Novig reported trading volume exceeding $125 million across its initial week of operations, which launched on Aug. 4. The achievement outpaced the debut-week volumes recorded by competing platforms Kalshi, Polymarket U.S., Underdog, and DKeX, according to figures compiled by Novig itself.
Parlay bets represented approximately one-third of the platform’s trading activity, with baseball emerging as the most actively traded sport. The platform achieved a single-day volume peak of $26.3 million during the opening week. Co-founder and Chief Executive Jacob Fortinsky indicated that the company intends to concentrate its expansion efforts on markets connected to sports and competitive events as professional leagues prepare for their upcoming seasons.
Novig faces ongoing legal disputes with multiple states challenging the legitimacy of its operations. The platform has initiated litigation against New York, Massachusetts, Washington, New Mexico, and Wisconsin, asserting that state gambling statutes do not apply to its sports event contracts. A federal judge in the Southern District of New York recently declined Novig’s request for a temporary restraining order, allowing New York to proceed with enforcing its gambling regulations against the company.
Legal observers have noted challenges ahead for Novig’s litigation efforts. Gaming attorney Daniel Wallach commented on Aug. 9 that the company’s prospects in cases against Massachusetts, New York, and Washington appear unfavorable based on recent judicial outcomes favoring the states. The Commodity Futures Trading Commission had granted Novig designated contract markets approval in June.
The platform enforces a 21-and-older age restriction for users. Fortinsky has previously stated that the company made this decision based on public feedback and concerns about behavioral risks in younger demographics. Novig’s volume achievement occurred amid continued expansion by rival platforms, with Kalshi reporting that it captures more than 90% of U.S. prediction market activity and has consistently maintained leading monthly volumes alongside Polymarket entities since May.
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