Novig Says Opening Week Trading Volume Topped Kalshi, Polymarket, DraftKings and Underdog

Novig says its first week as a federally regulated sports prediction market outpaced the early trading volume reported by bigger-name rivals. The company told CNBC it generated more than $125 million in sports event contract trades during its opening week, a figure it claims topped the early numbers put up by Kalshi, Polymarket, DraftKings, and Underdog when those platforms launched their own sports contracts.

The milestone comes just two weeks after Novig flipped the switch on its Commodity Futures Trading Commission-regulated platform on August 4, following the CFTC’s approval of its designated contract market application back in June. That approval let Novig fully pivot from its earlier sweepstakes-based model into a true federally regulated exchange where users trade sports outcomes against one another rather than against the house.

A slow month on the sports calendar, a fast start for Novig

Novig co-founder and CEO Jacob Fortinsky framed the number as more impressive given the timing. Writing on LinkedIn, Fortinsky called August “one of the slowest months on the sports calendar” and noted that Novig still cleared $125 million in trading volume in its debut week despite restricting itself to users 21 and older — a stricter age gate than most prediction markets platforms currently enforce.

“That’s especially meaningful when you consider we’re a 21+ platform, and intentionally not capturing the entire market,” Fortinsky said. “We’re just getting started. September is around the corner, the sports calendar is about to explode and we’re gearing up for what’s next.”

CNBC reported that parlays made up roughly a third of Novig’s opening-week volume, with baseball drawing the most action of any sport. Fortinsky told the outlet that Novig’s single busiest day since the nationwide launch brought in $26.3 million in trading volume.

Backed by fresh capital and a growing sports footprint

Novig entered its nationwide launch with more than $105 million in total funding, including a $75 million Series B round that closed in February. The company has also been building out real-world sports partnerships, recently becoming the New York Mets’ official prediction market partner just days before going live nationally.

The nationwide rollout wasn’t without friction. Novig’s sports contracts remain geofenced in Arizona, Michigan, and Nevada, with some early reports suggesting parts of Washington state may also be restricted. Account holders who previously used Novig’s sweepstakes product had to update the app and pass geolocation checks to access the new CFTC-regulated exchange.

Novig’s early results also arrive as prediction markets more broadly remain tangled in legal fights with state gaming regulators over how sports event contracts should be classified and overseen. Kalshi, Polymarket, and other operators have faced cease-and-desist orders and litigation in multiple states even as the CFTC has moved toward formal rules for sports event contracts at the federal level. For now, Novig’s opening-week numbers give it a data point to point to as it looks to carve out share from Kalshi, Polymarket, and the sportsbook-affiliated entrants like DraftKings Predictions and FanDuel Predicts heading into the busier fall sports calendar.