Sports-only prediction market operator Novig announced a new responsible trading framework Thursday, including what it says is the industry's first 21-plus age requirement.
Key Takeaways
- Other prediction market platforms allow users aged 18 and up to trade.
- Novig says it will adhere to the CFTC’s request for no “risk-free” marketing.
- Other responsible trading initiatives include self-exclusion options and restrictions on programs encouraging loss-chasing.
Other prediction market platforms, including Kalshi and Polymarket, allow users 18 and older to trade. Novig, which began a peer-to-peer sweepstakes platform in 2021, set its age requirement less than two weeks after transitioning into the federally regulated prediction market space.
Novig will require users to verify identity, including reverification when necessary. The operator said it will suspend accounts found to violate the age requirement or misuse an identity.
Enjoying Covers content? Add us as a preferred source on your Google account“Trust is the foundation of every market, and it’s earned through clear rules and accountability,” said Jacob Fortinsky, cofounder and CEO of Novig. “Responsible trading shouldn’t rest solely with the customer - it should always begin with the exchange itself. By codifying responsible trading standards directly into our rulebook, we’re holding ourselves to the same high standard we expect of our participants and establishing a new benchmark for how federally regulated prediction markets should operate.”
Other initiatives
Novig also announced it will implement comprehensive member controls, including indefinite self-exclusion, deposit and loss limits, and delays before increasing established limits.
The prediction market operator said it won’t use “risk-free” advertising, which the regulatory agency, the Commodity Futures Trading Commission (CFTC), is cracking down on. Novig added it will not market to individuals under 21 or offer incentives that encourage users to chase trading losses.
The company is adding risk-based monitoring, responsible platform design requirements aimed at discouraging impulsive trading, and contract review that requires user-protection considerations for new markets.
Novig said it will make framework reviews and other data available to the CFTC upon request.
Industry concerns
Novig is addressing responsible trading concerns that have been an issue with state regulators and stakeholders since prediction market sites introduced sports event contracts in early 2025.
Earlier this week, the Nevada Council on Problem Gambling announced it was cutting ties with the national council, citing the lack of a 21-plus age requirement for partner Kalshi as a primary reason.
“Our decision is based on the elevated risk of harm to young people,” Nevada Council executive director Trey Delap said. “The activity on the Kalshi platform has the same effect as gambling.”
Trading exchanges have historically allowed users 18 and older because they primarily offered financial markets. But since U.S. sports betting expanded after PASPA was overturned in 2018, most states that have legalized wagering have required residents to be at least 21 to open an account.
