The New York Mets and Novig announced a multi-year partnership on Thursday, naming Novig the team’s Exclusive Official Prediction Market Partner.
The agreement begins this season and includes signage at Citi Field, broadcast integrations and digital activations.
Novig operates through its Ludlow Exchange LLC entity, which the CFTC designated as a Designated Contract Market on June 16.
The designation lets Novig list sports-based event contracts under federal derivatives rules rather than applying for licences in each state.
MLB’s Integrity Programme Now Covers Novig Markets
The Mets deal follows Novig’s separate designation as an MLB Authorized Prediction Market.
That status requires Novig to join MLB’s integrity programme, which includes market monitoring, reporting protocols and restrictions on high-risk contracts such as single-pitch or umpire-decision markets.
MLB named a different platform, Polymarket, as its Official Prediction Market Exchange in March, alongside a memorandum of understanding with the CFTC on information-sharing.
Novig’s authorisation sits under that same integrity framework but at the operator level rather than as MLB’s designated exchange partner.
Unlike sportsbooks, which take the other side of a customer’s bet, Novig matches users against each other, with prices set by order flow rather than a set line.
“The sportsbook era is ending,” said Novig co-founder and CEO Jacob Fortinsky.
Other Operators are Applying for the Same Federal Status
Sporttrade exited its state-licensed sportsbook operations across five states in May and filed for CFTC designation as both a Designated Contract Market and a Derivatives Clearing Organization; that application remains pending.
DraftKings has launched its own CFTC-regulated exchange, DKeX. FanDuel has partnered with CME Group on similar event-contract products.
Novig has recorded more than $5 billion in cumulative trading volume to date. The company is scheduled to launch nationwide in August.
The New York Mets and Novig announced a multi-year partnership on Thursday, naming Novig the team’s Exclusive Official Prediction Market Partner.
The agreement begins this season and includes signage at Citi Field, broadcast integrations and digital activations.
Novig operates through its Ludlow Exchange LLC entity, which the CFTC designated as a Designated Contract Market on June 16.
The designation lets Novig list sports-based event contracts under federal derivatives rules rather than applying for licences in each state.
MLB’s Integrity Programme Now Covers Novig Markets
The Mets deal follows Novig’s separate designation as an MLB Authorized Prediction Market.
That status requires Novig to join MLB’s integrity programme, which includes market monitoring, reporting protocols and restrictions on high-risk contracts such as single-pitch or umpire-decision markets.
MLB named a different platform, Polymarket, as its Official Prediction Market Exchange in March, alongside a memorandum of understanding with the CFTC on information-sharing.
Novig’s authorisation sits under that same integrity framework but at the operator level rather than as MLB’s designated exchange partner.
Unlike sportsbooks, which take the other side of a customer’s bet, Novig matches users against each other, with prices set by order flow rather than a set line.
“The sportsbook era is ending,” said Novig co-founder and CEO Jacob Fortinsky.
Other Operators are Applying for the Same Federal Status
Sporttrade exited its state-licensed sportsbook operations across five states in May and filed for CFTC designation as both a Designated Contract Market and a Derivatives Clearing Organization; that application remains pending.
DraftKings has launched its own CFTC-regulated exchange, DKeX. FanDuel has partnered with CME Group on similar event-contract products.
Novig has recorded more than $5 billion in cumulative trading volume to date. The company is scheduled to launch nationwide in August.