Novig generated more than $125 million in notional trading volume during its first week as a federally regulated sports prediction market, giving the Aug. 4 launch an immediate scale advantage over several rival platforms.
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Novig recorded its busiest day at $26.3 million in trading volume, according to cofounder and CEO Jacob Fortinsky. CNBC reported that first week volume surpassed the early sports contract totals posted by Kalshi, Polymarket, Underdog and DraftKings.
Fortinsky said:
“Our highest-volume day since launching nationwide … was $26.3 million in trading volume.”
Parlays contributed about one third of all Novig trading, showing that products familiar to sportsbook customers already form a large part of activity on the exchange.
The fast start comes during a period of heavy attention around US prediction markets. Kalshi, Polymarket and newer entrants have pushed sports event contracts further into the mainstream, while major betting companies have also entered the category.
Novig operates through Ludlow Exchange, which received designated contract market status from the Commodity Futures Trading Commission on June 16. That federal designation sits at the center of the legal argument over sports prediction markets.
Novig has already sued New Mexico, Massachusetts, Washington, New York and Wisconsin. The company argues that federal commodities law governs its event contracts and prevents states from applying their sports betting rules to the exchange. Several states reject that interpretation, leaving the federal versus state authority question unresolved.
Novig has taken a different approach from much of the prediction market sector on player safeguards. The company introduced a nationwide 21 plus minimum age as part of its responsible trading framework, while several competing exchanges allow participation from age 18.
The company also entered the market with major sports exposure already secured. The New York Mets named Novig the exclusive official prediction market partner in a multiyear agreement on July 30, making the Mets the first MLB club to sign directly with a prediction market platform.
Novig originally operated through peer to peer sports betting and later a sweepstakes model before pursuing federal exchange status. Its current structure puts users against other traders rather than a traditional sportsbook house, with Novig promoting commission free sports trading.