Novig reported more than $125 million in nominal trading volume for the first week
The Novig prediction markets platform, which offers contracts on sporting events and launched on August 4, reported more than $125 million in notional trading volume during its first week of operation. The company shared this information with CNBC.
According to Novig’s calculations, trading volume on the platform during its launch week exceeded the corresponding initial figures for sports contracts on Kalshi and Polymarket U.S., as well as Underdog and DraftKings’ own prediction market exchange, DKeX. Novig co-founder and CEO Jacob Fortinski said that the highest daily trading volume following the nationwide launch reached $26.3 million.
About one-third of Novig’s total trading volume came from parlays—combined contracts. According to CNBC sources familiar with the platform’s operations, baseball-related contracts were in the highest demand among its markets.
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Novig focuses on sports contracts, particularly ahead of the new NBA and English Premier League seasons. At the same time, other prediction market platforms are expanding their offerings with perpetual futures contracts and risk-hedging instruments. According to data published on Dune, since May, Kalshi, Polymarket, and Polymarket U.S. have dominated in terms of monthly notional trading volume among such platforms.
Novig is also involved in legal disputes regarding the regulation of sports contracts. The company has filed lawsuits against the states of New York, Massachusetts, Washington, New Mexico, and Wisconsin, arguing that the states cannot apply gambling laws to its sports contracts. Last week, a judge in the Southern District of New York denied the platform’s request for a temporary restraining order that would have halted the enforcement of state regulations against Novig.
In June, the U.S. Commodity Futures Trading Commission approved Novig’s application for designated contract market status. The company previously operated in Colorado under a sports betting license but later transitioned to a sweepstakes-based product. Currently, only individuals aged 21 and older may use the platform.
