Prediction Markets

Novig Posts $125M Debut Week in Prediction Market Launch Amid Multi-State Legal Battles

Posted on: August 20, 2026, 08:01h.

Last updated on: August 20, 2026, 09:04h.

Written by

Mark Keast Mark is a long-time, seasoned journalist, as a writer and editor, working for several Toronto daily newspapers, then moving over to the digital arena, covering both sports and business. Over the past few years he moved over to the gaming arena, specifically covering the igaming industry in Canada for several platforms, as well as writing on sports betting.

Key Points

Novig generated over $125 million in notional trading volume during its debut week nationwide
Parlays accounted for one-third of total activity, with baseball emerging as the platform's leading sports market
The operator has filed preemptive federal lawsuits against five states to block local gambling enforcement

Prediction market platform Novig generated more than $125 million in notional trading volume during its first week of operation, surpassing opening-week sports contract figures from rivals like Kalshi and Polymarket U.S. even as it wages legal battles with state regulators.

Tobi Lawal of the Dallas Mavericks dunks during an NBA Summer League game in July. Prediction market company Novig offers event contracts on sports like the NBA. (Image: Louis Grasse/Getty Images)

According to reporting by CNBC, parlays accounted for a third of Novig’s overall trading volume during its opening week, with baseball markets dominating user interest.

Novig launched nationwide on Aug. 4. The platform focuses exclusively on sports prediction markets, unlike major competitors that offer event contracts spanning political, economic, and entertainment outcomes.

Parlays Drive Early Volume

“August is one of the slowest months on the sports calendar,” Novig Co-Founder and Chief Executive Officer Jacob Fortinsky wrote in a LinkedIn update. “And in our first week, Novig did $125M+ in trading volume. That’s especially meaningful when you consider we’re a 21+ platform, and intentionally not capturing the entire market.”

“We’re just getting started. September is around the corner, the sports calendar is about to explode, and we’re gearing up for what’s next,” Fortinsky added.

The upcoming sports schedule provides significant runway for growth: the Premier League soccer season kicks off Friday, Aug. 21, followed by College Football’s Week 0 on Aug. 29 and the National Football League (NFL) regular season kickoff on Sept. 9.

Busy Sports Calendar Looms

Fall action continues with the start of the National Hockey League (NHL) season on Sept. 29, leading into the National Basketball Association (NBA) tip-off on Oct. 20. Fortinsky noted that Novig’s highest single-day trading volume reached $26.3 million during its debut week.

The Commodity Futures Trading Commission (CFTC) granted Novig Designated Contract Market (DCM) status on June 16, paving the way for the company to offer sports event contracts under federal oversight. Novig previously operated a sweepstakes-model platform before pivoting to prediction markets.

State Legal Battles Escalate

Novig remains locked in a multi-state legal battle as several state regulators argue that sports event contracts constitute unauthorized sports gambling and must comply with state licensing laws.

In response, Novig filed preemptive federal lawsuits against gaming regulators in five states—New York, Massachusetts, Washington, New Mexico, and Wisconsin—arguing CFTC federal pre-emption over state gambling laws.

On Aug. 12, a New York judge denied Novig’s request for a temporary restraining order that would have blocked state enforcement actions while litigation proceeds.

Mark is a long-time, seasoned journalist, as a writer and editor, working for several Toronto daily newspapers, then moving over to the digital arena, covering both sports and business. Over the past few years he moved over to the gaming arena, specifically covering the igaming industry in Canada for several platforms, as well as writing on sports betting.