Novig Review 2026: The CFTC-Regulated Sports Exchange, Fees and States

Novig is a sports-only prediction market that matches traders against each other instead of against a bookmaker. The CFTC designated its exchange, Ludlow Exchange LLC, a designated contract market (DCM) on June 16, 2026 (Novig press release). On August 4, 2026, the regulated exchange replaced Novig's old sweepstakes app, which ran on Novig Coins and Novig Cash (RotoWire). Accounts now hold US dollars, and every user must be 21 or older.

This review covers how Novig works today, what it charges, where it is available and how it compares with Kalshi and the sportsbook-run prediction apps. We earn nothing when you open a Novig account, and the Novig link on this page goes straight to novig.com. Sources are linked where they appear and listed at the end.

Account basics

Fees, payment methods and the offer are from Action Network's Novig review dated October 8, 2026.

Pros and cons

Pros

• Federally regulated. Novig is now a CFTC-designated exchange, the same licence category Kalshi holds.
• No fee on pregame straight trades. Makers pay nothing on any trade type.
• A real order book. You can post a limit order at your own price and wait for another trader to take it.
• Live trading and parlays sit in the same app.
• Many ways to pay. Venmo, Apple Pay, cards and bank transfer.

Cons

• 21 and over only. Kalshi, FanDuel Predicts and DraftKings Predictions accept 18-year-olds.
• Sports only. No politics, economics or culture markets.
• Not in Arizona, Michigan or Nevada, and Novig is in court with several other states.
• Live and parlay trades cost more. Takers pay on live trades, and parlays carry a higher fee inside the price.
• A short regulated record. The exchange has run since August 2026. Users from the sweepstakes era had to install an app update before the new markets appeared.

What Novig is

Novig started as a peer-to-peer sports exchange built on the sweepstakes model. Users held two currencies: Coins for play and Cash that could be redeemed for money. That model let it run in states without a sports-betting licence. It also left it exposed: New York, California and New Jersey moved to ban dual-currency sweepstakes products (RotoWire).

In late January 2026 an application from Ludlow Exchange LLC appeared in the CFTC's filings portal. The paperwork named Novig as the holding company and described $1 contracts, fully collateralised, with no margin or borrowing (DeFi Rate, January 26, 2026). In February, Novig closed a $75 million Series B led by Pantera Capital, with Multicoin Capital, Makers Fund and Edge Equity joining existing investors (VC News Daily). The round was reported at a $500 million valuation.

The CFTC granted the designation on June 16, 2026, about six months after the filing. Novig called it one of the fastest designations of its kind. The company reported more than $5 billion in cumulative trading volume at that point and $6 billion by the August relaunch. Both are Novig's own figures. It has not published a user count.

How a trade works

Each contract pays $1 if the outcome happens and nothing if it does not. Prices run from 1¢ to 99¢ and read as a probability: a contract at 62¢ means the market puts the outcome at about 62%. You can sell before the game ends. The most you can lose is what you paid.

The difference from a sportsbook is who sets the price. A sportsbook posts both sides of a game at -110, which builds in a margin of about 4.5%. On Novig, your order fills only when another trader takes the other side, so the price is whatever the two of you agree. You can take the best price on offer or post a limit order at a better one and wait.

Fees

Novig uses one formula for its fees: coefficient × price × (1 − price) × number of contracts. Fees apply only when an order fills. Payment processors and banks may charge their own fees on top (Action Network, as of October 2026).

A worked example at 50¢:

• Pregame. 100 contracts cost $50 and pay $100 if you win. No fee.
• Live, as a taker. The same 100 contracts cost $50.75. The fee is 0.03 × 0.50 × 0.50 × 100 = $0.75.
• At a sportsbook. To win $50 at -110, you risk $55.

The fee is largest at 50¢ and shrinks toward the extremes. You still pay the gap between the best bid and the best offer when you take liquidity. OddsShopper describes Novig as commission-free for retail traders and says it earns from a market-maker spread of roughly 1% to 4% built into prices. Check the order ticket before you confirm.

Deposits and withdrawals

Deposits: Visa, Mastercard, American Express and Discover cards, Apple Pay, Aeropay, Trustly, bank transfer and Venmo. Withdrawals go to a bank account, a debit card or Venmo. You cannot withdraw to a credit card or Apple Pay, even if you deposited that way. The minimum withdrawal is $10 and there is no playthrough on your own deposits (Action Network, as of October 2026).

What you can trade

Novig lists sports only: NFL, college football, MLB, NBA, WNBA, men's and women's college basketball, NHL, PGA golf, ATP and WTA tennis, and UFC. Canadian football, college baseball and the World Baseball Classic appear when in season. You can trade before games and during them, build parlays and trade player props.

If you want elections, economic data or culture markets, use Kalshi or Polymarket.

Where Novig is available

Eligibility depends on where you are when you trade, not where you live. The app checks your location at login. OddsShopper's August 26, 2026 guide lists Novig live in 47 states and geofenced in Arizona, Michigan and Nevada. Washington is counted among the 47 but contested.

Novig is also suing states that say its contracts are illegal betting. In its first week as an exchange it sued Washington, New York, Massachusetts and New Mexico, arguing that only the CFTC can regulate its contracts. On August 14 it filed a fifth complaint against Wisconsin's attorney general and gaming administrator (PM Pulse, citing the court docket). Those cases could change the map. Check the app before you deposit, and see our guide to whether prediction markets are legal for the federal and state background.

Welcome offer

Partner sites list a new-user offer of deposit $10, get $50 in trade credits, using their own referral codes (Action Network, as of October 2026). Bellwether has no Novig code. Amounts vary from one code to the next, so read the terms on the sign-up screen. Our Novig promo code page covers the details.

Taxes

The tax rules for event contracts are unsettled. Under the sweepstakes model, redeemed Novig Cash was treated like prize income. Contracts on a CFTC exchange are a different instrument, and the IRS has not issued guidance on them. Keep your own record of every trade: date, market, side, cost, settlement and profit or loss. Our guide to taxes on event contracts sets out the main positions. This is not tax advice.

Novig vs Kalshi, FanDuel Predicts and DraftKings Predictions

FanDuel and DraftKings offer sports only in states without legal online sports betting. Novig, like Kalshi, offers sports in most states and fights the states that object. Read our reviews of FanDuel Predicts and DraftKings Predictions, or see the best sports prediction markets and the best sports-betting alternatives.

Final verdict

Novig suits traders aged 21 and over who trade sports before the game starts. Pregame straight trades carry no fee, and you can set your own price, which a sportsbook will not let you do. It is a good second account for anyone who already trades sports on Kalshi.

Look elsewhere if you are 18 to 20, if you trade mainly politics or economics, or if you live in Arizona, Michigan or Nevada. Live traders should price in the taker fee, and parlay traders the higher parlay fee. Our view would change if courts restrict Novig in more states or if the fee schedule changes.

Visit novig.com →

Frequently asked questions

Is Novig legal and regulated?

Yes. The CFTC designated Novig's exchange, Ludlow Exchange LLC, a designated contract market on June 16, 2026. The regulated exchange went live on August 4, 2026. Some states dispute whether sports contracts fall under federal law, and Novig is suing several of them.

What happened to Novig Coins and Novig Cash?

They were part of the old sweepstakes product, which Novig shut down when the regulated exchange launched on August 4, 2026. Accounts now hold US dollars. Users from the sweepstakes era had to approve an app update to see the new markets.

How old do you have to be to use Novig?

21. That is stricter than Kalshi, FanDuel Predicts and DraftKings Predictions, which accept users from 18.

Which states is Novig available in?

At relaunch Novig was live in 47 states and geofenced in Arizona, Michigan and Nevada, per OddsShopper's August 26, 2026 guide. Washington is contested. Eligibility follows your physical location when you trade, so check the app.

Does Novig charge fees?

Pregame straight trades are free, and makers pay nothing. Takers on live straight trades pay a fee of 0.03 × price × (1 − price) per contract, which is $0.75 on 100 contracts at 50¢. Parlays carry a 0.10 coefficient that is built into the price.

Can winning traders get limited on Novig?

Novig does not take the other side of your trades, so it has no book to protect the way a sportsbook does. Your orders can still be limited by how much liquidity is on the other side and by Novig's own rules.

What is the minimum withdrawal?

$10, to a bank account, debit card or Venmo. Card and Apple Pay deposits cannot be withdrawn back to those methods.

Is Novig better than Kalshi for sports?

It depends on how you trade. Novig charges nothing on pregame straight trades but is sports only and 21+. Kalshi lists far more markets, accepts 18-year-olds and has the most volume of any US prediction market. Many sports traders hold both and compare prices.

Sources

• Novig: CFTC designation press release (June 16, 2026)
• RotoWire: Novig launches sports prediction market, ends sweepstakes (August 4, 2026)
• Action Network: Novig review, fees, payments and offer (October 8, 2026)
• OddsShopper: where Novig is legal (updated August 26, 2026)
• PM Pulse: Novig's Wisconsin complaint (August 2026)
• DeFi Rate: Ludlow Exchange DCM application (January 26, 2026)
• VC News Daily: Novig $75 million Series B (February 19, 2026)