Novig posted over $125 million in notional trading volume in its first week of operation as a sports-focused prediction market following its Aug. 4 launch.
Key Takeaways
- Novig generated more than $125 million in first-week trading volume.
- It surpassed the first-week sports-trading volumes of Kalshi, Polymarket, and others.
- Novig received CFTC approval as a DCM in June and launched sports-focused prediction markets Aug. 4.
That easily surpassed the trading volumes generated by market leaders Kalshi and Polymarket during their first weeks offering sports event contracts, as well as Underdog and DraftKings.
Parlays accounted for one-third of Novig's overall trading, sources told CNBC.
“Our highest-volume day since launching nationwide ... was $26.3 million in trading volume,” said Novig cofounder and CEO Jacob Fortinsky.
August is one of the slowest months on the sports calendar.
— Jacob Fortinsky (@j__fort) August 18, 2026
And @Novig did $125M+ in trading volume in our first week.
This is all while being 21+ and not going after teenagers.
Just the beginning. https://t.co/Vz9VLO951p pic.twitter.com/cC1yHFoUcc
Novig has found immediate success despite its 21-and-over age requirement, which is higher than the 18-plus threshold of most prediction market operators.
It’s been a long and winding road for Novig, which first launched in 2021 as a peer-to-peer sports betting exchange. After securing licenses in just two states for its unique business model, Novig pivoted to operating under a sweepstakes umbrella. As states began cracking down on sweepstakes operators, Novig decided to adopt the prediction market model.
Novig applied to the Commodity Futures Trading Commission (CFTC) in January. In February, Novig successfully raised $75 million in a Series B funding round to help its transformation. Novig won CFTC approval to operate as a designated contract market (DCM) in June. In July, the New York Mets inked an exclusive deal with Novig, becoming the first MLB team to partner with a prediction market.
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Taking the legal bull by the horns
Dealing exclusively in sports event contracts, Novig understood the legal challenges it was bound to face from state regulators.
While sports betting is regulated by the states, prediction markets are regulated by the federal government. And that jurisdictional divide has created something of a legal gray zone where many state initiated court cases now reside.
So, within its first few weeks of operation, Novig preemptively sued five states, seeking to establish its right to offer sports event contracts there. Thus far, Novig has sued Massachusetts, New Mexico, New York, Washington, and Wisconsin.
