Novig, Underdog Surge in Fast-Growing Prediction Market Combos

Multi-leg “combos” are becoming a primary driver for sports prediction markets, as platforms like Novig and Underdog aggressively expand their parlay offerings.

While a single operator still holds the lion’s share of combo volume across regulated U.S. prediction markets, new entrants Novig and Underdog are proving there is plenty of room to capture market share in this lucrative, sports-centric niche.

In a recent report, Eilers & Krejcik Gaming (EKG) analyst Brad Allen noted that Underdog’s combo percentage of overall sports contract volume reached 48.3% in August, while Novig posted a 35.5% share.

Traders’ appetite for prediction market combos is clearly reflected in the numbers. Multi-leg trades—the vast majority focused on sports derivatives—accounted for fully half of industry-wide contract volume in August, up from just 14% in February, according to EKG data.

Novig, Underdog Off to Hot Starts

Only one exchange generated a higher percentage of combo contract volume last month than Underdog. Novig ranked fourth on that metric, with Crypto.com’s Nadex—which clears trades for multiple platforms—holding the third spot.

The swift ascent of both Novig and Underdog up the contract volume leaderboard is particularly notable given their short operating histories.

Underdog launched its wholly owned prediction market exchange in July while Novig debuted its yes/no, sports-focused betting exchange on a nationwide basis on Aug. 4.

Beyond multi-leg volume percentages, secondary metrics show Novig and Underdog are among the fastest-growing players in the sector—a trajectory likely to build momentum as football season drives customer acquisition.

Don’t Forget DraftKings

DraftKings also looms large in the combo narrative. While multi-leg wagers represented just 1.5% of its overall contract volume in August, that figure is misleading: DraftKings did not roll out combos on its exchange until late in the month.

That late rollout weighed down DraftKings’ monthly averages, but the platform “traded 11 million [in combos] in four days, which represented ~36% of its total contract volume during that time,” Allen noted.