Prediction Markets

Novig Sues New York as Sports Prediction Market Launches Nationwide

Posted on: August 8, 2026, 09:52h.

Last updated on: August 8, 2026, 09:52h.

Written by

Mark Keast Mark is a long-time, seasoned journalist, as a writer and editor, working for several Toronto daily newspapers, then moving over to the digital arena, covering both sports and business. Over the past few years he moved over to the gaming arena, specifically covering the igaming industry in Canada for several platforms, as well as writing on sports betting.

Key Points

Novig is seeking an injunction blocking New York from enforcing state sports betting laws against it
The CFTC-regulated exchange argues federal oversight allows it to operate outside state gambling regulations
The lawsuit adds another front to the growing state-federal battle over sports prediction markets

The same day it launched its sports-focused prediction market nationwide (Aug. 4), Novig filed a lawsuit in federal court seeking to temporarily block New York from enforcing its sports betting laws against the company.

Bruno Lopes of Brazil punches Navajo Stirling of New Zealand during a UFC fight last March. Lopes is fighting Diyar Nurgozhay in UFC Fight Night tonight in Las Vegas. (Image: Jeff Bottari/Zuffa LLC)

Novig was granted Designated Contract Market (DCM) status by the Commodity Futures Trading Commission (CFTC) on June 16, meaning it could offer a sports prediction market, similar to platforms such as Polymarket and ProphetX, for the trading of event contracts on a federally registered exchange.

Novig Takes On New York

More specifically, on Aug. 4, Ludlow Exchange LLC, the legal entity set up by Novig co-founders Jacob Fortinsky and Kelechi Ukah to handle its federally regulated exchange operations, sued New York Attorney General Letitia James and the New York State Gaming Commission seeking a preliminary injunction against the state.

Like with other prediction markets regulated by the CFTC, Novig believes its federally regulated status allows it to bypass state gambling laws and regulations.

With the court action, Novig is seeking to be proactive as it launches its new business while the broader legal fight over whether states such as New York can regulate sports prediction markets already federally regulated by the CFTC plays out.

Federal Status Drives Argument

Novig’s lawsuit is the latest front in what is a widening legal battle across the country.

New York has taken aggressive enforcement actions against prediction market operators, arguing prediction market products constitute unlicensed gambling.

On launch day Tuesday (Aug. 4), Fortinsky said this in a statement: “For too long, sports fans have had limited ways to engage with the market they know best. They are among the most passionate and informed communities in the world, yet they’ve never had a platform truly built around how they think, engage and trade.

Sports-First Market Goes Live

“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 has a minimum age requirement of 21, making it the only prediction market to enforce a higher age limit.

Market activity on Novig’s main page this morning includes tonight’s Bruno Lopes versus Diyar Nurgozhay bout at UFC Fight Night in Las Vegas, with contract prices giving Nurgozhay a 61.5% implied chance of victory over Lopes (39.5%), with market volume topping $111,280.

Mark is a long-time, seasoned journalist, as a writer and editor, working for several Toronto daily newspapers, then moving over to the digital arena, covering both sports and business. Over the past few years he moved over to the gaming arena, specifically covering the igaming industry in Canada for several platforms, as well as writing on sports betting.