Novig has officially made the leap from sweepstakes to prediction markets, launching its nationwide product early Tuesday.
The launch comes about six weeks after the company received approval from the Commodity Futures Trading Commission (CFTC) to operate as a designated contract market (DCM), thus allowing it to operate its own prediction market exchange.
“That means our sports prediction market is now federally regulated and available to fans across the whole country,” read a blog post on the company’s website.
Launch is only for 21-and-up
While asserting Novig was ready to enter the prediction market waters, co-founder and CEO Jacob Fortinsky said the company is maintaining its 21-plus age requirement, which makes it the only prediction market to do so.
“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,” Fortinsky said in the announcement.
“We built Novig to change that, not only by creating the best place to trade sports, but by setting the standard for what a modern sports prediction market should be. That has meant building with trust, transparency, and responsible participation at the center, including maintaining a 21+ age requirement and investing in the compliance, market surveillance, and safeguards needed to scale responsibly. This launch is a major step toward bringing that vision to more users than ever before.”
According to the company, the move to the prediction market model will allow users to engage in instant live trading, with access to deeper liquidity, stronger market quality, and expanded payment options.
