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Novig reports $125 million in first-week trading volumes
Novig launched on Aug. 4 and said baseball bets drove most sports contracts on the platform’s opening week.
New prediction market platform Novig reported $125 million in U.S. trading volumes during its first week after launching Aug. 4, with management saying the figure outpaced established rivals Kalshi and Polymarket. According to Yahoo Finance, Novig said betting on baseball games dominated its sports event contracts during the first week. The platform is positioned primarily around sports betting, and does not currently offer markets tied to other real world events such as politics.
The company’s rollout is aimed ahead of upcoming NFL, NBA, and Premier League seasons, management said. Yahoo Finance also noted that despite being under a month old, Novig has become involved in legal disputes over which regulators oversee prediction markets.
Novig told outlets that the Commodity Futures Trading Commission governs the platform, not individual U.S. states, and it has sued New York, Massachusetts, Washington, New Mexico, and Wisconsin. The CFTC approved Novig’s designated contract markets application in June, enabling the company to begin operations in August.