New prediction market platform Novig, which focuses on sports betting and launched on Aug. 4, has reported $125 million U.S. in trading volumes during its first week of operations. Novig's trading volumes during its first week surpassed that of established rivals Kalshi and Polymarket. The upstart company said betting on baseball games dominated its sports event contracts during its platform's first week.
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It does not currently engage in betting on other real-world events such as politics. Management at Novig said they launched in August ahead of the upcoming seasons for NFL football, NBA basketball, and Premier League soccer. Although less than a month old, Novig has already got caught up in the legal wrangling over prediction markets.
Management at Novig says that the Commodity Futures Trading Commission (CFTC) is responsible for governing it, not individual U.S. states. As such, Novig has sued New York, Massachusetts, Washington, New Mexico and Wisconsin, asserting that states cannot apply their gambling laws to the platform's sports contracts. The CFTC approved Novig's designated contract markets application in June of this year, allowing the company to launch earlier in August.
Novig says it only allows users over the age of 21 to bet on its platform. As a private company, Novig's stock does not trade on a public exchange.
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