Underdog Predictions review

Where is Underdog Predictions available?

The UDX rulebook requires each participant to "be at least 18 years of age and has attained the age of majority" where they live. Underdog's disclaimer page reads "Must be 18+ and present in a state where Underdog Predict operates" and, for the FCM, "Must be a U.S. resident." The UDX and UDM terms both use geolocation (GPS, IP and similar) to decide eligibility and block VPN use.

The App Store listing gives fantasy age limits as "18+ (19+ in AL, NE; 19+ in CO for some games; 21+ in AZ, MA & VA)", but that line is about Underdog Fantasy, not prediction markets. Underdog's help-centre page "Eligible States for Prediction Picks" would carry the state list, but it was blocked by Cloudflare from our location, so we have no operator-confirmed list of eligible or excluded states. Underdog's California page says "We have Predictions, Pick’em and Drafts available" there.

What fees does Underdog Predictions charge?

Exchange fees on UDX follow a formula, not a flat percentage. The UDX Fee Schedule (Version 2.0, "Effective Friday, September 11, 2026") sets taker fees at "Fees = Round (0.07 x C x P x (1-P))" and maker fees at "Fees = Round (0.0175 x C x P x (1-P))", rounded to the nearest cent.

At a 50-cent price that is $1.75 per 100 contracts for takers (3.5% of a $50 trade) and about $0.44 per 100 for makers, falling toward zero near 1 or 99 cents. Maker fees are charged only when a resting order executes, there are "no fees associated with canceling a resting order", and the ENTITYCOMBO combination product is excluded from maker fees.

The FCM, UDM LLC d/b/a Underdog Predict, publishes its own fee schedule (effective February 12, 2026): "Commission: $0.01 per contract, per side", with exchange and regulatory fees passed through on top. UDM is a Kalshi Klear member, so this commission appears to apply to FCM-carried trades. The UDX rulebook says no FCM "may submit trades in Contracts for execution on behalf of its customers".

Neither fee schedule lists a deposit or withdrawal fee. The UDX participant agreement mentions a possible "Inactive Account Fee" posted on the website, but the current fee schedule does not show one.

These are document checks, not a funded-account test. Access may depend on residence, physical location, account approval and the contract category. Check the operator’s current terms before depositing.

Learn how play-money and real-money markets differ, use the fee and payout tools, or read our review methodology.

See our Platform documentation audit for the method and downloadable source register.

• CFTC Industry Filings — Trading Organizations (DCM register) — checked 2026-10-01

  Lists "Aristotle Exchange DCM, Inc." as "Designated" with date 09/05/2025. No entity named Underdog or UDX appears on the DCM list.

• CFTC DCM filing 46990 — Aristotle Exchange DCM, Inc. — checked 2026-10-01

  Shows "Status: Designated" with date 2025-09-05 and links the Form DCM exhibits and the "Aristotle DCM Designation Order 250905".

• CFTC Order of Designation — Aristotle Exchange DCM, Inc. — checked 2026-10-01

  The application ran from "October 7, 2021 through July 25, 2025". The order describes a "non-intermediated" model and bars FCM intermediation unless the order is amended. We found no amended order on the CFTC filing page.

• CFTC DCO filing 50763 — Underdog Clearinghouse, Inc. — checked 2026-10-01

  Shows "Status: Registered" with date 2025-09-05, "Formerly known as Aristotle Exchange DCO, Inc.", and "permitted to clear fully collateralized positions in swaps."

• NFA BASIC — UDM LLC (NFA ID 0570265) — checked 2026-10-01

  "NFA Member Approved", "CFTC Registered Futures Commission Merchant", d/b/a "UNDERDOG PREDICT". FCM, NFA member and swap firm were all approved 01/09/2026, with zero NFA/CFTC actions. Read in a browser because curl got only the page shell.

• Underdog press release — Acquires CFTC-Registered DCM and DCO (March 9, 2026) — checked 2026-10-01

  Announces "the purchase of Aristotle Exchange DCM, Inc. and Aristotle Exchange DCO, Inc." No price is disclosed.

• Underdog press release — Launches Prediction Markets on its own Exchange (July 18, 2026) — checked 2026-10-01

  Announces "its own federally licensed prediction market exchange" inside the existing Underdog app. Says Underdog is a registered FCM and previously offered access "through other exchanges, including Crypto.com and Kalshi."

• Underdog / Crypto.com Derivatives North America press release (September 2, 2025) — checked 2026-10-01

  A BusinessWire release saying CDNA sports event contracts "will be accessible to customers through Underdog", powered by Underdog's technology. This marks the 2025 launch of the prediction product.

• IG Group RNS — Proposed acquisition of Underdog (30 July 2026) — checked 2026-10-01

  IG agreed to buy Underdog Sports Holdings, Inc. for "up to approximately $1.3 billion", "expected to complete in late 2026 or early 2027" subject to conditions including HSR. It says Underdog expanded across 30 states with parlays before its own exchange launched.

• UDX 40.6(a) self-certification — DCM Rulebook Amendment (filed July 15, 2026) — checked 2026-10-01

  Says that on March 9, 2026 Aristotle International, Inc. "consummated its merger with Underdog Sports Holdings, Inc." and that the rulebook was conformed to Underdog operations.

• UDX Rulebook (Version 1.3, effective July 30, 2026) — checked 2026-10-01

  Participants must "be at least 18 years of age and has attained the age of majority". The rulebook bars any registered FCM or other intermediary from submitting trades on customers' behalf. It has no US state exclusion list.

• Underdog Exchange Legal Center — checked 2026-10-01

  Lists the UDX Participant Agreement and Security of Funds (effective 24 Jun 2026), the Fee Schedule (v2.0 plus nine earlier versions), the Market Maker Program, Risk Disclosure and Terms of Use (effective 17 Jul 2026).

• UDX Fee Schedule (Version 2.0) — checked 2026-10-01

  "Effective Friday, September 11, 2026". Taker "Fees = Round (0.07 x C x P x (1-P))", maker "Fees = Round (0.0175 x C x P x (1-P))", no fee to cancel, and ENTITYCOMBO is maker-fee exempt. The legal centre labels it effective September 10th.

• UDX Participant Agreement (v1.0, effective June 24, 2026) — checked 2026-10-01

  Between the participant and Aristotle Exchange DCM, Inc. and Aristotle Exchange DCO, Inc. It has a USA PATRIOT Act identity-verification notice and mentions a possible "Inactive Account Fee". It lists no age or state rule, which the rulebook covers.

• UDX Terms of Use (v1.0, effective July 17, 2026) — checked 2026-10-01

  The operator is "Aristotle Exchange DCM/DCO, Inc. d/b/a Underdog Exchange". Eligibility is set by geolocation (GPS, IP), and accounts that mask location may be suspended. No state list.

• Underdog Exchange page — checked 2026-10-01

  Describes UDX as "a CFTC regulated exchange offering event contracts" that "supports sports event contracts" (pre-game, in-game and multi-event).

• Underdog Predict disclaimer page — checked 2026-10-01

  For UDM LLC d/b/a Underdog Predict, an FCM: "Must be a U.S. resident." For CDNA-offered contracts: "Must be 18+ and present in a state where Underdog Predict operates." Contracts are offered on UDX, Kalshi and Crypto.com | Derivatives North America.

• Underdog Predict Legal Center — checked 2026-10-01

  Lists UDM's Terms of Use, Futures Account Agreement (v2.0, 11 Aug 2026), Fee Schedule, 1.55(k) disclosure, segregation statements (latest 9.30.2026) and UDX 40.6 notices.

• UDM Fee Schedule (effective February 12, 2026) — checked 2026-10-01

  "Commission: $0.01 per contract, per side", with exchange and regulatory fees extra and passed through, and "no minimum commission per trade".

• UDM Terms of Use (v3.0, effective March 16, 2026) — checked 2026-10-01

  Requires a "Linked Underdog Account" with Underdog Sports, LLC d/b/a Underdog Fantasy, KYC under AML rules, and geolocation-based eligibility. No age or state list found.

• UDM Futures Account Agreement (v2.0, effective August 11, 2026) — checked 2026-10-01

  At account opening UDM collects name, address, date of birth and SSN and may require photo ID. It "may restrict your access to your Account pending such verification."

• UDM 1.55(k) Disclosure (v2.1, effective July 20, 2026) — checked 2026-10-01

  "UDM is a clearing FCM" and "a member of Kalshi Klear, LLC". It has an FCM member agreement with NADEX dba Crypto.com, "which is not operational at this time." Customers are US-based.

• Underdog Sports — California state page — checked 2026-10-01

  "We have Predictions, Pick’em and Drafts available" in California, and residents must be 18+. It is the only state page in Underdog's sitemap.

• Apple App Store — Underdog Sports — checked 2026-10-01

  The seller is Underdog Sports, Inc., rated 18+, version 26.64.0. It lists "Prediction Markets: Moneylines, Spreads, Totals, and Player Picks" and says "UDX is subject to CFTC regulatory oversight."

• Google Play — Underdog Sports (com.underdogsports.fantasy) — checked 2026-10-01

  The listed developer is Underdog Sports Wagering, LLC, rated Adults only 18+, updated Sep 29, 2026. Its disclaimer still names CDNA: "Event contracts are offered by Crypto.com | Derivatives North America".