Posted on: June 17, 2026, 12:05h.
Last updated on: June 17, 2026, 12:05h.
Novig, which operates a sports-first yes/no exchange, announced Tuesday it won essential regulatory approval to operate as a nationwide prediction market.
Novig won regulatory approval to operate a nationwide sports prediction market. (Image: PR Newswire)The Commodities Futures Trading Commission (CFTC) granted Novig Designated Contract Market (DCM) status, paving the way for the company to “expand nationwide under a single regulatory framework.” The DCM license is pivotal for any company seeking to operate a regulated prediction market in the US.
With CFTC designation, Novig will be able to operate across all 50 states and implement robust safeguards more commonly associated with financial markets, including enhanced market surveillance, protections against manipulation and insider activity, and comprehensive compliance standards designed to protect participants,” said the company in a statement.
Privately held Novig said the approval was one of the fastest of its kind in the history of the CFTC — the federal agency with regulatory jurisdiction over prediction markets.
Novig, ProphetX Adding Competition to Prediction Markets
Already teeming with competition, the fast-growing prediction markets industry is getting more of that with Novig securing DCM licensing and rival ProphetX procuring similar regulatory approval several days ago. On June 11, ProphetX said it was approved “to operate America’s first federally regulated sports-native prediction market.”
Those approvals arrive as Kalshi remains the dominant force in US prediction market volume, but there are credible challengers to that throne, including Polymarket and Crypto.com. Polymarket is finally rolling out to a broader US audience. Predictions-first operators are also facing competition from entrenched gaming companies and brokerage firms. Non-native prediction market firms that are now in the space include Coinbase Global, DraftKings, FanDuel and Robinhood Markets, among others.
Companies such as Novig and ProphetX believe they can carve out attractive niches because sports bettors are looking for alternatives to old guard sportsbooks.
“Our message is black and white – prediction markets bring a fair, transparent environment to what is currently an unfair, opaque space with sportsbooks,” said ProphetX CEO and cofounder Dean Sisun in a post on X. “Simple as that. Sportsbooks are criminals hiding in plain sight. Anyone who wants a better experience should be rooting against them. We will continue battling them.”
There’s evidence that some bettors and traders are embracing the sports-first models offered by Novig and ProphetX. Specific to Novig, which raised $105 million across two funding rounds dating back to last year, the company already topped “$5 billion in cumulative volume as more users adopt a platform that emphasizes efficiency and transparency.”
More Entrants Want in on Prediction Markets
In another sign of rising competition in the prediction market space, 365Prediction, the company run by former PlayUp CEO Dr. Laila Mintas, is seeking DCM approval from the CFTC.
Mintas is a vocal proponent of event contracts, noting at a recent conference that the emerging industry could render traditional sports betting obsolete. She’s also made clear that she views sports derivatives as more comparable to trading and not akin to sports wagering because the transactions take place on an exchange and traders aren’t competing “against a house that always wins.”
365Prediction believes the term “gaming” should be defined at the federal level and not by a hodgepodge of state regulators. The company is hoping the CFTC is ultimately able to confirm that “exchange-traded, centrally cleared event contracts are NOT ‘sports betting’ under state law.”
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