A new contender is seeking a place at the heart of regulated sports forecasting. The team behind Novig, a rapidly growing sports prediction platform, has formally applied to become a fully licensed prediction market exchange overseen by the Commodity Futures Trading Commission (CFTC).
The application, filed through a newly formed entity called Ludlow Exchange LLC, signals a significant step towards mainstream acceptance for this innovative approach to sports engagement. Novig has requested that key details of its application – covering everything from ownership structure to governance standards – remain confidential during the review process.
Just over a year ago, Novig initially launched its platform in 42 states and Washington D.C., cleverly operating under the existing sweepstakes regulatory framework. This initial move allowed them to quickly gain traction and test their core concept with a broad audience, fueled by a $6.4 million seed funding round.
The platform’s growth since that initial launch has been nothing short of remarkable. Within months, Novig reported a staggering 50-fold increase in monthly trading volume, exceeding $2 billion in annualized volume traded in its native “Novig Cash.” This explosive growth caught the attention of major investors.
In the summer of 2025, Novig secured a substantial $18 million investment round, led by Forerunner and supported by prominent venture capital firms including Y Combinator and NFX. This influx of capital was explicitly earmarked for scaling the platform and expanding its reach.
According to Jacob Fortinsky, Novig’s CEO and co-founder, the company isn’t simply about predicting game outcomes. It’s about building a genuine peer-to-peer market where skill is rewarded and fans have a level playing field. He believes they’ve created a system that accurately reflects supply and demand within the sports prediction space.
Fortinsky emphasized the organic nature of their success, stating that Novig has quickly become the leading sports prediction market in the United States. He views the recent investment as a powerful validation of their vision – a future where sports betting is more accessible and equitable for all fans.
The move by Novig adds another layer of competition to the emerging CFTC-regulated prediction market landscape, promising to further refine and evolve this exciting new frontier in sports and finance.
