The CFTC approved Ludlow Exchange, which operates as Novig, as a designated contract market, enabling the company to offer event contracts. Novig said its contracts are available to people aged over 21 in all 50 US states; the report said the approval followed a $75m Series B round four months earlier.
The designation enables Novig to offer event contracts under federal oversight across its stated US market.
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Reportedly, the Commodity Futures Trading Commission has paused micro contracts offered by Novig and ProphetX. The Novig products covered the first points scored in basketball games, while the ProphetX products were scorigami contracts.
The Ohio Casino Control Commission has told sports betting and fantasy contest licensees and applicants that providing services to prediction market operators may affect their suitability. Interim executive director Andromeda Morrison said licensees must confirm compliance with the notice by 30 October. The commission issued cease-and-desist letters to 10 prediction market companies after a Sixth Circuit ruling allowed Ohio to enforce its gaming laws against Kalshi.
The Ohio Casino Control Commission has sent a notice to sports betting and fantasy contest licensees and applicants in the state warning that providing services to prediction market operators may affect their suitability. Andromeda Morrison, the commission's interim executive director, told the seven-member Commission on Wednesday that licensees and applicants must confirm compliance with the notice by 30 October. The notice was first reported by The Event Horizon newsletter.
US sportsbook handle rose 43% month-on-month in September, outpacing growth in taker volume on CFTC-regulated prediction markets, according to a Stifel note. Stifel analyst Jeffrey Stantial estimated taker volume at about $17.7bn, up 27%, while notional volume across regulated prediction markets rose 64% to $77bn.
US sportsbook handle grew faster than taker volume on prediction markets regulated by the Commodity Futures Trading Commission (CFTC) in September, according to a Stifel note. Stifel analyst Jeffrey Stantial estimated that monthly taker volume across the industry reached about $17.7bn, a rise of 27%, while sportsbook handle in reporting states rose 43% month-on-month.
Crypto.com and Novig have sued Missouri officials in federal court to stop the state enforcing its sports betting laws against their sports event contracts. The suits were filed on Friday as 30-day deadlines expired for six prediction market operators ordered by Attorney General Catherine Hanaway to stop offering the contracts or obtain state authorisation. Crypto.com argues the Commodity Exchange Act gives the CFTC exclusive jurisdiction.
Crypto.com and Novig have taken Missouri officials to federal court in an effort to block enforcement of the state's sports betting laws against their sports event contracts. The suits arrived on Friday, the same day that 30-day deadlines ran out for six prediction market operators told by Missouri Attorney General Catherine Hanaway to halt sports event contracts or secure state authorisation.
Novig expanded its partnership with integrity firm IC360 ahead of the NBA season opener, according to the report. Novig said it expects the partnership to help address insider-trading threats and promote integrity on its platform.