# How does Novig work? > Independent. Not affiliated with, endorsed by or sponsored by Novig. Canonical: https://novigapi.com/guides/how-novig-works Facts checked: 2026-11-12 Novig works as an exchange: you buy contracts priced between $0 and $1 that pay $1 if the outcome happens, trading against other users rather than a house. Under the fee schedule checked 12 Nov 2026, pre-game straight trades carry no fee and only takers pay a fee on live, futures and parlay trades. (Source: [Novig Help Center: Fees on Novig](https://support.novig.com/en/articles/16195057-fees-on-novig)) ## The contract Every Novig market is a yes-or-no question about a sporting event, such as whether a team wins, covers a spread or goes over a total. A contract on one outcome costs its current price, somewhere between $0 and $1. If the outcome happens, each contract pays $1.00; if not, it pays $0. The price is the market's implied probability, which is why Novig shows prices as percentages: a contract at 62% costs 62 cents and pays $1 if it wins. ## Makers and takers Every fill matches two sides. The maker posted an order that was resting on the book; the taker sent an order that matched it immediately. Novig's fee rules turn on this distinction: makers never pay a trading fee, and takers pay one only on certain trade types. If part of your order fills at once and the rest rests and fills later, you are a taker only on the immediate portion. There is no fee for placing, changing or cancelling an order that never fills. The life of a straight trade on Novig (rules checked 12 Nov 2026) | Step | What happens | Money | | --- | --- | --- | | 1. Order | You post a limit price or take a resting order | The cost moves into escrow | | 2. Match | Another user's order meets yours | Taker fee applies only on live, futures or parlay fills | | 3. Hold or sell | The price moves as news and play unfold | You can sell to exit before the result | | 4. Event goes live | Every resting order is voided at go-live | Live taker fills now carry a fee | | 5. Settle | The market grades on the official result | $1.00 per winning contract, $0 per losing one | ## Pre-game, live and futures Novig's API docs say every go-live event voids every resting order, and that the live window can open more than once. Game markets charge the taker fee only while the event is in-game; futures, which settle on a season rather than one game, charge it on every fill in the leagues that carry a futures fee. Novig's docs tell developers to read the fee from each market rather than infer it from a league table, because schedules change by notice. ## Parlays work differently A parlay is not matched on the order book. When you build one, Novig sends a request for quote to its liquidity providers, runs a short auction and returns the best price, with the parlay fee already included. All legs must win for the parlay to pay. The [Novig parlays guide](https://novigapi.com/guides/novig-parlays) explains the auction and the fee. ## Settlement and fair value Most markets settle on the official result. Some settle at a fair value instead, for example protected NFL player props when the player records no second-half snap, or a player ruled inactive before kickoff. In those cases Novig pays out at a fair value price set under its Fair Value Settlement rules rather than $1 or $0. Novig's help center says the contract terms and rulebook govern if anything in its articles differs. ## The location check Novig checks your device's physical location each time you open the app to trade, and you must be in an eligible state. Its API docs say an API key has no location of its own: it inherits the newest device geolocation of the account, and once that pass expires, order placement is refused until the device checks in again. If you travel into Arizona, Michigan or Nevada, open positions still settle, but you cannot place orders, deposit or withdraw there. ## Getting money in and out Deposits by bank transfer or stablecoin are fee-free; card and Apple Pay deposits carry a 3% fee. Withdrawals go to a bank, debit card or Venmo, with a $10 minimum and no playthrough requirement. See the [withdrawals guide](https://novigapi.com/guides/novig-withdrawals) for timing. If you work with this data in code, Novig has an official trading API and free daily CSVs. [The Novig data API](https://novigapi.com/novig-api) is an independent, read-only layer on top: no Novig account, names resolved, intraday line history, fair prices and alerts. ## Questions ### Is Novig a prediction market? Yes. Novig calls itself a CFTC-regulated prediction market for sports. Users trade event contracts on sports outcomes with each other on an exchange operated by Ludlow Exchange, LLC. ### Does Novig offer early cash out? There is no cash-out offer from a house, but you can sell your contracts on the exchange before the event ends at whatever price other users will pay. Novig's help center also describes an Early Payouts feature, whose terms are on its support site. ### What does a +200 bet mean on Novig? Novig does not use American odds. A +200 line implies about 33.3%, so on Novig the same view would be a contract near 33 cents that pays $1 if it wins. Use the [Novig odds converter](https://novigapi.com/novig-odds-converter) for other prices. ### Who is on the other side of my trade? Another Novig user on straight trades. On parlays it is a liquidity provider that won Novig's quote auction. Novig itself is not your counterparty. ## Sources - [Novig Help Center: What is Novig?](https://support.novig.com/en/articles/10336081-what-is-novig) - [Novig Help Center: Fees on Novig](https://support.novig.com/en/articles/16195057-fees-on-novig) - [Novig API docs: Trading fees](https://docs.novig.com/api/concepts/fees) - [Novig Help Center: Straight trades vs. parlays](https://support.novig.com/en/articles/15724187-straight-trades-vs-parlays-on-novig) - [Novig Help Center: Protected Markets](https://support.novig.com/en/articles/18234712-protected-markets) - [Novig Help Center: Eligibility and Legality](https://support.novig.com/en/articles/16194031-eligibility-legality) - [Novig API docs: Get the geolocation status](https://docs.novig.com/api-reference/accounts/get-the-geolocation-status) - [Novig Help Center: Withdrawing Funds](https://support.novig.com/en/articles/16194062-withdrawing-funds) --- Get a free API key: https://novigapi.com/sign-up . Docs: https://novigapi.com/docs . MCP: https://novigapi.com/api/mcp . Operated by Stunning Couches LLC. Independent. Not affiliated with, endorsed by or sponsored by Novig.