Polymarket vs Robinhood Event Contracts (2026): Fees, States and Verdict
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Polymarket and Robinhood reach prediction markets from opposite ends. Polymarket US is a single-purpose app on its own CFTC-regulated exchange. Robinhood is a brokerage that added event contracts and routes your orders to other exchanges, including Kalshi and, since June 2026, its own joint venture, Rothera. This page compares the two for a US resident. Facts are as of October 2026 and linked to their sources.
Our ratings: Polymarket 4.5 / 5, Robinhood Event Contracts 4.0 / 5 (how we rate). We earn a commission on Polymarket sign-ups and nothing from Robinhood.
Verdict: which one to pick
- Pick Robinhood if you live in Arizona, Illinois, Massachusetts, Montana or Ohio. Polymarket US is not available there; Robinhood names no restriction in those states.
- Pick Robinhood if you already keep money there and trade a few times a month. One app, one balance and a commission capped at 1¢ a contract.
- Pick Polymarket US if fees matter. On 100 contracts at 50¢ it charges takers $1.74, against up to $2.00 on Robinhood, and the gap widens at confident prices.
- Pick Polymarket US for its own style of markets, such as crypto, tech and culture, with comment threads under each market.
- Pick neither for sports in Maryland, Nevada or Michigan. Polymarket US is closed there, and Robinhood has blocked or paused sports contracts in all three.
At a glance
| Polymarket US | Robinhood Event Contracts | |
|---|---|---|
| Our rating | 4.5 / 5 | 4.0 / 5 |
| What it is | CFTC-designated exchange (QCX, bought July 2025; amended order November 2025) | Broker (Robinhood Derivatives) routing to KalshiEX, ForecastEx, Rothera or North American Derivatives Exchange |
| Taker fee, 100 contracts at 50¢ | $1.74 | $1.00 commission plus up to $1.00 exchange fee |
| Maker orders | Earn a rebate | Same commission as any order |
| Not available | AZ, IL, MA, MD, MI, MT, NV, OH | Sports blocked in MD and NV, no new sports in MI; more limits may apply |
| Funding | Debit card, ACH, Apple Pay, PayPal, Venmo, wire; USDC on iPhone where available | Robinhood brokerage cash: bank transfer or debit card |
| Apps | iOS; Android and web reported, access varies | iOS and Android only; no web trading |
| Interest on cash | None advertised | Robinhood's rate on uninvested brokerage cash |
| Share of tracked volume, Sep 16 to Oct 15, 2026 | About 12% | Routed volume counts toward each exchange; Rothera about 1% |
| Welcome offer | Varies; check terms at sign-up | Referral reward and stock reward; value shown in app |
Sources for each row are linked in the sections below.
How each one is built
Polymarket US: its own exchange
Polymarket launched in 2020 as a crypto-based market settled in USDC on the Polygon blockchain. It paid a $1.4 million CFTC penalty in January 2022 and shut US users out of its main site. In July 2025 it bought QCX LLC and QC Clearing LLC, a CFTC-licensed exchange and clearinghouse, for $112 million. The CFTC's amended order of designation, signed November 24 and announced November 25, 2025, let it take US customers directly (Covers). The US iPhone app opened to everyone on May 12, 2026 (Covers).
Polymarket US runs its own order book. Its contracts, rules and settlement are its own. The global Polymarket site is a separate platform that US residents cannot use for new trades.
Robinhood: a broker for several exchanges
Robinhood's event contracts "are offered by Robinhood Derivatives, LLC" through KalshiEX, ForecastEX, Rothera Exchange and Clearing, or North American Derivatives Exchange (Robinhood support, October 2026). Robinhood started with Kalshi in March 2025. In June 2026 it began routing selected World Cup and baseball contracts to Rothera, a CFTC-licensed exchange run as a joint venture with Susquehanna International Group (Robinhood newsroom).
Three consequences:
- Robinhood lists only what its exchanges offer, and not all of it.
- Two fees apply: Robinhood's commission and the exchange's fee.
- The exchange's rules decide settlement. Read the rules on the contract page, because they come from Kalshi, ForecastEx or Rothera, not from Robinhood.
What you get in return is the Robinhood app, your existing balance and no new account with another company.
Fees
The formulas
| Fee | Source | |
|---|---|---|
| Polymarket US taker | 0.0695 × contracts × p × (1 − p), rounded to the cent; 0.06 from July 1, 2026, raised to 0.0695 in October | Polymarket US fee schedule, October 2026 |
| Polymarket US maker | Rebate of 0.0125 × contracts × p × (1 − p) | Same |
| Robinhood commission | 10% × p × (1 − p) per contract, 5% with Gold, rounded up and capped at $0.01 per contract, since June 1, 2026 | Robinhood support, October 2026 |
| Robinhood exchange fee | Varies by exchange; up to $0.01 per contract on opening and closing trades, per Robinhood | Same |
Here p is the price in dollars. Robinhood Gold costs $5 a month or $50 a year.
Fees on 100 contracts
The Robinhood columns assume the maximum 1¢ exchange fee.
| Price | Polymarket US (taker) | Robinhood (standard) | Robinhood (Gold) |
|---|---|---|---|
| 10¢ or 90¢ | $0.63 | Up to $1.90 | Up to $1.45 |
| 25¢ or 75¢ | $1.30 | Up to $2.00 | Up to $1.94 |
| 50¢ | $1.74 | Up to $2.00 | Up to $2.00 |
Robinhood's commission hits the 1¢ cap between about 11¢ and 89¢ on a standard account, and between about 28¢ and 72¢ with Gold. Inside those ranges Gold saves nothing.
Worked example: 100 Yes contracts at 60¢
| Polymarket US | Robinhood (standard) | |
|---|---|---|
| Contracts | $60.00 | $60.00 |
| Fees | $1.67 | $1.00 commission plus up to $1.00 exchange fee |
| Total cost | $61.67 | Up to $62.00 |
| Paid out if Yes wins | $100.00 | $100.00 |
| Profit if Yes wins | $38.33 | At least $38.00 |
Selling before settlement adds a second fee on both.
Other costs
Finder reports Polymarket US charges no deposit fee and says withdrawals are free (Finder, October 16, 2026). Robinhood charges nothing for standard bank transfers and has no account or inactivity fee; instant withdrawals cost extra. Your bank may charge for wires on either.
Which is cheaper
Polymarket US, at every price, even after its October 2026 increase. The gap is up to 26¢ per 100 contracts at 50¢ and up to $1.27 at 90¢. A trader placing a few small orders a month will pay a few dollars a year more on Robinhood. A frequent trader will pay far more. Market makers on Polymarket US earn a rebate on top.
Markets
Polymarket US lists contracts in seven categories: sports, politics, crypto, economics, weather, tech and culture (Finder, October 2026). It launched with sports and added politics and economics in April 2026 (DeFi Rate). It also groups related contracts into one page, such as one row per candidate in a race. Its catalog is smaller than Polymarket's global site, which US residents cannot trade.
Robinhood shows a selection from its exchanges, grouped by category:
- Sports: NFL, college football, NBA, MLB and soccer, subject to the state limits below.
- Economics: Fed decisions, inflation prints and other data releases.
- Politics: selected election and government outcomes.
- Commodities: price contracts such as gold, listed on Robinhood's prediction-markets pages.
Polymarket US has the wider menu outside US sports and economics, especially crypto, tech and culture. For US sports and economic data the two overlap, and neither matches Kalshi's own catalog. See the Kalshi review.
Liquidity and volume
DeFi Rate's tracker for September 16 to October 15, 2026 put Polymarket US at about 12% of tracked volume, Kalshi at about 76% and Rothera at about 1% (DeFi Rate, updated October 16). Robinhood does not appear as a venue because it is a broker. Its orders count toward the exchange that fills them.
So a Robinhood order on a Kalshi contract meets the deepest US order book, while a Robinhood order on a Rothera contract meets a much smaller one. Polymarket US sits between the two. On popular contracts, orders of a few hundred dollars fill easily on either. Gaps show up in large orders, niche contracts and the minutes before a market closes.
Older versions of this page called Polymarket "the world's largest prediction market" at "$9B a month". That referred to the global site and is out of date: Polymarket's international exchange traded about $4.7 billion in September 2026, and US residents cannot use it.
Deposits and withdrawals
| Method | Polymarket US | Robinhood |
|---|---|---|
| Bank transfer (ACH) | Yes | Yes, free |
| Debit card | Yes | Yes |
| Apple Pay | Yes | No |
| PayPal and Venmo | Yes | No |
| Wire | Yes | Yes |
| Crypto | USDC on iPhone where available | No |
| Withdrawals | Free, per Polymarket US | Free by standard bank transfer; instant transfers cost a fee |
Sources: Finder (October 2026), which reports Polymarket US caps debit-card and ACH deposits at $50,000 a day, and Robinhood support.
On Robinhood there is no separate wallet. Your brokerage cash is your buying power, and money in open contracts is locked until they settle or you sell. If your bank is already linked to Robinhood, there is nothing to set up.
State availability
Polymarket US
Not available in Arizona, Illinois, Massachusetts, Maryland, Michigan, Montana, Nevada and Ohio (OddsShopper, as of August 18, 2026). A Minnesota ban was blocked by a federal court on July 27, 2026, so the app remains open there for now.
Robinhood
Robinhood's support page says Maryland and Nevada residents cannot trade sports contracts, Michigan residents cannot open new sports contracts as of September 9, 2026, and "additional state restrictions may apply" (Robinhood support, October 2026). Other reports add:
- Michigan: under a deal with the state's Gaming Control Board, remaining sports positions were closed out by October 9 (Covers, September 11, 2026).
- Washington: Robinhood agreed to stand down (same source).
- Connecticut: the state ordered Robinhood to stop offering and advertising sports contracts (OddsAssist).
- Maryland: OddsAssist reports the hub is not offered at all, not only sports.
This page used to say Robinhood was available in "all 50 states + DC". Robinhood does not publish a count, and Maryland may be closed entirely, so we list the named restrictions instead.
Quick lookup
| State | Polymarket US | Robinhood Event Contracts |
|---|---|---|
| California | Available | Available |
| Texas | Available | Available |
| Florida | Available | Available |
| New York | Available | Available |
| New Jersey | Available | Available |
| Illinois | Not available | Available |
| Massachusetts | Not available | Available |
| Arizona | Not available | Available |
| Ohio | Not available | Available |
| Connecticut | Available | No sports, per state order |
| Washington | Available | Robinhood agreed to stand down |
| Michigan | Not available | No new sports contracts |
| Nevada | Not available | No sports contracts |
| Maryland | Not available | No sports; hub reportedly unavailable |
"Available" means no restriction named by the sources above as of October 2026. Check the app before funding. State guides: California, Texas, Florida, New York, New Jersey, Illinois, Massachusetts and Nevada.
Apps
Robinhood runs event contracts inside its iOS and Android apps. The iOS app is rated 4.3 out of 5 from about 4.9 million ratings, a figure for the whole app (App Store, October 2026). Each contract page shows the price chart, the rules and an order ticket listing the commission and exchange fee before you confirm. The website shows prediction markets but cannot place trades, and Robinhood Legend does not support them (Brokerage-Review, September 2026).
Polymarket US opened to all US iPhone users on May 12, 2026. Finder shows ratings of 4.5 on the App Store and 3.5 on Google Play as of October 2026. Reports conflict on whether the US Android app and a web version are open to everyone, so check polymarket.com for your device. A comment thread sits under each market, a feature Robinhood does not have.
Earlier versions of this page said Polymarket offered "full-featured" desktop trading and cited a 1.8 Android rating. The desktop claim described the global site, not the US app, and the 1.8 figure appears to belong to a third-party lookalike app. Both are removed.
Neither is a good choice for a desktop-first trader today. Kalshi runs a full web platform.
Regulation and safety
| Polymarket US | Robinhood | |
|---|---|---|
| Regulator | CFTC (designated contract market) | CFTC for the broker and each exchange; SEC and FINRA for the brokerage |
| Company | Private | Robinhood Markets, listed on Nasdaq, files audited accounts with the SEC |
| Track record | US app since late 2025; global site since 2020; $1.4M CFTC penalty in 2022, investigations closed July 2025 | Event contracts since March 2025; app outages in busy markets, most notably in 2021 |
| Margin | None | None |
| Insurance | Not FDIC- or SIPC-insured | SIPC covers securities, not event contracts |
Both keep customer funds separate and require identity checks. On both you can lose your whole stake but not more. The main practical risk on each is a state ruling that closes a category in your state, as Michigan users of Robinhood found in September 2026. Robinhood has asked the Supreme Court to rule on whether states can treat sports contracts as gambling (Covers).
Welcome offers
Polymarket US offers change, and we do not quote an amount because none is fixed. We earn a commission if you sign up through our link; that does not change the offer you see. See the Polymarket promo code guide.
Robinhood offers a prediction-markets referral reward for both you and the friend who invites you, once the friend opens a Robinhood Derivatives account and completes the learning screens. Its value "may vary by customer and time" and is shown in the app (Robinhood referral page, October 2026). New customers can also claim Robinhood's standard stock reward. See our Robinhood promotions page.
A one-off reward matters less than fees that apply to every trade.
Taxes
Gains on both are taxable. Robinhood lists fees in your annual statement and publishes a separate help article on event-contract tax forms. Check what Polymarket US issues for your account. How the IRS treats event-contract gains is unsettled, with some advisers arguing for Section 1256 treatment and others for ordinary income. See our tax guide and ask a tax professional.
Who should use which
Polymarket US suits you if:
- Your state is served and you trade often enough for lower fees to add up.
- You place limit orders and want maker rebates.
- You want crypto, tech and culture markets, or the comment threads.
Robinhood suits you if:
- You live in Arizona, Illinois, Massachusetts, Montana or Ohio.
- You already keep money at Robinhood and trade a few times a month from your phone.
- You want event contracts and your other investments in one account.
Kalshi suits you if:
- You want the deepest US order books and the widest catalog.
- You trade from a computer.
- You keep $250 or more on the exchange and want 3.50% variable interest.
See the Kalshi review and Kalshi vs Polymarket.
Open a Polymarket account (affiliate link) → · Visit Robinhood → · Visit kalshi.com →
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Frequently asked questions
Which is cheaper, Polymarket or Robinhood?
Polymarket US. On 100 contracts at 50¢ it charges takers $1.74, while Robinhood charges $1.00 in commission plus an exchange fee of up to $1.00. At 90¢ the figures are $0.63 against up to $1.90, or up to $1.45 with Gold.
Does Robinhood use Kalshi?
Partly. Robinhood routes event contracts to KalshiEX, ForecastEx, Rothera or North American Derivatives Exchange. Since June 2026 some World Cup and baseball contracts have gone to Rothera, its joint venture with Susquehanna.
Can I use Polymarket in my state?
Polymarket US is not available in Arizona, Illinois, Massachusetts, Maryland, Michigan, Montana, Nevada or Ohio, as of August 2026. Elsewhere it is open to US residents who pass identity checks.
Can I trade either one on a computer?
Not on Robinhood: trading is app-only. Reports conflict on Polymarket US's web version, so check polymarket.com. Kalshi offers full web trading.
Is Robinhood available in all 50 states?
Robinhood does not publish a count. It names sports restrictions in Maryland, Nevada and Michigan and says more may apply. OddsAssist reports Maryland residents cannot use the prediction-markets hub at all.
Which is better for a beginner?
Robinhood, if you already use it. Polymarket US, if you do not and your state is served, because it costs less per trade. Either way, start small and read each contract's rules.
Are Polymarket and Robinhood event contracts regulated?
Yes. Polymarket US is a CFTC-designated contract market. Robinhood Derivatives is a CFTC-registered broker, and every exchange it routes to is CFTC-regulated.
Can I hedge one against the other?
Only where both list the same event, which happens mostly in US sports and economic data. After two sets of fees and the risk that the two contracts settle on different rules, the margin is usually a cent or less per contract.
Sources
- Robinhood: Event contracts overview, Invite friends to prediction markets (checked October 2026), World Cup and Rothera announcement (June 4, 2026); Robinhood on the App Store (October 2026)
- Polymarket US fee schedule (October 2026)
- OddsShopper: Polymarket fees and blocked states (September 2026)
- Finder: Polymarket review (October 16, 2026)
- DeFi Rate volume tracker (October 16, 2026); DeFi Rate on Polymarket US politics (April 2026)
- Covers: CFTC amended order for Polymarket (November 2025), Polymarket iOS launch (May 2026), prediction market legal update (September 11, 2026)
- OddsAssist: Robinhood prediction markets states (October 2026); Brokerage-Review: Robinhood event contracts (September 12, 2026)
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