We’re often asked if PrizePicks is legal in New York, with a specific focus on its prediction markets. While PrizePicks Predicts is available on the main app to NY users aged 18+, there are some restrictions.
Top PrizePicks Alternative for October
The culture prediction markets that you can find under the “Culture Picks” heading are available when using the app in the Empire State. However, the “Team Picks”, which are sports event contracts, are restricted in New York. In this guide, we’ll look at how this is and run you through the KYC process required to use the app.
PrizePicks Predict is a product within the main PrizePicks app that offers eligible users the opportunity to trade event contracts. Like other culture and
sports prediction market apps, the event contracts are priced between $0.01 and $0.99 to reflect the real-time market opinion of the prediction.
In other words:
50% probability = $0.50 event contract.
How the Payouts Work
If you purchase and hold an event contract tied to a prediction that turns out to be correct, you’ll receive $1.00 per contract, giving you a profit. On the flip side, if you buy and hold an incorrect prediction, your contracts will be worth $0.00, giving you a financial loss.
Correct predictions pay $1 per contract
Incorrect predictions pay $0 per contract
Are PrizePicks Prediction Markets Available in New York?
As explained in our
PrizePicks prediction markets review, it is regulated by the Commodity Futures Trading Commission (CFTC) as a financial exchange. The CFTC is a federal authority, so PrizePicks is available to users aged 18+ in 33 states.
However, as a New York user, you only have access to the “Culture Picks”, which consist of non-sport prediction markets including economic and entertainment. The “Team Picks”, which are sports prediction markets, are restricted when using the app in the Empire State.
📈
Prediction market:
PrizePicks Predict
🧑⚖
Regulation:
CFTC
🗽
Available in New York:
Yes ✅
🔞
Age limit:
18+
❌
Restricted products for NY users:
Team Picks (sports prediction markets)
How to Get Verified at PrizePicks Predict in NY
You can download the PrizePicks app and create your account using one of the links or banners on this page. When you register, you’ll need to complete Know Your Customer (KYC) by providing the personal information listed below.
Additionally, you might also be asked to upload a valid photo ID or another document before your account verification is approved. Remember that you need to be over 18 and physically located in New York or another available state to trade event contracts.
Personal Information Required
Here’s a full list of all the details that you’ll need to provide:
📝 Full Legal Name
Full legal name as it appears on your ID documents
🏠 New York Residential Address
New York residential address, including the ZIP code
🎂 Date of Birth
Date of birth (must be over 18)
📧 Email and Phone Number
Email address and phone number (you’ll need to verify these with a six-digit OTP)
🔒 Last Four Digits of SSN
The final four digits of your Social Security Number (SSN)
PrizePicks Predict New York – Pros and Cons
Before we round things up, here is our expert summary of the pros and cons of using this prediction market app in NY:
Pros and Cons
Available in NY
Culture prediction markets
CFCT-regulated
Sports event contracts are restricted in NY
PrizePicks Prediction Markets in NY – Summary and Conclusion
To conclude, PrizePicks is available in New York, but sports prediction markets are restricted. This leaves the economic, entertainment, and other prediction markets that you’ll find in the “Culture Picks” area of the app.
PrizePicks Predicts is registered with the CFTC, which is a federal body, and you must be over 18 and located in the US to create an account and get verified. Just be aware of the risks of losing money before you download the app and sign up.
Is PrizePicks Legal in New York? FAQ
Yes, PrizePicks Predicts is available to users aged 18+ who are physically located in the Empire State. However, sports prediction markets, or “Team Picks”, are unavailable to trade in New York.
No, sports prediction markets at PrizePicks are restricted for NY users. On the other hand, the “Culture Picks” prediction markets are available to New York users. This broad category covers all non-sports prediction markets on the app.
While Team Picks are restricted, Culture Picks are available on the PrizePicks app in New York. These are offered through PrizePicks Predict, which is a CFTC-regulated exchange.
Correct predictions pay $1 per contract
Incorrect predictions pay $0 per contract
