Novig is a US sports prediction market on which members trade event contracts on sports outcomes with one another, at prices set by the market rather than by fixed odds. It operates a prediction market regulated by the Commodity Futures Trading Commission, under which its contracts are treated as financial derivatives under federal commodities law, and its rulebook and member agreement are issued by Ludlow Exchange LLC. Because its legal basis rests on federal rather than state licensing, it is available across the United States except in Nevada, Arizona and Michigan, with eligibility based on a user's physical location when trading and identity verification required at sign up. Markets include moneylines, spreads, props, futures and parlays, and members can take available prices or set their own. Novig is offered through iOS and Android apps to users aged 21 and over.
The Commodity Futures Trading Commission has opened a false-certification proceeding against two ProphetX contracts on whether an NFL game produces a never-before-seen final score, and stayed them before they traded. It is the first stay of a sports event contract on the CFTC's 2026 filings record, and it turns on the same "economic consequence" test the agency says sports contracts pass.
Two of the six prediction market operators Missouri ordered to stop offering sports event contracts went to federal court on Friday rather than comply. Both cases sit in the Eighth Circuit, which has yet to decide the question that has already split three other appeals courts.
Connecticut's consumer protection chief says three of the nine prediction markets it ordered to stop sports contracts last month are leaving the state. None of the three has confirmed it publicly, and one industry analyst says ProphetX has not gone at all.
The Ohio Casino Control Commission has told Polymarket, Robinhood, Coinbase and seven other platforms to stop offering sports event contracts to Ohioans and confirm it in writing within 14 days. Kalshi, the company that lost in the Sixth Circuit, did not get a letter: its $5 million penalty case is already under way.
A new daily record of $3.01 billion, another $2.82 billion on Sunday, record fees of $18.2 million and $17.6 million, and the worst two days in Kalshi's history for parlay takers, who lost $46.1 million. Strip out the parlay maker side and neither day was a record for taker volume, InGame's analysis shows.
A King County judge has refused to revisit the injunction that keeps Kalshi's sports, election and entertainment contracts out of Washington, rejecting the argument that rivals are still operating there. In the same week Kalshi asked for 30 more days on New Jersey's Supreme Court petition and Montana agreed to stand down until the Ninth Circuit rules en banc.
The letters Catherine Hanaway promised on Wednesday went out to Polymarket, Kalshi, Crypto.com, Novig, Underdog and Robinhood, dated 16 and 17 September. Five of the six are told to stop serving under-21s. The licensed sportsbooks' own exchange products are not on the list, and Kentucky, she says, is close to a settlement.
Two days after the Ninth Circuit told two California tribes that Kalshi's sports contracts are Class III gaming on their land, the Tunica-Biloxi Tribe formed SaltTrade Derivatives to route trades through Kalshi's exchange. The tribal gaming lobby called it "profoundly disappointing"; Kalshi's chief executive called on other tribes to follow.
The site compares equivalent contracts across Kalshi, Polymarket, Novig, Underdog, FanDuel Predicts, Fanatics and five others, with a cross-venue engine for multi-leg positions and Genius's live game data underneath. It runs on Legend, the media business whose $1.2bn purchase in February sank the shares. Mark Locke says most prediction-market demand "appears new".
The American Gaming Association expects Americans to bet $29.5 billion legally on the 2026 NFL season, up barely at all on last year's $29.4 billion. Its chief executive says the reason is "backdoor sports betting" on prediction markets, and the numbers it cites for Novig, Rothera and Underdog explain why.
The fight over whether prediction markets are finance or gambling has looked like a jurisdictional argument between regulators. CNN's analysis puts a number on what it decides in practice, and the number is a consumer protection question.
The Dodgers, Red Sox, Braves, Padres and Giants are Kalshi partners, and had been for weeks before anyone said so. Three of the five are in California, where no state lawsuit has been filed and the lobbying has already started.
Novig, the prediction market operator trading as Ludlow Exchange, has filed suit in the Southern District of New York against the state's gaming commission and attorney general, the latest legal flashpoint in a rapidly escalating state-by-state battle over whether prediction markets constitute illegal gambling. The complaint lands as the sector faces simultaneous legal pressure across multiple jurisdictions.
New Jersey has officially banned online sweepstakes and dual-currency gaming models after Governor Phil Murphy signed a new law targeting what regulators have