Novig wins CFTC approval as competition intensifies in sports prediction markets

Novig wins CFTC approval as competition intensifies in sports prediction markets

Novig is building a peer-to-peer sports trading platform that allows users to trade directly against one another rather than bet against the house.

Novig Lands CFTC's Fastest-Ever DCM Approval, Threatening State Sportsbook Model

Novig just got federal approval. And it wasn’t a slow process — the CFTC granted Novig’s Ludlow Exchange LLC designation… Read the original on Novig Lands CFTC’s Fastest-Ever DCM Approval, Threatening State Sportsbook Model. For more crypto news and analysis, visit TheCurrencyAnalytics.com.

Novig Earns DCM Designation From CFTC On Tuesday

Novig, a sports-based prediction market platform, was officially recognized by the US Commodity Futures Trading Commission as a Designated Contract Market. This allows Novig to offer their sports-related event contracts to all 50 states, which is expected to launch this summer. The company earned one of the fastest approvals in the history of the CFTC and has already surpassed $5 billion in volume. NEW YORK – In the midst of a heated debate over…

Novig secures CFTC approval to operate prediction markets across the US

Novig has received a designated contract market (DCM) license by the Commodity Futures Trading Commission (CFTC) and will now push ahead with plans to roll out its prediction market product across the US this summer. The former sports betting turned sweepstakes operator, which then pivoted again to an exchange model, filed for a DCM license at the end of January under the Ludlow Exchange LLC banner and with a New York address. The five-month app…

Novig CFTC approval challenges sportsbook industry model

When Novig announced that it had secured designation as a Designated Contract Market (DCM) from the Commodity Futures Trading Commission (CFTC), the obvious headline was regulatory approval. The more interesting headline is that a startup just received federal permission to take a run at the sportsbook industry. That’s what could make this significant. And here's the press release:Novig Secures CFTC Designation, Bringing the First Prediction Ma…

Novig enters prediction market space with CFTC approval

The accelerated process for Novig to supply event contracts has ended with the company receiving a key designation from the Commodity Futures Trading Commission (CFTC). On Tuesday, the New York-based company announced the CFTC approved its registration as a designated contract market (DCM). The DCM designation allows Novig to supply event contracts to consumers. Meanwhile, companies that are registered with the CFTC as futures commission merchan…