In the same week Novig launched its prediction market platform across the U.S., it also sued the state of New York to protect its interests.
Novig announced its nationwide launch Tuesday of its sports event trading platform. The Commodity Futures Trading Commission designated the company as a Designated Contract Market earlier this summer. Previously, Novig has operated as a betting exchange, Colorado sportsbook, and since 2024, a sweepstakes sportsbook.
Following the launch, Novig then sued New York to prevent the state from enforcing its gambling rules on the platform.
Big prediction markets launch
According to Novig, it has already generated more than $6 billion in trading volume on its platform.
“For too long, sports fans have had limited ways to engage with the markets they know best,” CEO Jacob Fortinsky said. “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.
“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.”
New York lawsuit
Novig sued New York Atty. Gen. Letitia James and the New York State Gaming Commission for a preliminary injunction against the state from enforcing its NY sports betting rules.
Novig lawyers said they expected New York to bring action against the platform, but believe their federally-regulated status with the CFTC preempts any state laws and regulations.
James and Gov. Kathy Hochul sued Kalshi last week to stop prediction market platforms, while another case involving Kalshi and the NYSGC move through the courts.
U.S. District Court for the Southern District of New York Judge Analisa Torres already has denied a similar request from Kalshi against the state. Torres’ decision adds to the growing split of decisions in court cases involving prediction markets across the nation, with an eventual U.S. Supreme Court decision widely expected.
