What Novig is, where it works, and how its odds are priced
Novig is a sports prediction market: you buy and sell event contracts on games against other users, not against a sportsbook, on an exchange the CFTC designated in June 2026. Novig is available nationwide except in Arizona, Nevada and Michigan, judged by where your device is when you trade, and you must be 21 or older.
What it is
Novig is a sports prediction market: you buy and sell event contracts on games against other users, not against a sportsbook, on an exchange the CFTC designated in June 2026.
Novig is a CFTC-regulated prediction market for sports. Instead of placing sportsbook-style bets, you buy and sell event contracts
No. Novig operates a CFTC-regulated exchange for event contracts on sports outcomes.
Ludlow Exchange, LLC Designated 06/16/2026
The exchange is Ludlow Exchange, LLC, designated on 16 June 2026; trades clear through Bitnomial:
You acknowledge and agree that you are becoming a Clearing Member of Bitnomial Clearinghouse, LLC.
Where you can use it
Novig is available nationwide except in Arizona, Nevada and Michigan, judged by where your device is when you trade, and you must be 21 or older.
Novig is available nationwide, except in Arizona, Nevada, and Michigan.
Eligibility is based on your physical location at the time you trade, not your billing address, mailing address, or state of residency.
You must be 21 or older to open and operate a Novig account.
Ohio sent Novig a cease-and-desist letter dated 2 October 2026 over sports event contracts, with 14 days to respond.
Gov. Mike DeWine and Ohio Casino Control Commission (OCCC) chair Thomas Stickrath sent cease-and-desist notices dated Oct. 2 to 10 operators facilitating sports event contracts, including Polymarket, Novig, Underdog, Coinbase, ProphetX, and Robinhood.
Each state's position, with dated actions, is on Novig legality by state.
How Novig odds work
Odds on Novig are contract prices from $0 to $1, set by the users on each side; a price is the implied probability, and a winning contract pays $1.
Contract prices move between $0 and $1 and reflect the market's live estimate of the probability that an outcome will happen.
A make order means you create a new position at a price you choose. Your order goes into the market and waits for another user to accept the other side.
You can also exit a position early by selling, rather than waiting for the event to resolve.
What it costs
Pre-game straight trades carry no fee; live trades pay a taker fee on a 0.03 coefficient, and makers pay nothing.
Fee = Coefficient × Price × (1 − Price) × Number of contracts
Pre-game straight trades (app/web) No fee No fee
Live (in-game) straight trades (app/web) excluding NCAAF Spreads/Totals Eligible for Maker Credit 0.03 × P × (1−P) per contract
Fee = 0.03 × 0.50 × 0.50 × 100 = $0.75
Promos and referral terms are on Novig promo codes; cash-out routes on Novig withdrawals.
Funding, users and revenue
Novig does not publish revenue. It says it has raised over $105 million, most recently a $75 million Series B at a $500 million valuation in February 2026.
Closes a $75M Series B, valuing the company at $500M and bringing total funding to over $105M.
It claims over 250,000 users and over $6.5 billion traded:
we've grown to serve over 250K users nationwide, facilitating more than $6.5B in trading volume.
A larger round is reported but not confirmed by Novig:
Novig is raising a new round of capital that’s expected to value the sports-focused prediction-market platform at up to $2 billion, Front Office Sports has learned.
No revenue figure was found.
How it got here
Novig began as a Colorado sports betting operator, ran a sweepstakes product in 42 states, and became a CFTC exchange in 2026.
Rolls out its sweepstakes product, allowing it to launch in 42 states and widen its reach.
Novig has officially launched nationwide, following our designation from the U.S. Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM).
Both currencies are retired; all activity now runs through a single real-money account.
