Webull Drops Fees for Super Bowl as Prediction Markets Take Aim at Sportsbooks
Webull is waiving brokerage commissions on Super Bowl LX contracts as it looks to attract new users to its prediction market offering during the biggest betting event of the year.
The lead-up to the big game is saturated with sportsbook promotions, with operators such as FanDuel and Fanatics running ads costing roughly $8 million each during the broadcast.
Prediction markets are looking to gain significant market share for Super Bowl LX after rapidly expanding over the past 12 months. Citizens Financial Group projects that legal sportsbooks will see a 2% year-over-year drop in Super Bowl handle this year due to competition from these new entrants.
To stand out from its rivals, Webull U.S. CEO Anthony Denier announced on January 27 that the company will waive commission on all Super Bowl LX event contracts. While standard exchange fees will remain, users can trade contracts without any brokerage fees. Webull typically charges a flat $0.02 per contract.
In his LinkedIn post, Denier noted that prediction markets are one of the company’s fastest-growing areas since their launch in early September.
A Big Success Among NFL Fans
This marks the first Super Bowl in which prediction market platforms operated throughout the entire NFL season. Last year, Robinhood rolled out event contracts for the big game. However, it removed them the next day at the request of the Commodity Futures Trading Commission (CFTC).
However, CFTC-licensed platforms have enjoyed significant activity so far this season. The biggest player in the U.S. market, Kalshi, recorded almost $450 million in trading volume during the NFL playoffs.
Several factors explain why many bettors have moved from traditional sportsbooks to prediction sites. Access remains a key driver. That’s particularly important for users in states without legal sports betting, including the country’s two most populous states, Texas and California.
Others believe prediction markets offer more efficient pricing than sportsbooks once accounting for the vig.
Another draw for users is the ability to buy and sell positions. That makes the experience feel closer to trading than to gambling, and it offers fewer restrictions than traditional sportsbooks, including lower age requirements, no limits on winning bettors, and faster withdrawals.
Varying Fee Structures
Despite many bettors believing they get better odds on prediction sites, Kalshi has come under criticism for the fees it charges. Users sometimes complain about the platform’s average 1.2% fee per contract. This compares to Polymarket’s $0.01 per contract.
As a result, a $150 Super Bowl position could cost a Kalshi user roughly $1.80 in fees. That’s compared with about $1.20 for a Polymarket user, depending on contract structure. Meanwhile, Webull is waiving its typical brokerage fee on a $150 wager for the Super Bowl.
Kalshi’s exact fees vary by contract type. They’re usually lower if you’re backing a big favorite and higher for more evenly split selections.
Whether Webull’s $0 Super Bowl promotion turns into lasting user growth remains to be seen. The strategy shows how prediction markets are increasingly willing to compete head-on with sportsbooks during marquee events.
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