Novig Launches Nationwide Prediction Market, Sues New York

Novig, best known as an online sweepstakes sportsbook, has now launched a prediction market platform and, in the same week, also sued the state of New York. 

Needless to say, it's been a busy time for the platform. 

The announcement regarding the prediction market platform came on Tuesday. The outfit announced the "nationwide launch of its federally regulated sports prediction market, following its designation from the U.S. Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM)."

This platform, per Novig, features "instant live trading, deeper liquidity, stronger market quality, and expanded payment options, giving users a faster, more seamless, and more efficient way to participate in sports markets."

Novig Launches CFTC-Regulated Prediction Market

"For too long, sports fans have had limited ways to engage with the markets they know best. They are among the most passionate and informed communities in the world, yet they've never had a platform truly built around how they think, engage, and trade," said Jacob Fortinsky, co-founder and CEO of Novig. "We built Novig to change that, not only by creating the best place to trade sports, but by setting the standard for what a modern sports prediction market should be. That has meant building with trust, transparency, and responsible participation at the center, including maintaining a 21+ age requirement and investing in the compliance, market surveillance, and safeguards needed to scale responsibly. This launch is a major step toward bringing that vision to more users than ever before."

According to the same press release, Novig has already surpassed $6 billion in cumulative trading volume. 

Novig Sues New York Over Sports Betting Rules

Following the release of this platform, Novig has filed a lawsuit against Attorney General Letitia James and the New York State Gaming Commission for a preliminary injunction against the state from enforcing New York sports betting rules. Kalshi recently tried this, but it failed.

U.S. District Judge Analisa Torres ruled against Kalshi, stating the following: "Kalshi has not, therefore, made a clear or substantial showing that it is likely to succeed on the merits," Torres wrote.