Novig Reports $125m Prediction Markets Trading Volume In Opening Week
The prediction markets operator says its first-week sports trading volume surpassed the early figures recorded by several major rivals.
Novig has reported more than US$125m in sports event contract trading volume during its opening week, with the company claiming the figure exceeded the early performance of several established prediction market competitors.
The operator told CNBC that, based on its own calculations, its first-week volume was higher than the equivalent early figures reported by Kalshi, Polymarket, DraftKings and Underdog.
Novig launched its prediction markets platform nationwide in June after receiving approval from the Commodity Futures Trading Commission (CFTC).
The company operates a model in which customers trade directly against one another rather than against the operator.
Novig Targets Busier US Sports Calendar
Novig CEO and co-founder Jacob Fortinsky highlighted the performance given that the platform's opening period came during a relatively quiet part of the US sporting calendar.
“August is one of the slowest months on the sports calendar. And in our first week, Novig did $125M+ in trading volume,” Fortinsky said.
“That’s especially meaningful when you consider we’re a 21+ platform, and intentionally not capturing the entire market.
“We’re just getting started. September is around the corner, the sports calendar is about to explode and we’re gearing up for what’s next.”
According to CNBC, parlays represented approximately one-third of Novig's opening sports trading volume, while baseball generated more activity than any other sport.
Fortinsky said the platform has already recorded a single-day trading high of $26.3m.
“Our highest-volume day since launching nationwide...was $26.3m in trading volume,” he said.
Launch Follows $75m Funding Round
Novig entered the prediction markets sector having secured more than $105m in total capital.
That included a $75m Series B funding round completed in February, providing additional financing ahead of the company's nationwide expansion.
The reported opening volumes arrive as prediction markets continue to attract significant interest across the US, while simultaneously facing legal challenges over their regulatory status.
Several disputes involving state authorities remain ongoing as the industry continues to debate whether sports event contracts should fall exclusively under federal commodities regulation or be subject to state gambling laws.
