the price range.
- Polymarket runs deep liquidity on headline games and much thinner books on the rest of the slate, and its player-prop coverage is still filling in — check the size behind a quote, not just the quote.