Novig has announced the launch of its federally regulated sports prediction market nationwide across the US.
Customers across the country can now access Novig’s platform, including features such as instant live trading and a range of payment options. The rollout comes after Novig secured approval from the Commodity Futures Trading Commission (CFTC) in June as a Designated Contract Market (DCM).
Novig will also operate with a series of safeguards designed to promote market integrity and responsible participation. Among these are enhanced market surveillance, protections against manipulation and insider activity, and various compliance standards.
The company, which said it has already surpassed $6bn in cumulative trading volume, is the only prediction market that maintains an age requirement of 21 and over.
“This launch is a major step toward bringing that vision to more users than ever before,” said Jacob Fortinsky, co-founder and CEO of Novig.
“For too long, sports fans have had limited ways to engage with the markets they know best. They are among the most passionate and informed communities in the world, yet they’ve never had a platform truly built around how they think, engage, and trade. We built Novig to change that.”
Novig expands prediction market presence
Novig has been seeking to make further inroads into the US prediction market sector in recent months, with the nationwide launch a key part of its strategy. The company operates an order-book exchange where users trade directly with one another without paying a commission to the company.
To support the launch, Novig selected Eventus Systems’ Validus platform to monitor trading on its exchange. Eventus provides real-time and post-trade monitoring, case management and data analysis across accounts and markets.
Meanwhile, just days before the nationwide rollout, Novig entered into a partnership with Major League Baseball team the New York Mets. The deal, which saw Novig become the franchise’s official predication market partner, was the first of its kind between an MLB team and a prediction market exchange.