Novig Reports $125M Opening-Week Volume After Nationwide Launch
The sports-focused exchange reported significant early trading activity as it simultaneously fights regulators in five states.
Novig generated more than $125 million in notional trading volume during the first week of its federally regulated prediction market, providing an early indication of demand for the former sportsbook and sweepstakes operator’s latest pivot.
The company’s sports-focused prediction market platform launched nationwide on Aug. 4, less than two months after receiving Commodity Futures Trading Commission (CFTC) approval to operate a designated contract market (DCM).
Our highest-volume day since launching nationwide…was $26.3 million in trading volume,” co-founder and CEO Jacob Fortinsky told CNBC.
According to the company, parlays accounted for approximately one-third of Novig’s opening-week volume. Baseball dominated trading activity, according to people familiar with the company’s operations cited by CNBC.
Novig’s first-week sports volume surpassed the opening-week sports totals of Kalshi, Polymarket US, Underdog and DraftKings’ DKeX, based on data the company calculated.
Novig Enters Growing Prediction Market Field
The launch gives Novig an immediate foothold among newer entrants to the prediction market sector, which already generates billions of dollars in weekly trading activity.
Dune Analytics data shows approximately $3.46 billion in taker volume across selected prediction markets during the week beginning Aug. 3. Kalshi accounted for $2.48 billion, followed by Polymarket at $482.9 million and Polymarket US at $378.8 million.
For the following week, beginning Aug. 10, the tracked total increased to approximately $3.55 billion. That includes $2.52 billion at Kalshi, $545.7 million at Polymarket and $369.9 million at Polymarket US.
Separate data from Ticker Tracker provides additional context for the growing group of smaller exchanges. Recent seven-day totals show $157.3 million at Rothera, $78.4 million at Underdog, $37.8 million at ProphetX and $4.9 million at DraftKings. The reporting periods differ by platform and do not align exactly with Novig’s opening week.
Unlike some prediction market operators expanding into financial products and other event categories, Novig plans to maintain its focus on sports.
Our focus is on markets tied directly to sports and competition,” Fortinsky said.
The company was founded in 2021 as a sports betting exchange and operated under a Colorado sports betting license. In 2024, Novig pivoted to a sweepstakes-based social sportsbook before eventually pursuing the federally regulated prediction market model.
Novig has imposed a 21-and-over age requirement, although federally regulated prediction markets can generally accept customers as young as 18. Last week, the operator introduced a responsible trading framework, which includes identity verification, deposit and loss limits, cooling-off periods and self-exclusion tools.
Novig Accelerates Legal Challenges in Five States
Shortly after its nationwide launch, Novig expanded a legal offensive against state officials in five states.
The company has sued New York, Massachusetts, Washington, New Mexico and Wisconsin, arguing that the Commodity Exchange Act gives the CFTC exclusive jurisdiction over its federally regulated event contracts and preempts state gambling laws.
Its first attempt to obtain emergency relief has already fallen short. A federal judge in the Southern District of New York last week denied Novig’s request for a temporary restraining order that would have prevented the state from enforcing its gambling laws against the company.
Novig’s legal challenges are still in their early stages, but adverse rulings could leave the company vulnerable to state enforcement. If regulators ultimately succeed in forcing Novig to restrict or withdraw its sports contracts in individual states, the company’s ability to sustain the nationwide growth demonstrated in its opening week could be tested.
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