New York judge rules Novig sports contracts are bets, not financial swaps
A US federal judge denied Novig’s request for a preliminary injunction against New York’s attorney general and gaming regulators, ruling that its sports event contracts are sports betting rather than protected financial swaps. The decision leaves New York able to pursue enforcement, which could require Novig to obtain a state gambling licence or stop operating there; it does not itself order the company to close.
The ruling leaves Novig exposed to New York gambling-law enforcement despite its federal contract-market designation.