On Tuesday, Novig officially transformed into a sports-focused prediction market platform, launching its federally regulated exchange across the United States. This development comes approximately seven weeks after the company received its designation as a designated contract market (DCM) from the Commodity Futures Trading Commission (CFTC) in June. On August 4, Novig announced that it is operating a sports-focused prediction market site “nationwide.”
Jacob Fortinsky, Co-Founder and CEO of Novig, emphasized in a press release that the company has crafted “the best place to trade sports” and has established a benchmark for what a sports prediction market should embody. The platform features instant live trading, parlay trading options, a variety of payment methods, and introduces the Novig Ranks leaderboard.
While Novig promoted its launch as a “nationwide” initiative, it does not operate in every state. Users aged 21 and older can access Novig services in all but three states: Arizona, Michigan, and Nevada. These states have previously seen legal action against prediction market platforms, with Nevada's Gaming Control Board (NGCB) declaring in June that it successfully restricted unlicensed prediction market operations within the state.
SBC Americas reached out to Novig for clarification on its operational limitations in these states, but no response was provided by the time of publication.
Fortinsky described the launch as the realization of a long-held vision, stating on X, “This was the plan from day one. When (co-founder) Kelechi (Ukah) and I started Novig, we believed sports betting should work like any real financial market: a true order book where traders set the prices, with no house.” He added, “Federal regulation was always the destination, even when it was the longer, harder road. It’s surreal to actually be here… This is the beginning of a new chapter for Novig: a federally regulated prediction market built for sports.”
Previously, Novig operated as a peer-to-peer betting exchange but faced challenges due to the interstate commerce restrictions imposed by the Wire Act. The company later transitioned to a sweepstakes-style gaming business but stepped back from that model amid pushback against sweepstakes casinos and sportsbooks, which included total bans in multiple states for 2025 and 2026.
In January, Novig applied to the CFTC for registration as an event contract trading exchange, operating under the name Ludlow Exchange LLC. After a five-month approval process, which Fortinsky noted was the fastest DCM designation by the commission, the company received the green light.
Weeks after its CFTC application, Novig concluded a $75 million Series B funding round, reportedly valuing the firm at about $500 million. With robust consumer safeguards including market surveillance and protections against manipulation, Novig stated it does not permit individuals under 21 to trade on its platform; other exchanges like Kalshi and Polymarket allow users from 18 years old.
Claiming over $6 billion in cumulative trading volume already, Novig expects its national availability to boost adoption among sports fans while aiming to create the most liquid and efficient sports prediction market.
The announcement of its wider rollout follows Novig's recent partnership with the New York Mets, marking it as the exclusive official prediction market partner for the MLB team. This multi-year agreement will grant Novig visibility within Citi Field, the Mets' ballpark, as well as on broadcasts, digital platforms, and social media campaigns.
In addition to its collaboration with the Mets, Novig has secured other sports partnerships since moving into the prediction market arena, including a branding deal with LIV Golf. Recently, Novig has also expanded its team by making significant hires, appointing Elie Mishory, the former Chief Regulatory Officer of Kalshi, as Chief Regulatory and Legal Affairs Officer. On Monday, Fortinsky announced via LinkedIn that Adam Warrington, previously Vice President of Responsible Gambling at FanDuel and Underdog, has joined Novig as Senior Vice President of External Affairs.
Fortinsky praised Warrington, stating, “Adam has spent years building protections inside the sportsbook model. He knows better than anyone where it falls short and what it takes to build something fundamentally better. Prediction markets represent that next evolution, but only if they’re operated with the rigor, oversight, and consumer protections expected of serious financial markets. The goal isn’t to be marginally better than what came before. It’s to set a standard the rest of the industry has to answer to."
