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2 clusters · 3 sources · 13 days · First seen · Last updated

Novig US sports prediction market launch

Overview

Novig, a sports prediction market, launched its nationwide platform in the United States following the receipt of Designated Contract Market status from the Commodity Futures Trading Commission (CFTC). The company reported that its opening week of operation generated over $125 million in notional trading volume, with baseball being the most active sport and parlay wagers accounting for roughly one-third of that total.

While the platform has seen significant early volume, Novig is involved in ongoing litigation against five states. The company contends that federal derivatives law preempts state-level gambling regulations, though a New York judge has denied a request to block state enforcement during the legal proceedings.

Entities

Novig · Jacob Fortinsky · Polymarket · Terry Duffy · Commodity Futures Trading Commission

Timeline

  1. 24 days ago

    [BUSINESS] 3 sources
    Novig reports $125 million in opening week trading volume

    Novig recorded over $125 million in trading volume during its first week as a federally regulated sports prediction market, while simultaneously fighting legal battles against five states over regulatory pre-m$

  2. about 1 month ago

    [BUSINESS] 4 sources
    Novig launches national US sports prediction market as FanDuel reshapes CME partnership

    Novig launches a national US sports prediction market after CFTC approval, while FanDuel shifts sports bets to Crypto.com’s Nadex and CME limits its role to non‑sports contracts.

Sources

alienwp.com · covers.com · financemagnates.com