Novig reports $125 million in opening week trading volume

Novig, a sports-focused prediction market, reported more than $125 million in notional trading volume during its first week of nationwide operation following its August 4 launch. The company’s opening week volume reportedly exceeded the sports-market debuts of competitors such as Kalshi, Polymarket US, Underdog, and DraftKings’ DKeX.

According to CEO Jacob Fortinsky, the platform’s highest single-day volume reached $26.3 million. Baseball was the most active sport during the launch period, and parlay wagers accounted for approximately one-third of the total volume.

The company’s expansion follows approval from the Commodity Futures Trading Commission (CFTC) in June, which granted its subsidiary, Ludlow Exchange LLC, Designated Contract Market status. This federal designation allows Novig to operate under commodities law rather than seeking individual state gambling licenses.

However, Novig is currently engaged in a legal battle, having sued five states. The company argues that federal derivatives law preempts state-level gambling regulations. A New York judge has already denied Novig’s request to block state enforcement while the litigation continues.