The sports prediction market platform, Novig, has been approved by the U.S. Commodity Futures Trading Commission to operate as a federally regulated prediction market, per a release by the company. The move allows Novig to be used in all 50 states. Novig has received Designated Contract Market (DCM) status from the CFTC, expanding its operations nationwide under a single regulatory framework.
Novig co-founder and CEO Jacob Fortinsky spoke highly of the decision in a statement.
“Novig is the best place to trade sports. From day one, our vision has been to operate within a single national framework that raises the standard for the entire category. Novig is the first sports prediction market built by sports traders for sports traders, and the momentum we’ve seen to date reinforces that there is real demand for a more efficient, and ultimately more profitable way for sports fans to participate in sports markets.
He added, “Federal oversight allows us to scale within a framework built on trust, transparency, and fairness. By aligning incentives with users and removing the structural disadvantages of legacy betting platforms, we’re building a fundamentally different model where participants aren’t playing against the house, but operating within a fair and transparent market.”
Novig describes itself as a sports-focused prediction market built around an exchange model that allows users to trade directly with one another. The company says its platform is designed to create a more transparent marketplace by eliminating traditional sportsbook pricing structures and allowing market participants to determine prices through trading activity.
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