TLDR Novig recorded more than $125 million in trading volume during its first week as a federally regulated prediction market. The company launched nationwide on August 4, weeks after getting approval from the Commodity Futures Trading Commission. Parlays made up about one third of the opening week volume, with baseball leading activity. Novig is suing five states, arguing federal law gives the CFTC sole authority over its contracts. A judge in New York already denied the company’s request to block state enforcement while the case continues.
Novig has entered the prediction market space with an opening week that outpaced several rivals in sports trading. The company reported more than $125 million in notional trading volume in its first seven days.
The platform launched nationwide on August 4. This came less than two months after the Commodity Futures Trading Commission approved Novig to operate as a designated contract market.
Chief executive Jacob Fortinsky told CNBC that the company’s best single day so far brought in $26.3 million in volume. That happened during the first week after the nationwide launch.
Parlays, which combine multiple bets into one wager, made up close to a third of the total volume. Baseball was the most traded sport during the launch window, according to people familiar with the company’s operations.
Novig says its opening week sports volume topped the launch totals of Kalshi, Polymarket US, Underdog and DraftKings’ DKeX. These figures come from the company’s own calculations.
Novig Enters a Growing Market
The prediction market sector now moves billions of dollars each week. Data from Dune Analytics shows roughly $3.46 billion in trading volume across tracked platforms during the week of August 3.
Kalshi led that week with $2.48 billion in volume. Polymarket followed with $482.9 million, and Polymarket US brought in $378.8