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Novig has promoted founding engineer Ari Hirsch to the role of chief product officer, the report said. The report describes the position as the first of its kind at the company.
Novig is also searching for a "chief fan officer", a role that would sit within its marketing department, according to the report.
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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 and Crypto.com have taken their dispute with Missouri to federal court. Missouri Attorney General Catherine Hanaway had said last month that the prediction markets she targeted would sue.
North American Derivatives Exchange, which operates Crypto.com's OG prediction market, and Ludlow Exchange, Novig's operator, filed separate lawsuits on 16 October challenging Missouri's 21-year age minimum and 10% tax on sports event contracts. Both argue that federal commodities law gives the CFTC authority over their contracts, pre-empting state gambling rules, after a 30-day compliance period following cease-and-desist notices expired. Missouri Attorney General Catherine Hanaway's office maintains that labelling a sports bet an event contract does not remove it from state law.
North American Derivatives Exchange, which operates Crypto.com's OG prediction-market platform, and Ludlow Exchange, the operator behind Novig, filed separate lawsuits on 16 October challenging Missouri's sports event contract rules. The filings followed the expiry of a 30-day compliance period set out in cease-and-desist notices. Both companies argue that federal commodities law gives the Commodity Futures Trading Commission authority over their contracts, putting them outside Missouri's gambling requirements.
Prediction markets generated $78.2bn in notional trading volume during September. A recovery in sports trading helped push the monthly total above the previous record of $56.4bn recorded in July.
Prediction markets recorded $78.2bn in notional trading volume in September, according to a report published by HackerNoon. The total exceeded the previous monthly high of $56.4bn set in July, as sports trading recovered after a late-summer slowdown.