Prediction Markets

Novig Tops $125 Million in First-Week Trading Volume as Legal Battles Mount

Posted on: August 20, 2026, 08:01h.

Last updated on: August 20, 2026, 08:01h.

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 generated more than $125 million in trading volume during its first week nationally
Parlays represented one-third of volume, while baseball emerged as the platform’s dominant sports market
Novig has sued five states seeking protection from enforcement under state gambling laws

New prediction market player Novig said it generated more than $125 million in national trading volume in its first week of operation, surpassing opening-week figures reported by competitors like Polymarket.

Tobi Lawal of the Dallas Mavericks dunks during an NBA Summer League game in July. Prediction market company Novig offers event contracts on sports like the NBA. (Image: Louis Grasse/Getty Images)

According to CNBC reporting, parlays accounted for a third of overall trading volume, with baseball markets dominating interest.

Novig launched Aug. 4. The prediction market focuses exclusively on sports, where other prediction market platforms offer event contracts on economic data, politics, and entertainment, as well as sports.

Parlays Drive Early Volume

“August is one of the slowest months on the sports calendar,” Novig Co-Founder and Chief Executive Officer (CEO) Jacob Fortinsky wrote on LinkedIn yesterday (Aug. 19). “And in our first week, Novig did $125M+ in trading volume. That’s especially meaningful when you consider we’re a 21+ platform, and intentionally not capturing the entire market.

“We’re just getting started. September is around the corner, the sports calendar is about to explode, and we’re gearing up for what’s next.”

Premier League soccer season starts tomorrow (Aug. 21). College football season starts Aug. 27. The National Football League (NFL) regular season starts Sept. 9.

Busy Sports Calendar Looms

That’s followed by the start of the National Hockey League (NHL) season on Sept. 29, followed by the start of the National Basketball Association (NBA) season on Oct. 20.

According to CNBC reporting, Fortinsky said Novig’s highest-volume trading day was $26.3 million.

The Commodity Futures Trading Commission (CFTC) granted Novig Designated Contract Market (DCM) status on June 16, opening the door to offering sports event contracts under federal oversight. The company was previously in the sweepstakes business before pivoting to prediction markets.

State Legal Battles Escalate

Novig is in the middle of a legal battle playing out across the country as several U.S. states are challenging prediction market companies in court, arguing they are gambling sites and need to be regulated like other licensed sports betting operators.

Novig has sued five U.S. states (New York, Massachusetts, Washington, New Mexico, and Wisconsin) in a preemptive attempt to shield its platform from state gambling enforcement.

A New York judge on Aug. 12 denied Novig’s request for a temporary restraining order that would have blocked the state from taking enforcement action against the company.

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.