Novig has received designation from the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM). The approval allows the company to offer sports event contracts nationwide under federal oversight.

• Novig is allowed to operate its sports prediction market under a national regulatory framework. It marks a major step in the company’s expansion across the US.
• The platform uses a peer-to-peer model where users trade directly with one another rather than betting against a sportsbook. Novig said prices are determined by supply and demand, with no traditional house model involved. The company positions the Novig prediction market as a financial market built specifically for sports traders.
• CEO and co-founder Jacob Fortinsky said the designation process was completed in record time. He described it as “the fastest designation of its kind in CFTC history.” Fortinsky added that sports event contracts should be treated as a legitimate asset class within regulated financial markets.
• Novig said it has surpassed USD 5 billion (ca. EUR 4.3 billion) in cumulative trading volume since launch. The company believes federal oversight will help it scale nationally while focusing on transparency, market integrity and liquidity. Further product updates and announcements are expected later this summer.
• Novig was founded in 2021 by Jacob Fortinsky and Kelechi Ukah and is headquartered in New York. The company operates a peer-to-peer sports prediction market and has raised more than USD 100 million (ca. EUR 86 million) in funding to support its growth and nationwide expansion.
• Novig offers its sports prediction market through both mobile apps and a web-based platform. The company initially launched as a mobile-first product but now supports desktop access as it expands nationwide.

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