Novig posts $125 million in first-week sports prediction market volume

Published Aug 18, 12:28 PM UTC

Novig, a sports prediction market platform, reported over $125 million in notional trading volume during its debut week, surpassing the first-week volumes of rivals Kalshi, Polymarket U.S., Underdog, and DraftKings' DKeX. Launched on August 4, the platform saw parlay bets account for roughly one-third of volume, with baseball attracting the most activity. Co-founder and CEO Jacob Fortinsky noted the platform's highest single-day volume reached $26.3 million. Novig is focusing on sports markets ahead of the NBA and Premier League seasons. However, the company faces legal challenges from several states, including New York, Massachusetts, and Washington, which argue the platform operates as illegal gambling. Novig has sued these states, but a recent court ruling rejected its bid for a temporary restraining order. Gaming attorney Daniel Wallach described the outlook for Novig's litigation as 'dim.' The Commodity Futures Trading Commission granted Novig designated contract markets approval in June. The platform restricts access to users 21 and older.