Novig Reports $125 Million in Trading Volume in First Week

• Novig Founder Jacob Fortinsky reported the new DCM did more than $125 million in trading volume in its first week
• Novig’s first week of trading volume surpassed Kalshi, Underdog, DraftKings, and Polymarket’s opening weeks
• Novig received Designated Contract Market certification from the Commodity Futures Trading Commission in June

Novig Founder Jacob Fortinsky reported the newly certified Designated Contract Market posted more than $125 million in trading volume for its sports event contract markets during its first week of operation.

Novig received Designated Contract Market (DCM) certification from the Commodity Futures Trading Commission on June 16 and launched its sports event contract markets on Aug. 4. In its first day of trading, Fortinsky reported the platform saw more than $18 million in volume.

Novig applied for its DCM certification in January.

Highest Week-One Volume

According to Fortinsky on the social media platform X, Novig’s first week trading volume greatly outpaced the first week trading volume for other major prediction market operators.

Novig’s $127.9 million in trading volume topped Kalshi, Underdog, DraftKings, and Polymarket’s first week performance.

• Novig: $127.9 million
• Kalshi: $6.6 million
• Underdog: $2.5 million
• DraftKingsEx: $1.4 million
• Polymarket US: $45K

The company has maintained its 21-and-up age requirement as it rolls out throughout the country.

Novig only offers sports event contracts on its platform. After receiving its DCM status, Novig noted it would welcome new CFTC-regulated safeguards to its platform that are “more commonly associated with financial markets, including enhanced market surveillance, protections against manipulation and insider activity, and comprehensive compliance standards designated to protect participants.”

Its prediction market offerings are not available in Arizona, Michigan, and Nevada.

During its first month of operation, Novig has also taken several preemptive legal measures to ensure its markets are available throughout the U.S.

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Five Filed Lawsuits

Novig has been aggressive in protecting its newly launched sports event contract markets by preemptively filing five lawsuits in states that have shown a willingness to regulate prediction markets through their own gambling laws.

Novig filed its most recent lawsuit in Wisconsin. The company filed its lawsuit in U.S. District Court for the Western District of Wisconsin against Wisconsin Attorney General Joshua L. Kaul and John Dillett, administrator of the Wisconsin Department of Administration Division of Gaming.

The complaint requests declaratory and injunctive relief against the state, also requesting Wisconsin be enjoined from enforcing preempted gambling laws against Novig’s federally regulated sports event contract transactions.

The preemptive lawsuit is similar to four others filed in New York, New Mexico, Massachusetts, and Washington.