5BTC or 111% + 111 Free Spins!
New players only. Exclusive 111% Welcome Bonus + 111 Free Spins
Novig has taken a formal step toward operating regulated prediction markets in the United States. A new filing now places the company directly in front of the Commodity Futures Trading Commission as it evaluates future product direction.
Good to Know
Novig submitted a Designated Contract Markets application to the Commodity Futures Trading Commission dated Jan. 21. The filing appears under Ludlow Exchange LLC and lists Novig co-founders Jacob Fortinsky and Kelechi Ukah as directors. Sportico first reported the filing.
The CFTC currently shows the request as pending. No indication has been given on whether approval would require Novig to change its product structure. The company could move toward a prediction-only platform, maintain its current peer-to-peer setup, or attempt to offer both models under a regulated exchange framework.
Several U.S.-based trading exchanges already operate in a similar space. Those platforms offer sports event contracts that mirror sportsbook-style markets such as spreads, totals, and player props across leagues including the NFL, NBA, NHL, and college basketball.
Novig entered the market in 2024 as a licensed sportsbook operator in Colorado. Later that year, the company shifted away from traditional wagering and rolled out a dual-currency, peer-to-peer model. That version expanded quickly and became available in more than 30 states.
Recent regulatory pressure has narrowed that footprint. Sweepstake-style gaming platforms have faced bans and enforcement actions in several jurisdictions. Novig halted operations in multiple states as a result, including large markets such as New York, New Jersey, and California.
California does not allow legal sports betting. Prediction markets, however, remain accessible in the state. Platforms such as Kalshi, DraftKings Predictions, and FanDuel Predicts continue to offer sports-related event contracts to users there.
Novig has already built infrastructure that resembles a trading exchange rather than a traditional sportsbook. The platform operates with pricing teams and real-time markets, which could support a transition into regulated prediction markets if the CFTC grants approval.
In September 2025, Novig disclosed an $18 million funding round tied to broader product expansion plans. Novig co-founder Jacob Fortinsky said.
“The support from some of the world’s leading tech investors, who believe in our mission to democratize sports betting for good, is a powerful endorsement – not just of what we’ve built, but of the future we’re creating. This funding will allow us to scale our mission across more sports, more formats, and ultimately, to more users.”