Novig is a real company that says it runs a CFTC-regulated prediction market, where you buy and sell contracts on an exchange instead of betting with a bookmaker. The catch is that you can lose what you put in, you must be 21 or older, some states are excluded, and state regulators are contesting sports contracts.
Novig keeps popping up for people who like sports and don't like bookmakers' margins, so it's fair to ask whether it's legit before you deposit. I've read Novig's own help centre and what Wikipedia records about the company, so you can see what's claimed, what's sourced and what's still disputed.
Who is behind Novig
According to Wikipedia, Novig was co-founded in 2024 by Jacob Fortinsky and Kelechi Ukah, and it's a sports-focused prediction market platform based in New York City. Wikipedia adds that it started as a state-licensed betting shop in Colorado and later that year became a dual-currency sweepstakes company.
Novig's own rules article points to a Rulebook and Member Agreement for Ludlow Exchange, LLC, and Wikipedia says Novig does business under that name for its CFTC registration. So there's a named founding team and a named exchange entity, which is a good start.
How Novig works compared with a sportsbook
Novig's help centre says you're not placing a bet with a bookmaker. You buy and sell a contract on an exchange, and its price is set by the market rather than by fixed odds. In plain English, other users take the other side of your position.
If prices still look like a foreign language, my guides on reading betting odds and how a moneyline bet works help you translate them into probabilities. That makes it easier to see what a price is really saying.
Novig's CFTC status and the state disputes
Novig's help centre says it operates a CFTC-regulated prediction market, with contracts regulated as financial derivatives under federal commodities law. It adds that its legal basis rests on federal regulation rather than the state-by-state licensing a sportsbook needs.
According to Wikipedia, Novig applied for CFTC registration in 2026 and received approval as a designated contract market in the same year. Wikipedia also says Novig sued New York in federal court in 2026 to stop the state enforcing its sports betting laws. So the federal status is sourced, but the question of whether states can restrict these contracts is being fought in court, and the outcome can change what's open to you.
| What I checked | What the sources say |
|---|---|
| Who runs it? | Founded in 2024 by two named co-founders, based in New York City |
| Is it regulated? | Its help centre says CFTC-regulated; Wikipedia says approval came in 2026 |
| Is it a sportsbook? | Its help centre says no: you trade contracts on an exchange |
| Minimum age? | 21 or older, per its rules article |
| Where is it excluded? | Nevada, Arizona and Michigan, per its help centre |
| Can you lose money? | Yes, a contract on the wrong side loses value |
Who can use Novig and where
Novig's rules article says the exchange is open to users who are 21 or older and physically located in the United States. The eligibility article says it's available nationwide except Nevada, Arizona and Michigan.
Eligibility depends on your physical location when you trade, not your home address. The help centre says Novig checks your device's location each time you open the app, so switching off location permissions can block you even in an eligible state. If you travel to an excluded state, your positions still settle, but you can't place new orders, deposit or withdraw. Each person may only have one account.
Novig deposits, fees and withdrawals
Novig's pricing article says some deposit methods are fee free, while methods processed through Coinflow, including card and Apple Pay deposits, are subject to a 3% fee that's shown before you confirm. Check the deposit screen so you know what you're paying.
On the way out, the withdrawal article says deposited funds can be traded or withdrawn at any time with no playthrough requirement, and there's a 10 US dollar minimum for withdrawals. It also mentions that a withdrawal might be delayed in some cases, such as funds tied up in open positions.
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The real risks of trading on Novig
Being legit doesn't make it low risk. A prediction contract can lose value, and a run of bad calls can add up quickly, particularly when sports are on and everything feels urgent.
- You can lose the money you put into a position.
- Fees on card and Apple Pay deposits reduce what you start with.
- Rules by state are still being tested in court, so access can change.
- Fast markets make chasing losses tempting.
Novig's help centre has a Responsible Trading section with an article on limits, self-assessment and support. Look at it before you deposit, set a limit you can afford to lose and never chase losses. If you compare it with pick'em apps, my explainers on whether PrizePicks is legit show how a different legal model changes the rules.
Fake Novig apps, DMs and support
Betting and trading brands attract copycats. Go to Novig through its own website or the official app stores rather than through a social media link.
- Novig won't ask you to send money to a private account or a gift card.
- Ignore DMs offering sure-win picks or double deposits.
- Never share verification codes or your password with anyone claiming to be support.
- Use the Help Center and live chat inside the official app for support.
My verdict on Novig
This looks like a real company with named founders, a named exchange entity and a clear explanation of how it works, so I wouldn't call it a scam. But it's still a place where you can lose money, it's age-limited and location-limited, and the legal fight with states is ongoing. Read its Eligibility and Responsible Trading articles first, set a limit and only use money you can afford to lose.
Frequently asked questions
Is Novig regulated?
Novig's help centre says it operates a CFTC-regulated prediction market. According to Wikipedia, it received approval as a designated contract market in 2026.
Is Novig a sportsbook?
Its help centre says no. You buy and sell contracts on an exchange, and the price is set by the market rather than fixed odds, although states are contesting sports contracts in court.
How old do you need to be to use Novig?
Its rules article says the exchange is open to users who are 21 or older and physically located in the United States.
Which states can't use Novig?
Its help centre says it's available nationwide except Nevada, Arizona and Michigan, based on your physical location when you trade.
Are there fees to deposit or withdraw on Novig?
Its pricing article says card and Apple Pay deposits processed through Coinflow carry a 3% fee, while some methods are fee free. Withdrawals have a 10 US dollar minimum and no playthrough requirement.
