Novig Tops $125 Million in First-Week Trading Volume as Sports Parlays Drive One-Third
Updated
Updated · CNBC · Aug 18
Novig Tops $125 Million in First-Week Trading Volume as Sports Parlays Drive One-Third
1 articles · Updated · CNBC · Aug 18
Summary
Novig said its sports prediction-markets platform handled more than $125 million in notional volume in its first week after its Aug. 4 launch, with a peak day of $26.3 million.
One-third of that trading came from parlays, while baseball contracts led activity; CEO Jacob Fortinsky said Novig is staying focused on sports as the NBA and Premier League seasons approach.
Novig said its opening-week sports volume exceeded the debuts of Kalshi, Polymarket U.S., Underdog and DraftKings' DKeX, even as Kalshi and Polymarket platforms have led monthly notional volume since May.
The rapid start comes amid legal pressure on sports event contracts: Novig has sued five states over gambling-law enforcement, and a New York judge last week denied its bid to block the state's rules.
The company won CFTC approval for its designated contract market in June and has shifted from Colorado sports betting and a sweepstakes model into federally regulated prediction markets for users 21 and older.