Novig joins a growing list of sports betting operators turning to event contracts
The Commodity Futures Trading Commission has approved Ludlow Exchange as a designated contract market.
Ludlow Exchange, operating as Novig, secured the CFTC designation on Tuesday, enabling the US-focused betting exchange operator to enter the burgeoning prediction markets space.
The CFTC approval comes four months after Novig raised $75 million through a series B funding round to finance its move into event contracts.
“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,” said Jacob Fortinsky, co-founder and CEO of Novig.
“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.
Fortinsky 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’s event contracts are available to players over the age of 21 in all 50 US states.