By SectorWire desk ·
The report said that Novig sued New York after relaunching as a sports prediction market. The company sought to stop the state applying its gambling laws to the platform.
The suit challenges state enforcement against Novig’s prediction contracts.
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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.
Connecticut’s orders require nine platforms to halt sports event contracts and other alleged unlicensed online gambling while permitting withdrawals.