Novig gets CFTC approval, intensifying competition in federally regulated sports prediction markets.

Novig has received approval from the Commodity Futures Trading Commission (CFTC) to operate as a federally regulated sports prediction market, joining a growing field including Kalshi, ProphetX, Robinhood, and major sportsbooks like FanDuel and DraftKings. Novig's platform focuses on peer-to-peer sports trading, aiming to replace traditional sportsbooks by allowing users to trade directly against each other rather than betting against the house. This approval comes amid a surge in sports prediction market interest driven by major events like the World Cup and NBA finals, with companies racing to capture market share under federal regulation. The outcome of ongoing legal and regulatory battles will shape whether sports trading is treated as a national asset class or remains under state gaming laws, with significant implications for the industry's growth and competition.