In an attempt to temporarily prevent New York from implementing its sports betting regulations against the company, Novig filed a lawsuit in federal court on August 4, the same day it debuted its sports-focused prediction market nationally.
On June 16, the Commodities Futures Trading Commission (CFTC) granted Novig Designated Contract Market (DCM) status, allowing it to provide a sports prediction market for the trading of event contracts on a federally recognized exchange, akin to platforms like Polymarket and ProphetX.
More precisely, on August 4, New York Attorney General Letitia James and the New York State Gaming Commission were sued by Ludlow Exchange LLC, the company founded by Novig co-founders Jacob Fortinsky and Kelechi Ukah to manage its federally regulated exchange operations. The lawsuit sought a preliminary injunction against the state.
Similar to other CFTC-licensed prediction markets, Novig thinks it can get around state gaming laws and regulations since it is federally controlled.
While the larger legal battle rages over whether states like New York can control sports prediction markets already subject to federal regulation by the CFTC, Novig is attempting to be proactive with the court action as it debuts its new venture.
Novig's action represents the most recent front in a nationwide judicial war that is getting bigger.
Asserting that prediction market products amount to unlawful gambling, New York has taken strong enforcement action against prediction market providers.
Fortinsky made the following statement on Tuesday, August 4, the day of launch: "Sports fans have had limited ways to engage with the market they know best for too long." Despite being one of the world's most enthusiastic and knowledgeable communities, they have never had a platform that is genuinely based on how they interact, think, 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.”
Novig is the only prediction market that enforces a higher age limit, with a minimum requirement of 21.
The Bruno Lopes vs. Diyar Nurgozhay fight at UFC Fight Nite in Las Vegas is the subject of market action on Novig's main page this morning. According to contract pricing, Nurgozhay has a 61.5% implied chance of winning over Lopes (39.5%), with market volume exceeding $111,280.
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