By SectorWire desk ·
Novig sued New York authorities while launching its sports-trading platform nationwide. The company sought to pre-empt enforcement similar to the state’s actions against other prediction-market operators.
Novig’s lawsuit seeks protection from potential New York enforcement as it expands access.
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The litigation accompanies Novig’s nationwide prediction-market rollout.
Sports trading helped prediction market operators exceed their previous monthly volume record.
Recipients face possible administrative, civil or criminal proceedings if they disregard the commission’s demands.
Nine prediction market platforms face Connecticut cease-and-desist orders over sports event contracts offered to residents.
Operators face unresolved gaming definitions as the CFTC deliberates and Nevada and New Jersey assert authority over sports-outcome contracts.
The orders require nine prediction market companies to stop offering sports event contracts to Connecticut residents.