RSBIX has applied to the US Commodity Futures Trading Commission to become a designated contract market, according to the report. The application is pending; company founder Jeff Ifrah said approval and launch could follow within about six months if the review proceeds smoothly.
A decision could determine whether RSBIX can list sports-related contracts across the US.
The day’s most important stories, free. One email a day.
It was reported that Novig launched its sports prediction-market exchange in 47 states on 4 August. The business had obtained CFTC designated contract market registration in June.
Novig reportedly raised $75m in a Series B led by Pantera Capital as it seeks to register with the Commodity Futures Trading Commission and shift from sweepstakes gaming to a sports exchange. The report says the company aims to operate across all 50 states; the fundraising brings its total capital raised since 2024 to more than $105m.
US Senator Ted Cruz plans to introduce legislation after the 3 November midterm elections that would require state or tribal authorisation for prediction markets to offer gambling-related event contracts, including sports. The proposal would shift the approval decision to states and tribes; it remains planned legislation, and the source says it had not appeared on the Congress website.
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.
Former CFTC chair Gary Gensler told tribal gaming leaders that Congress did not intend the 2010 Dodd-Frank Act to establish federal oversight of sports betting. In an amicus brief, he challenged the legal basis for the CFTC’s support of prediction markets, arguing that the legislation addressed financial derivatives rather than sports wagering.